Marketing - Chapter 1 Summary - Marketing Chapter 1 Summary...

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Marketing it is a process by which companies create value for customers build strong customer relationships to capture value from customers in return 5-step model of the marketing process 1. Understand the marketplace and customers’ needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. 5. Capture value from customers to create profits and customer equality 5 core customer and marketplace concepts 1. needs, wants, and demands 2. market offerings (products, services, and experiences) 3. value and satisfaction 4. exchanges and relationships 5. markets Needs States of felt depreciation basic physical needs (food, clothing, warmth, and safety) social needs for belonging and affection individual needs for knowledge and self-expression not created by marketers--basic part of human makeup Wants The form human needs take as they are shaped by culture and individual personality An American needs food, but wants a big mac, fires, and a soda An New Guinean needs food, but wants taro, rice, yams, and pork. Demands wants are shaped by one's society and are described in terms of objects that will satisfy needs. When backed by buying power wants become demands.
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This note was uploaded on 08/16/2011 for the course ECON 300 taught by Professor Laren during the Spring '11 term at Missouri State University-Springfield.

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Marketing - Chapter 1 Summary - Marketing Chapter 1 Summary...

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