Kalan Lecture 1 - Chapter 1 A Need The difference between...

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Chapter 1 A. Need: The difference between where we are now and where we want to be or a state if felt deprivation. B. Marketing definition: An exchange of value in a dynamic environment. The environment is always changing. C. Benefit: A benefit is an outcome sought that motivates consumer behavior. D. Market: All of the customers and potential customers that have the resources to exchange the product and have the authority to exchange the product. a. Group of consumers with commonalities and common traits b. The identification of unmet needs and finding solutions c. Finding the key market is a critical step. E. Marketplace: A location or a medium that is used to conduct an exchange a. F. Value: Is an individual decision. What something is worth to a specific consumer. If you feel the value is worth the exchange, then you do it. If you don’t then do not a. This is something that two parties must agree on. G. Consumers vote on value many times a day. Everytime you make a purchase you are making a decision. a. As a consumer you decide whether or not you want to buy it. b. Decide whether or not it is worth the exchange c. Each seller has an idea what something is worth d. A sale is made after an agreement on value. H. Marker: Needs to understand that his/her value or servive have in the marketplace. If that
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This note was uploaded on 09/16/2011 for the course MARKETING 301 taught by Professor Yeniyurt during the Spring '08 term at Rutgers.

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Kalan Lecture 1 - Chapter 1 A Need The difference between...

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