Marketing Chapter 1 Notes

Marketing Chapter 1 Notes - Chapter 1 Notes/Terms Simple...

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Chapter 1 Notes/Terms Simple definition of marketing: managing profitable customer relationships Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Needs: states of felt deprivation Wants: form human needs take as shaped by culture and individual personality. Demands: human wants that are backed by buying power Marketing offer: some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Exchange: the act of obtaining a desired object from someone by offering something in return. Market: the set of actual and potential buyers of a product or service. Marketing management: the art and science of choosing target markets and building profitable relationships with them. Demarketing: marketing to reduce demand temporarily or permanently; the aim isn’t to destroy demand but only to reduce or shift it.
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