MGT252H5 Lecture 1: Marketing - Lecture #1
Document Summary
May also refer to social needs for belonging, affective or to individual needs for knowledge and self-expression: want = how a need presents itself through lens of culture, personality and personal experience. Often expressed in terms of specific products, brands or firms. I need food, but i want a bagel from tim horton"s: wants become demands when backed by buying power, maslow"s hierarchy of needs, self-fulfillment needs. Self actualization = achieving one"s full potential, including creative activities: psychological needs. Esteem needs = prestige and feeling of accomplishment. Belonging and love needs = intimate relationships, friends: basic needs. Physiological needs = food, water, warmth, rest: marketing concept, determine needs and wants of consumers, deliver desired satisfactions more effectively and efficiently than competitors. Note: alternative concepts = production, product, selling and societal concept: market = set of all actual and potential buyers of product or service by addressing particular need or want satisfiable through exchange relationships.
