MKTG 3101 Lecture Notes - Lecture 1: Marketing Myopia, Customer Relationship Management, Customer Satisfaction
Document Summary
Marketing as the process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return. Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression. Marketers did not create these needs; they are a basic part of the human makeup. Wants are the form human needs take as they are shaped by culture and individual personality. An american needs food but wants a big mac, fries, and a soft drink. A person in papua, new guinea, needs food but wants taro, rice, yams, and pork. Wants are shaped by one"s society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become demands.
