RSM250H1 Chapter Notes -Price Ceiling, Tote Bag, Mass Media
Document Summary
Wants: form of human need take place as culture & individual needs. Market offerings: combination of products, services, information, or experience offered to a market to satisfy a need or want. *marketing myopia: paying more attention to a specific product than the benefits and experiences produced. Exchange: obtaining a desired object from someone by offering something in return. Market: set of all actual and potential buyers of a product or service. 2 categories of demand: new customers (traditional, repeat customers (modern-retain profitable customers) 3 stages: entrepreneurial marketing (knock on doors, formulated marketing (marketing department) Marketing management: choosing target markets & building profitable relationships. Value preposition: how it will differentiate & position itself in the market place. Customers: favour affordable & available product: goals: improve production & distribution efficiency. Customers: favour best quality, performances, innovative features: goal: improve product features iii. iv. Customers: will not buy if no promotion or selling effort: goal: promote product iii. iv.
