MKTG208 Lecture Notes - Life Insurance, Relationship Marketing, Hoverboard
Document Summary
Marketing is the delivery of customer satisfaction at a profit. Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. Need: basic human requirements: states of felt deprivation. Want: form human needs take as they are shaped by culture and individual personality. Demand: human wants backed up by buying power. The process of creating, maintaining, and enhancing strong, value-laden relationships with (profitable) customers (specifically through segmentation) and other stakeholders. Profitable customer: one whose profits would exceed the costs you have to expend, over time. Separation in values- consumers enjoy variety and is a big thing in markets. Marketing is needed to overcome discrepancies and separation through specific tools. Marketing management is the art and science of choosing target markets, and getting, keeping and growing customers through creating, delivering and communicating superior customer value.
