MGMA01H3 Lecture 3: Marketing Notes Ch, 1, 2, 3, 6, 9
Document Summary
Marketing: a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. It is basically a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. We examine 5 core customer & marketplace concepts: needs, wants, and demands: human needs are states of felt deprivation. This includes basic physical, social, and individual (i. e. esteem) needs. Wants are form of needs shaped by culture and individual personality. Wants become demands when backed by buying power: market offerings (products, services, and experiences): consumer needs/wants are satisfied through market offerings. Beyond attracting new customers, companies want to retain customers: markets: a market is the set of all actual and potential buyers of a product or service. Buyers share a need/want that can be satisfied through exchange relationships. The figure below shows a modern marketing system.
