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Defining Marketing.docx

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Department
Administrative Studies
Course
ADMS 2200
Professor
Li Lee
Semester
Winter

Description
Defining Marketing & Marketing Process 1/11/2013 2:54:00 PM  Managing profitable customer relationships  Create value for customers and to capture value from customers in return.  Successful companies are strongly customer focused and heavily committed to marketing.  Goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.  Sound marketing is key factor behind a successful organization.  Products will sell easily if marketers are able to understand the consumer needs, develop products that provide superior customer value, & prices, distributes, and promotes the product efficiently.  Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.  The process by which companies create value for customers and building strong customer relationships in order to capture value from customers in return. The Marketing Process:  A five-step model of the marketing process. In the first 4 steps companies work in order to understand consumers, create customer value and build strong relationship. The final step companies reap the rewards of creating superior customer value. 1) Understanding the Marketplace and Customer Needs: Customer Needs, Wants, and Demands o Human needs: state of felt deprivation o Physical needs: food/clothing/warmth/safety o Social: belonging/affection o Individual: basic part of human make-up o Wants: form human needs take as shaped by culture and individual personality o Demands: human wants that are backed by buying power o Conducting consumer research and analyzing customer data to understand customers needs/wants/demands. Marketing Offerings – Products, services and experiences Defining Marketing and the Marketing Process (Chapter 1) o Market Offerings: some combination of products/services/information/experiences offered to a market to satisfy a need or want. o Not limited to physical products, includes services which
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