MKTG 2101 Lecture Notes - Lecture 2: Collaborative Consumption, Customer Relationship Management, Oatmeal
7 Mar 2017
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Document Summary
Modern marketers practice the marketing concept: identifying and satisfying the needs of consumers to ensure profitability. Stakeholders include consumers, business buyers, sellers, investors, and community residents. Needs: difference between actual and desired state, can be physiological or psychological. Wants: desire to satisfy a need in a particular way, influenced by history, past experience, and culture. Benefits: consumer received benefit when need satisfied. Demand: customers" desires for products coupled with the resources needed to obtain them. A market consists of all consumers who share a common need that can be satisfied by a specific product, and who have resources, willingness and authority to purchase. A marketplace is any location or medium used to facilitate an exchange: brick and mortar, etail, apps. Consumers increasingly would rather rent than purchase the products they use. examples: books, cars. Traditional marketers are also looking to take advantage of this trend.
