MGST 391 Lecture Notes - Customer Relationship Management, Profit Maximization, Marketing Management

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Chapter 22 : the evolution of marketing concept. The right product or service to the right customer, at the right price, at the right time and right place . Marketing environment: pestel (political, economical, social, technological, ecological, legal) Managerial definition: managing profitable customer relationships, by delivering superior value to customers. Social definition: a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. A market is the set of actual and potential buyers of a product. Needs are fulfilled : a state of felt deprivation. Wants are satisfied : the form taken by a human need as shaped by culture and individual personality. Demands are extinguished : human wants that are backed by buying power. Combination of good-service offered to market to satisfy need or want.

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