MKC3220 Study Guide - Customer Satisfaction, Internal Communications, Global Marketing
17 Aug 2013
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Document Summary
Introduction to marketing and the importance of marketing: In the first four steps, companies work to understand customer needs and wants, design a marketing strategy, construct marketing programs and build strong customer relationships. In the final step companies capture value from customers in the form of sales, profits, and long-term customer equity: understanding the marketplace and customer needs: Customer needs, wants and demands: needs: states of felt deprivation, wants: the form taken by human needs as they are shaped by culture and individual personality, demands: human wants that are backed by buying power. Market offerings: goods, services and experiences, product: anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need. Includes physical objects, services, persons, places, organisations and ideas: market offering: some combination of products, services, information or experiences offered to a market to satisfy a need or want.
