MKT 702 Study Guide - Midterm Guide: Customer Relationship Management, Marketing Strategy, Target Market
Document Summary
Acceptance of innovative products; easily enrich/facilitate lives. The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large : goods, services, events, experiences, persons, places, properties, organizations, information, ideas. Who: marketers and prospects: eight demand states. Negative: dislikes the product; avoids paying for it. Unwholesome: key customer markets: consumer, business, global, non-profit and governmental. Needs, wants, demands: needs: basic human requirements; become wants (shaped by society) when directed to specific objects that meet need. Secret needs: demands: wants for specific product backed by ability to pay. Offerings and brands: value proposition: set of benefits that satisfy those needs; made physical by offering of goods or services, brand is offering from known source. Marketing management: art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value.
