PSYC 1010 Study Guide - Outsourcing, Valet Parking, Mystery Shopping

• School: York University
• Department: Psychology
• Course: PSYC 1010
• Professor: William Pietro

Document Summary

Core product & supplementary services (flower of service) What is marketing: attracting new customers by promising and delivering superior value, building long-term relationships with customers by delivering continued customer satisfaction, creating, building, and managing these relationships profitably over time. Needs, wants, demands: needs are states of felt deprivations, wants are needs shaped by culture and individual personality, demands are wants combined with buying power. Exchange: the act of obtaining a desired object from someone by offering them of something in return. Transaction (unit of measurement): a trade between two parties that involves: two things of value: agreed upon conditions time of agreement, place of agreement. Customer-driven marketing: divide markets into segments www. uofgexamnetwork. com, choose the right segment to target, offer a unique value proposition, differentiate your offer from competitor offers, build customer value and satisfaction, nurture long-term customer relationships. Societal: long-term value to both customer and society.