MCS 1000 Chapter 1: Chapter 1 Introductory Marketing Notes
17 Dec 2011
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Document Summary
Marketing: the activity, set of institutions, and processes for creating, communicating, delivering & exchanging offerings that have value for customers, partners & society. Attract new customers by promising superior value & 2. To keep and grow current customers by delivering satisfaction. The aim of marketing is to make selling unnecessary peter drucker. Include basic social, physical, and individual needs (food, shelter, belonging, affection etc. ) Wants: the form needs take as they are shaped by culture & personality. Demands: wants that are backed by buying power. Market offerings: any combination of products, services, info, or experiences offered to a market for sale, use or consumption. Not limited to physical products, but consist of anything we buy, take home, wear, drive, rent, watch, use, read, or even think about. Marketing myopia( theodore levitt article): the mistake of paying more attention to the products a company offers than to the benefits & experiences consumer"s value.
