MKTG 2030 Chapter Notes - Chapter 1: Institute For Operations Research And The Management Sciences, Customer Relationship Management, Market Segmentation
Document Summary
Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offers that have value for customers, clients, partners and society at large. Marketing is all about creating and delivering value for all parties involved in an exchange involves decision making process and they are made by people who have official marketing roles. Customer value: what the customer gets in the purchase, use and ownership of a product relative to the costs and sacrifices incurred. Need: difference between consumers actual state and some ideal or desired state needs are related to physical conditions (cold, hungry, scared) or psychological conditions (being liked, communicate or being fulfilled) Want: desire to satisfy needs in specific ways that are culturally and socially influences consumers are motivated by needs but make purchase decisions based on wants. Product delivers a benefit when it satisfies a need or want outcome sought by a customer that motivates buying behavior.
