MARK 201- Final Exam Guide - Comprehensive Notes for the exam ( 30 pages long!)
29 Mar 2018
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Document Summary
Marketing goal: attract new customers and grow current customers. Understand the marketplace and customer needs and wants. Construct a marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Can be physical (clothing, food, shelter), social (belonging, affection), individual (knowledge and self-expression) Wants: needs that are shaped by culture and individual personality. Demands: wants that are backed by buying power. Marketing myopia: when sellers make the mistake of paying too much attention to the specific product and not enough to the benefits and experiences produced by these products. Customer value: comparison between what"s gotten and what"s given. Customer satisfaction: a comparison between what the customer expected to get and what they actual got (see class notes for satisfied, dissatisfied and delighted) Marketing management: the art and science of choosing target markets and building profitable relationships with them. Market segmentation: dividing the market into segments of customers. Target marketing: choosing which segments to go after.
