MARK301 Study Guide - Midterm Guide: Marketing Myopia, Cash Cow, Strategic Planning
18 Jan 2018
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Document Summary
Marketing involves the right combination of: product, promotion, price and place. Products are developed to meet consumer needs. Marketing is an organizational function and a set of processes for: Creating, communicating and delivering value to consumers. Managing customer relationships in a way that benefits the organization and its stakeholders. The aim of marketing is to know and understand the customer so well that the product or service fits him or her and sells itself. Ideally, marketing should result in a customer who is ready to buy. All that should be needed is to make the product or service available. Core marketing concepts: needs, wants and demands market offerings value, satisfaction and quality exchange, transactions and relationships markets needs, wants repeat. Needs when a person feels deprived of basic necessities: physical (hunger), social (lonely) and individual (feeling of oneself) Wants needs shaped by culture and individual personalities (flavours, styles and preferences)
