MCS 1000 Study Guide - Final Guide: Marketing Mix, Physical Therapy, Foot Locker

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Douglas Adlam

Document Summary

States of felt deprivation, including basic physical needs for food, clothing, warmth, and safety. Social needs for belonging and affection, individual needs for knowledge and self-expression, these needs were not created by marketers; they"re basic part of human make up. Form of human needs that take as shaped by culture and individual personality. We need food, but we want big mac"s. Human wants that are backed by buying power. We as consumers demand products that we believe will satisfy our wants. Production concept the idea that the buyers will favour products that are widely available and highly affordable. Management should focus on improving production and distribution efficiency. Useful in two situations: when demand>supply, and when the product"s cost is too high so the company can use improved efficiency to bring it down. Can cause marketing myopia businesses can lose sight of the real objective of building customer relationships by satisfying customers" needs.