What is Marketing?

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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
Angela White

Creating and Capturing Customer Value1232012 112000 AM What is Marketing y A process by which companies create value for customer and build strong customer relationships to capture value from them in returnUnderstanding the Marketplace and Customer Needs y Core concepts o Customer needs wants and demandsNeedstate of felt deprivationPhysicalfood clothing warmth and safetySocialbelonging and affectionIndividualknowledge and selfexpressionWantsthe form human needs take as shaped by culture and individual personalityDemandswants which are backed by buying power o Market offerings products and servicesSome combination of products services information or experiences offered to a market to satisfy a need or wantMarketing myopiafocusing only on existing wants and losing sight of underlying consumer needs o Value and satisfactionCustomersvalue and satisfactionMarketersset the right level of expectations o Exchanges and relationshipsThe act of obtaining a desired object from someone by offering something in return o MarketsThe set of actual and potential buyers of a product
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