MARK20100 Study Guide - Quiz Guide: Customer Relationship Management, Mattress, Generation Z
Document Summary
Marketing- a social and managerial process where individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others. Process- continual, always trying to make product better. Individuals and groups- ultimate consumers or organizational buyers- manufacturers, wholesalers- buy products for resale. Needs and wants- needs- basic necessities; wants- shaped by person"s knowledge, culture, personality; demands- wants backed by the ability to purchase. Exchange of value- must be beneficial to the buyer and the seller. What"s necessary for marketing to occur: 2 or more parties with unsatisfied needs, a desire and ability on their part to have their needs satisfied, a way for the parties to communicate, something to exchange. Market- made up of potential customers- people with both the desire and ability to buy. Companies focused on producing as much as possible, cheaply. Buyers willing to accept what was available, quality was questionable. Consumers need to be sold on products competition.
