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Chapter 1

Marketing Chapter 1 Summary.doc

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Department
Marketing
Course
MKC1200
Professor
David Toleman
Semester
Spring

Description
Chapter One Marketing is a social and managerial process by which individuals and organisations obtain what they need and want through creating and exchanging value with others American Marketing Association: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large. The five core concepts of marketing are (1) customer needs, wants and demands; (2) market offerings – products, services and experiences; (3) customer value and satisfaction; (4) exchanges and relationships and (5) markets. Human needs are states of felt deprivation. They include physical, social and individual needs (food, a sense of belonging and self-expression respectively) Wants are the form taken by human needs as they are shaped by culture and individual personality. They become demands when backed by buying power. A product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want. It can be a tangible good, service or experience. Customer value is the difference between the benefits the customer gains from having access to or owning and using an offering and the costs of obtaining it. Customer delivered value is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering as compared to the perceived alternatives. Customer satisfaction depends on an offer’s perceived performance in delivering value relative to a buyer’s expectations. Exchange is the act of obtaining a desired object from someone by offering something in return. It is the core concept of marketing. A market is the set of all actual and potential buyers of a good or service. Marketing Philosophies The production philosophy holds that consumers will favour products that are available and highly affordable. The product philosophy holds that consumers favour products that offer the most quality, performanc
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