MKC1200 Chapter Notes - Chapter 1: Marketing Mix, Marketing Management, American Marketing Association

125 views2 pages

Document Summary

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. 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.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents