MKT 702 Chapter Notes - Chapter 1: Marketing Mix, Relationship Marketing, Disintermediation
Document Summary
1 chapter 1 defining marketing for the 21st century. Successful marketing builds demands for products and services, in turn creating jobs. Firms must carefully monitor their customers and competitors in this wired world. Continuously improve their value offerings and marketing strategies while satisfying their employees, stockholders, suppliers, and channel partners. Marketing is about identifying and meeting human and social needs. The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. Marketers seek a response from prospects: negative demand, nonexistent demand, latent demand (consumers may share a strong need that can"t be satisfied by an existing product, declining demand. Irregular demand: full demand, overfull demand, unwholesome demand (consumers may be attracted to products that have undesirable social consequences) Metamarket cluster of complementary products and services closely related in the minds of consumers, but spread across a diverse set of industries.
