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MGMA01H3 (184)
Chapter 1

MGTB04 Chapter 1.doc

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Management (MGM)
Alison Jing Xu

MGTB04 Chapter 1What is MarketingDeals with customersMarketing is managing profitable customer relationshipsGoal of marketing attract new customers by promising superior value and to keep and grow current customers by delivering satisfactionSound marketing critical to success of every organizationMarketing DefinedSatisfying customer needs in a socially responsible and ethical mannerUnderstand consumer needs develop products that provide superior customer value prices distributes and promotes effectively and ethically products will sell easilyAim of marketingmake selling unnecessarySelling and advertising part of a larger marketing mixset of marketing tools that work together to satisfy customer needs and build lasting customer relationshipsMarketing The activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at largeFocus of marketing customers and profitability needs and rights of other groups affected by marketing decisionsstakeholdersMarketing is social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with othersThe Marketing ProcessFirst four steps companies work to understand consumers create customer value build strong customer relationshipsFinal step companies reap the rewards of creating superior customer value create value for customers company capture value from consumers in form of sales profit customer equityFIGURE 11Understanding the Marketplace and Customer NeedsMarketers need to understand customer needs and wants and marketplace within which they operateCustomer Needs Wants and DemandsNeeds states of felt deprivation basic physical needs for food clothing warmth and safety social needs for belonging and affection individual needs for knowledge and selfexpressionWants the form human needs take as shaped by culture and individual personality
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