MGMA01H3 Chapter Notes - Chapter 1: Market Segmentation, Doritos, Breakfast Sandwich

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4 Feb 2015
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Attract new consumers by promising superior value and to keep and grow current customers by delivering consumer satisfaction. Marketing process: understand the marketplace and customer needs and wants, design a customer driven marketing strategy, construct a marketing program that delivers superior value, build profitable relationships and create customer delight. Create value for customers and build customer relationships: capture value from customers to create profits and customer. Wants : human needs shaped by culture and individual personality (eg; needs food but wants breakfast sandwich) Demands : human wants backed by buying power (eg; given wants and resources, people demand products with benefits that add up to the most value and satisfaction) Some combination of products, services, information or experiences offered to a market to satisfy a need or want. Not limited to physical products, also include services (eg; banks, hotel, airlines, home repair services) and other entities (eg; persons, places, organizations, information and ideas)

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