MGMA01H3 Chapter Notes - Chapter 1: Longrun, Customer Satisfaction, Voice Of The Customer
Document Summary
Needs are states of felt deprivation: basic physical needs (clothing, food, shelter, etc. , social needs (belonging and affection, individual needs (knowledge and self-expression) Wants are the from human needs take as they are shaped by culture and individual personality. When backed by buying power, wants become demands: demands are human wants that are backed by buying power. Smart marketers look beyond the attributes of the products and services they sell: they create brand experiences for consumers. Customer vale and customer satisfaction are key building blocks for developing and managing customer relationships. Marketing occurs when people decide to satisfy needs and wants through exchange relationships. Exchange is the act of obtaining a desired object from someone by offering something in return: marketer tries to bring about a response to some market offering. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product, service, idea, or other object.
