ADMS 2200 Chapter Notes -Marketing Mix, Marketing Strategy, Product Management

• School: York University
• Department: Administrative Studies
• Course: ADMS 2200
• Professor: M Louise

Document Summary

Marketing: the process of creating value for customers and building strong relationships to capture value from customers in return. Need: state of felt deprivation including physical, social, and individual needs. Wants: form that a human need takes, as shaped by culture and individual personality. Needs and wants are fulfilled through market offerings: Marketing myopia:mistake of focusing on specific products a company offers rather than the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs . Market: the set of actual and potential buyers of a product. These buyers share a need or want that can be satisfied through exchange relationships. Marketing management: choosing target markets and building profitable relationships with them. Market segmentation: dividing the market into segments of customers. Target marketing: selecting one or more segments to cultivate. Value proposition: the benefits or values a company promises to deliver to consumers to satisfy their needs.