MKTG 2201 Chapter Notes - Chapter 1: Triple Bottom Line, Marketing Mix, Customer Relationship Management
Document Summary
Marketing concept identifying consumer needs and meeting their needs while ensuring long term profitability. Need the difference between a consumers state and some ideal or desired state. Want is a desire for a particular product we use to satisfy a need in specific ways that are culturally and socially influenced. Demand buying power coupled with the resources to obtain a product. Market consists of all the consumers who share a common need that can be satisfied by a particular product. Utility the sum of the benefits we receive when we use a good or service. Triple bottom line building long-term bonds with consumers rather than just selling them stuff: financial bottom line, the social bottom line, the environmental bottom line. Value proposition a marketplace offering that fairly and accurately sums up the value that the customer will realize if he or she purchases the product. Marketing mix: product, price, promotion, and place.