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• Marketing is a social and a managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others
• 21st century marketing has a new sense of satisfying customer needs by interacting and working with the customer
• The challenge is to retain customers by satisfying their needs, wants and demands
• The importance of building and maintaining relationships takes on new meaning as it often a technology that stands between a marketing firm and its customer
• Marketing mix- a set of marketing tools that work together to influence the marketplace in the manner that companies set out to achieve
• Core marketing concepts:
o Needs, wants and demands
o Products
o Value, satisfaction and quality
o Exchange, transactions and relationships
o Markets
Needs, Wants and Demands
• Wants are the form taken by human needs as they are shaped by culture and individual personality
• Described in terms of objects that will satisfy needs
• As people are exposed to more objects that arouse their interest and desire, producers try to provide more want satisfying goods and services
• Demands are human wants that are backed by buying power
• People demand products with the benefits that add up to the most satisfaction
• Understanding demands, wants and needs provides important input for marketing strategies
• In outstanding companies, people at all levels stay close to customers in an ongoing effort to understand their needs and wants
Products
• A product is anything that can be offered to a market for attention, acquisition, use of consumption that might satisfy a want or need (physi ...