Business success is not determined by the producer but by the consumer” (Trucker 1973) 0 “Marketing is the delivery of customer value and satisfaction at a profit. The goal of marketing I fit The If k it is to attract new customers by promising superior satisfaction” (Kettle et al. 2001) 9 Marketing Defined Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. 0 What are Consumers Needs, Consumers’ Wants, and Demands?
Needs – state of felt deprivation including physical, social, and individual needs I. E hunger Wants – form that a human need takes as shaped by culture and individual personality I. E. Bread Demands – human wants backed by buying power I. E. Money 11 Example: Measles Hierarchy Of Needs Self Actualization Self Esteem Social and Belonging Safety Physiological What Satisfy Consumers’ Needs and Wants? Products Anything that can be Offered to a Market to Satisfy a Need or Want y Experiences Persons Organizations Activities Places
Modern Marketing System
Management Demand Profitable P fit bal Customer Relationships Involves managing demand, which involves managing Finding and increasing demand, demand also changing or reducing demand such as in Demarcating Attracting Att it new customers and retaining and building relationships with current customers. Read also “Does marketing create or satisfy needs“
Philosophies Production Concept Product
Concept Selling Concept Marketing Concept Societal Marketing Concept 16 Marketing and Sales Concepts Contrasted 17 Societal Marketing Concept 18 What are the major differences between the
Marketing Concept and the Societal Marketing Concept? What is a Product? Attention, acquisition, use, or consumption and that might satisfy a want or need.
Physical Objects 0 Services
Ideas Combinations of the above Feb.
What is a Service?
A SERVICE is a form of product that consist of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything anything. 0 Examples include: 0 Banking 0 Hotels 0 Tax preparation 0 Home repair services
Products, Services, and Experiences Tangible Good Pure With Tangible Accompanying Services Soap Hybrid Offer Accompanying Minor Goods Service Auto With Airline Trip Accompanying Restaurant Doctor’s Repair Accompanying Exam Snacks Nature and Characteristic of a Service Reviewing the Concepts
Define what marketing is and discuss its core concepts.
Explain the relationships between customer value, satisfaction, and quality.
Define marketing management and examine how marketers manage demand and build profitable customer relationships.
Compare the five marketing management philosophies.