Marketing Notes

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Term Paper Title	Marketing Notes
# of Words	18129
# of Pages (250 words per page double spaced)	72.52

Marketing Notes

[Category]:

business

[Paper Title]:

Marketing Notes

[Text]:

Chapter 1 - Marketing In a Changing World

What is marketing?

- Creating customer value and stratification are at the very heart of modern
marketing thinking and practice.

Market Defined

- Markets always focus at satisfying customers needs

- Marketing: A social and managerial process by which individuals and groups
obtain what they need and want through creating exchanging products and value
with others.

- Needs: States of felt deprivation

- Wants: Are the form taken by human needs as they are shaped by culture and
individual personality. Wants are described in terms of objects that will
satisfy needs.

- Demands: Human wants that are backed by buying power

- Products: Anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need it. It
includes physical objects, services, persons, places, organizations, and ideas.

- “Marketing myopia” Sellers may suffer from “Marketing myopia” they
are so taken with their products that they focus only on existing wants and lose
sight f underlying customer needs. They forget that a physical product is only a
tool to solve a consumer problem.

Value, Satisfaction, and quantity

- Customer Value: The difference between the values the customer gains from
owning and using a product and the cost of obtaing the product.

- Customer Satisfaction: The extent to which a product’s perceived
performance matches a buyer’s expectations.

- If the product’s performance falls short of the customer’s
expectations, the buyer is dissatisfied. If the performance matches expectation,
the buyer is satisfied. If performance excesses expeditions, the buyer is
delighted. Outstanding marketing companies go out of their way to keep their
customers satisfied.

- Total quantity management (TQM): Programs designed to constantly improve
the quantity of products, services and marketing processes.

Exchange, Transactions, and Relationship

- Exchange: The act of obtaining a desired object from someone by offering
something in return.

- Transaction: A trade between two parties that involves at least two things
of value, agreed-upon conditions, a time of agreement, and a place of agreement.

- Relationship Marketing: The process by creating, maintaining, and enhancing
strong, value, -laden relationships with customers and other stakeholders.

- A market network consists of the company and all of its surro...

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