Professional Documents
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Chapter 1
Rest Stop: Previewing the Concepts
• Need:
State of felt deprivation including physical,
social, and individual needs.
Physical, social, and individual needs
• Wants:
Form that a human need takes, as shaped
by culture and individual personality.
• Wants + Buying Power = Demand
Copyright 2011, Pearson Education Inc. Publishing as Prentice- 1-8
Hall
Marketing Offerings
• Marketing myopia:
Occurs when sellers pay more attention
to the specific products they offer than
to the benefits and experiences
produced by the products.
They focus on the “wants” and lose sight
of the “needs.”
• Exchange:
Act of obtaining a desired object from
someone by offering something in
return.
• Relationships:
Marketing actions build and maintain
relationships with target audiences
involving an idea, product, service, or
other object. Value builds relationships.
Copyright 2011, Pearson Education Inc. Publishing as Prentice- 1 - 13
Hall
What Is a Market?
• A market:
Is the set of actual and potential buyers
of a product.
• These people share a need or want
that can be satisfied through
exchange relationships.
• Market segmentation:
Dividing the market into segments of
customers.
• Target marketing:
Selecting one or more segments to
cultivate.
• Customer satisfaction:
Extent to which the product’s perceived
performance matches a buyer’s
expectations.
• High levels of customer satisfaction often
leads to consumer loyalty.
• Some firms seek to DELIGHT customers by
exceeding expectations.
• Profitability must be considered.
Copyright 2011, Pearson Education Inc. Publishing as Prentice- 1 - 26
Hall
Customer Relationships
• Firms may choose to build
relationships at different levels.
• Loyalty and retention programs build
relationships and may include:
Frequency marketing programs
Club marketing programs