study guide exam 1
Moa Persson 2013-‐10-‐15
Principles of Marketing Summary for Exam 1
Moa Persson 2013-‐10-‐15
Chapter 1 -‐ The Art and Science of Satisfying Customers Exchange Activity in which two or more parties give something of value to each other to satisfy perceived needs. Exchange occurs when there is a need or a product or a service.
Money à (for goods) clothes, car or food Money à (for service) haircut,
Money à (combined goods and service) dinner at a restaurant.
Customers will only buy if price match quality.
Creativity is the key to long-‐term success. Build a long-‐term relationship with the customers.
Needs Are basic when acted upon by social and cultural focuses, they become wants. Human needs are the basic requirements and include food, clothing and shelter. Without these humans cannot survive. An extended part of needs today has become education and healthcare. Generally, the products, which fall under the needs category of products, do not require a push. Instead the customers buy it themselves. But in today’s tough and competitive world, so many brands have come up with the same offering satisfying the needs of
Principles of Marketing Summary for Exam 1
Moa Persson 2013-‐10-‐15
Chapter 1 -‐ The Art and Science of Satisfying Customers Exchange Activity in which two or more parties give something of value to each other to satisfy perceived needs. Exchange occurs when there is a need or a product or a service.
Money à (for goods) clothes, car or food Money à (for service) haircut,
Money à (combined goods and service) dinner at a restaurant.
Customers will only buy if price match quality.
Creativity is the key to long-‐term success. Build a long-‐term relationship with the customers.
Needs Are basic when acted upon by social and cultural focuses, they become wants. Human needs are the basic requirements and include food, clothing and shelter. Without these humans cannot survive. An extended part of needs today has become education and healthcare. Generally, the products, which fall under the needs category of products, do not require a push. Instead the customers buy it themselves. But in today’s tough and competitive world, so many brands have come up with the same offering satisfying the needs of