Core Principles of Marketing
priciples of mar
A. DEFINITION AND CORE CONCEPTS OF MARKETING
MARKETING – social and managerial process by which individuals and groups obtain what they want through creating and exchanging products and value with others - managerial process of producing, pricing, distributing, and promoting products to satisfy the needs, wants and demands of their respective markets
NEEDS – states of self – deprivation - natural elements designed for survival - anything required to survive - results of human drives 3 KINDS: 1. Physical needs – include food, clothing, warmth and safety 2. Social needs – include sense of belonging and affection 3. Individual needs – knowledge and self- expression
WANTS – forms of human needs shaped by culture and individual personality - pertain to the preferences of people regarding their survival requirement - described in terms of objects that will satisfy needs
DEMANDS – needs and wants that are backed up by consumer purchasing power
MARKET – customers and consumers of a business - characterized by: a. groups of people b. with money to buy c. willingness to spend the money they have Customers – buyers of a product Consumers – end – users of the product
PRODUCTS – bundles of attributes and benefits designed to be offered to buyers to satisfy their needs, wants and demands - may be termed as goods if they are tangible, and services if generally intangible - those that are tangible and services as those which are intangible - may be classified into events, places, and ideas - anything capable of satisfying a need
CUSTOMER VALUE – technically defined as the difference between what the customer gains from the product and what the customer loses from the costs of acquiring such a product Perceived value – how customers perceive the value of the product
CUSTOMER SATISFACTION – extent to
A. DEFINITION AND CORE CONCEPTS OF MARKETING
MARKETING – social and managerial process by which individuals and groups obtain what they want through creating and exchanging products and value with others - managerial process of producing, pricing, distributing, and promoting products to satisfy the needs, wants and demands of their respective markets
NEEDS – states of self – deprivation - natural elements designed for survival - anything required to survive - results of human drives 3 KINDS: 1. Physical needs – include food, clothing, warmth and safety 2. Social needs – include sense of belonging and affection 3. Individual needs – knowledge and self- expression
WANTS – forms of human needs shaped by culture and individual personality - pertain to the preferences of people regarding their survival requirement - described in terms of objects that will satisfy needs
DEMANDS – needs and wants that are backed up by consumer purchasing power
MARKET – customers and consumers of a business - characterized by: a. groups of people b. with money to buy c. willingness to spend the money they have Customers – buyers of a product Consumers – end – users of the product
PRODUCTS – bundles of attributes and benefits designed to be offered to buyers to satisfy their needs, wants and demands - may be termed as goods if they are tangible, and services if generally intangible - those that are tangible and services as those which are intangible - may be classified into events, places, and ideas - anything capable of satisfying a need
CUSTOMER VALUE – technically defined as the difference between what the customer gains from the product and what the customer loses from the costs of acquiring such a product Perceived value – how customers perceive the value of the product
CUSTOMER SATISFACTION – extent to