Marketing CH 1 Flashcards
What are Needs?
Are states of felt deprivation (Physical, social, individual)
What are Wants?
The form human needs take as they are shaped by culture and individual personality
What is marketing Myopia?
Focusing only on existing want and losing sight of customer needs.
what is value proposition?
The set of benefits or values it promises to deliver to customers to satisfy their needs.
What are Demands?
People demand products and services with satisfaction.
What is Product Concept?
Consumers favor products that offer quality, performance and features.
What is Selling Concept?
Focuses on existing products and sell what they want and not the customer wants.
What is Marketing Concept?
Focuses on satisfying customer needs as to profits.
What is Societal Marketing Concept?
Company consider consumers’ wants, company requirements, consumers long run interest, and society long run interest.
What is Customer Satisfaction?
Product performance matches a buyer’s expectations
What is Expectations?
Product falls short and customer is not satisfied.
What is Product Concept?
Organization should focus on marketing continuous product improvements
