Module A - Step 1 Flashcards
What is a need?
It is a state of deprivation
It is divided into 3 states:
-Physical (food, clothing, shelter)
-Social (belonging and affection, esteem)
-Individual (knowledge and self-expression)
What is a want?
The form that a need takes as it is shaped by culture, society and individual personality.
What is a demand?
A want backed by purchasing power.
Purchasing power: the financial ability to buy goods and services.
What is a Market Offering?
The combination of products, services, information and experiences offered by the company to satisfy a need or want.
What is Marketing Myopia?
Focusing on existing wants and losing sight of future needs, wants and demands.
Other examples of marketing Myopia include:
-ignoring competitor progress
-ignoring movement within the MACRO environment
What are customer expectations and satisfactions?
Expectations - the value that a customer expects from a market offering.
Satisfactions - meeting or exceeding customer expectations with a market offering.
What is an exchange?
Obtaining a desired object by offering something desirable in return.
What is a Market?
The set of actual and potential buyers of a product or service.
What is the first step of the Marketing Process?
Understanding the marketplace and customer needs
