Marketing 3101 Chapter 1 Verified Solutions
Marketing The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
Needs States of felt deprivation
Wants The form human needs take as they are shaped by ...
Marketing 3101 Chapter 1 Verified Solutions
Marketing ✅The process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
Needs ✅States of felt deprivation
Wants ✅The form human needs take as they are shaped by culture and individual personality
Demands ✅Human wants that are backed by buying power
Market Offerings ✅Some combination of products, services, information, or experiences offered to a
market to satisfy a need or want
Marketing Myopia ✅The mistake of paying more attention t the specific products a company offers
rather than the benefits and experiences produced by these products
Exchange ✅The act of obtaining a desired object from someone by offering something in return
Market ✅The set of all actual and potential buyers of a product or service
Marketing Management ✅The art and science of choosing target markets and building profitable
relationships with them
Production Concept ✅(This can lead to marketing myopia)
-Holds that consumers will favor products that are available and highly affordable (therefore the
organization should focus on improving production and distributive efficiency)
Product Concept ✅The idea that consumers will favor products that offer the most quality,
performance, and features, therefore org, should devote its energy to making product improvements
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller CertifiedGrades. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.