Marketing 311 Chapter
marketing - answer-the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return, about managing profitable
customer relationships
needs - answer-states of felt deprivation
wants - answer-the form human needs take as they are shaped by culture and individual personality
demands - answer-human wants that are backed by buying power
market offerings - answer-some combination of products, services, information, or experiences offered
to a market to satisfy a need or want
marketing myopia - answer-the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
marketing concept - answer-holds that achieving organizational
goals depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
marketing orientation - answer-company philosophy focused on discovering and meeting the needs and
desires of its customers through its product mix. It works in reverse, attempting to tailor products to
meet the demands of customers
1) What customers will we serve?
2) How can we serve these customers best? (what's our value proposition?) - answer-What are the two
questions marketers must ask?
marketing - answer-the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return, about managing profitable
customer relationships
needs - answer-states of felt deprivation
wants - answer-the form human needs take as they are shaped by culture and individual personality
demands - answer-human wants that are backed by buying power
market offerings - answer-some combination of products, services, information, or experiences offered
to a market to satisfy a need or want
marketing myopia - answer-the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produced by these products
marketing concept - answer-holds that achieving organizational
goals depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
marketing orientation - answer-company philosophy focused on discovering and meeting the needs and
desires of its customers through its product mix. It works in reverse, attempting to tailor products to
meet the demands of customers
1) What customers will we serve?
2) How can we serve these customers best? (what's our value proposition?) - answer-What are the two
questions marketers must ask?
