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Marketing 311 Chapter 1 Q and A
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  • American
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  • American

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 - an...

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  • December 21, 2023
  • 4
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • marketing
  • marketing 311 chapte
  • wants
  • needs
  • market offerings
  • marketing myopia

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  • American
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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?

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