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
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