Ch. 1 Marketing: Creating & Capturing Customer Value

Question 1

Needs

Answer 1

States of felt deprivation.

Most basic concept underlying marketing. Physical, Social, Individual needs. Pg. 6

Question 2

Wants

Answer 2

The form human needs take as they are shaped by culture and individual personality.
They are shaped by one’s society and are described in terms of objects that will satisfy those needs. Pg. 6

Question 3

Demands

Answer 3

Human wants that are backed up by buying power.

Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.

Question 4

Marketing Management

Answer 4

The art and science of choosing target markets and building profitable relationships with them. Can design a customer-driven marketing strategy. Aim is to find, attract, keep, and grow target customers by delivering, and communicating superior customer value. Must answer 2 important questions: What customers will we serve (target market)? and How can we serve these customers best (value proposition)?

Question 5

Customer-managed relationships

Answer 5

Marketing relationships in which customers, empowered by today’s new digital technologies, interact with companies and with each other to shape their relationships with brands.