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social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others
Reasons for studying marketing (3)
- 1) important to society
- 2) important to the business
- 3) good career opportunities
American Marketing Association Definition
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
5 conditions for an exchange
- 1) must be atleast 2 parties
- 2) each party has something that might be of value to other party
- 3) each party is capable of communication and delivery
- 4) each party is free to accept or reject the offer
- 5) each party believes it is appropriate or desirable to deal with the other party
Marketing Management Philosophies (4)
- Production- internal capabilities of the firm
- Sales- aggresive sales technique and belief that high sales result in high profits
- Market- satisfying customer needs and wants while looking into the future
- Societal- satisfying customer needs and wants while enhancing individual and societal well being
the idea that the social and economic justification for an organizations's existence is the satisfaction of customer wants and needs while meeting organizational objectives
the feeling that a product met or exceeded the customer's expectations
Customer Relationship Management (CRM)
- overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
- Ex: UPS
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