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Notes for 3-2-04

Page 5 definition of marketing on.
Marketing - a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others.

Page 6 know the terms (needs, wants, demands)
Need - something that you have to have to live
Want - something you would like to have but you can do without
Demand - Human wants that are backed by buying power

Marketing offering products, marketing, and experience. Someting that is tangible.
Experience - company that markets you to give you a certain feeling.
Products - the tangible things they are trying to sell to you
Marketing - how they try to sell you the product

Page 7. (puppy) trying to appeal to your values

customer value and satisfaction (page 9)
Value - the benefits that you recieve from bying a product and using its service verses your cost of buying it.
Satisfaction - once you purchase the product/service wether or not you are satisfyed with the purchase.

It is cheaper to keep your current customes than it is to get new customers.

Exchange, transactions, and relationships (page 9)
Exchange - the act of obtaining a desired object from someone by offering something in return
Transaction - A trade of values between two parties
Relationship - *ask teacher for definition*

Page 10 know the term market
Market - The set of all actual and potential buyers of a product or service.

Age gender and location are key factors

The process of marketing is to - research product, market, communications, distrubution, pricing, and service

Page 11 demarketing
DeMarketing - to reduce demand temporarily or permanantly, the aim is not to destroy demand but only to reduce or shift it

Page 12,13
Production concept - focusing on the product (not the consumer)
Selling concept -focusing on the consumer, how much can we sell this for? (not based on te nedds, wants , and demands)
Marketing concept - based on the consumers needs, wants, and demands. (trying to build a relationship with the consumer)

Page 14>
Societal marketing concept - the idea that the organization should determine the needs, wants, and demands

Page 17
Obtaining, Retaining, and growing of customers. (example at the top of page 17)
its cheaper to keep the customers
everyting based on profits. satisfied customer = loyal customer
Customer preceived value - the difference between the total customer value and total customer cost.
Customer satisfaction - The extent to which a products perceived performance matches a buyers expectations.

Page 19
Purpose of marketing - to generate customer value profitability.

Read chapter 1 and 2

Find an add that is similar to the add on page 7. tell what experience the customer is trying to relay