Summary Principles of Marketing (Kotler)
Simply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. A five-step model of the marketing process will provide the structure of this chapter.Understanding the marketplace and customer needsThere are five different core customer and marketplace concepts.Customer needs, wants and demands. Human needs are states of felt deprivation and can include physical, social and individual needs. Wants are the form human needs take as they are shaped by culture and individual personality. Demands are human wants that are backed by buying power.Market offerings are a combinations of products, services and experiences offered to a market to satisfy a need or want. These can be physical products, but...
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