summary principles of marketing 19th edition kotler 9781292449364 test bank questions

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summary principles of marketing 19th edition kotler 9781292449364 test bank questions Chapter 1

Marketng: a process by which companies create value for customers and

build strong customer relationships to capture value from customers in return. Managing profitable customer relationships.

The Marketing Process:

There are 5 core customer and marketplace concepts:

1)Needs, wants, and demands 2)Market offerings (products, services, and experiences) 3)Value and satisfaction 4)Exchanges and relationships 5)Markets

2) market offerings: are some combination of products, services, information

or experiences offered to a market to satisfy a needs or want Marketing offers are not limited to physical products but they also include

services. Service: acitivies or benefits offered for sale that are essentially

intangible and do not result in the ownership of anything. (hotel)

More broadly, market offerings also include other entities, such as:

-Persons -Places -Organizations -Information -Ideas

Marketing myopia: is focusing only on existing wants and losing sight of

underlying customer needs. They forget that a product is only a tool to solve Needs States of felt deprivation Physical—food, clothing, warmth, safety Social—belonging and affection Individual —knowledge and self-expression Wants Form that needs take as they are shaped by culture and individual personality Demands Wants backed by buying power

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