TRUE or FALSE

Marketing is also the process of conceptualizing, creating, developing, promoting, and sustaining products and services by a company, focusing on the needs and preferences of the customer

Core Concepts in Marketing

described in terms of objects that will satisfy needs, it refers to a particular preference of the person.  It is shaped by culture and individual personality. 

Core Concepts in Marketing

it exists if the need or want is supported by the person’s purchasing power or the ability to pay for the product or service.

Core Concepts in Marketing

pertains to a feeling of deprivation.  It includes basic physical needs for food, clothing shelter, water. The needs are not invented by marketers because they are a basic part of the human makeup.

Market Offerings

any tangible products that can be offered to the customers such as canned goods, accessories, clothing, soap, shampoo and others. 

Market Offerings

anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need.  It includes physical objects, services, persons, places organizations and ideas.

Market Offerings

any activities or benefits that one party can offer to another that is essentially intangible and does not result in the ownership of anything.  Examples are: education, Spa, Barbershop, Travel Agencies and others. 

Customer Value and Satisfaction

customer choose product based on their perception about the product. 

Customer Value and Satisfaction

the extent to which a product’s perceived performance matches a buyer’s expectations.

Customer Value and Satisfaction

the difference between the values the customer gains from owning and using a product and the costs of obtaining the product.

the act of obtaining a desired object from someone by offering something in return. 

a trade between two parties that involves at least two things of value, agreed-upon conditions, a time of agreement and a place of agreement. 

composed of all people who buy the product, as well as those who could potentially purchase the product.