principles of marketing 18th edition kotler and armstrong

A market is the set of all actual and potential buyers of a product or service.Marketing consists of actions trying to build an exchange relationship with an audience. Exchanges are the acts of obtaining a desired object form someone by offering something in return.Value and satisfaction are key building blocks for customer relationships.The phenomenon of marketing myopia is paying more attention to company products, than to the underlying needs of consumers. These can be physical products, but also services – activities that are essentially intangible. Market offerings are a combinations of products, services and experiences offered to a market to satisfy a need or want.Demands are human wants that are backed by buying power. Wants are the form human needs take as they are shaped by culture and individual personality. Human needs are states of felt deprivation and can include physical, social and individual needs. There are five different core customer and marketplace concepts. Understanding the marketplace and customer needs A five-step model of the marketing process will provide the structure of this chapter.

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. Marketing must be understood in the sense of satisfying customer needs. Simply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. Back to top Chapter 1: Basic concepts of marketing

Principles of marketing 18th edition kotler and armstrong