Question: Needs (3)

Answer: states of deprivation; physical, social, individual (PSI)

Question: Wants

Answer: form that needs take as they are shaped by culture and individual personality

Question: Demands

Answer: wants backed by buying power

Question: Goal of business:

Answer: long-term survival

Question: Goal of marketing:

Answer: maximize revenues or at a basic level market share

(only function of business whose main function is to not make a profit)

Question: Equation for market share

Answer: our sales/total industry sales (for specific product)

Question: marketing is all about

Answer: Growth

Question: 3 ways to grow a business

Answer: 1. more new customers (most expensive option)

2. more business with existing customers

3. fewer lost customers

Question: Marketing

Answer: ALL ABOUT VALUE

the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return

Question: Value

Answer: the benefits you receive for the burdens you endure; based on perceptions, not reality. Also not just based monetarily.

Corona Example