Topic 1: Introduction to Marketing - Core Marketing Concepts

Flashcards covering core marketing concepts from Topic 1, including customer needs, wants, and demands, customer value and satisfaction, and markets and marketers.

How is a 'need' defined in marketing, and what is its origin?

A need is a state of felt deprivation (physiological like food/warmth, social like belonging, or individual like knowledge). Needs are not created by marketers; they are basic to human makeup.

What is a 'want' in marketing?

The form human needs take as shaped by culture, social class, and individual personality.

According to the notes, what are the culturally shaped wants of a Malaysian, an American, and a Japanese person when hungry?

When hungry, a Malaysian wants nasi lemak, an American wants a burger, and a Japanese person wants sushi.

What is a 'demand' in marketing?

Human wants that are backed by buying power (the ability and willingness to buy).

What is 'customer value'?

The difference between the benefits a customer gains from a product and the costs incurred to obtain it.

How is customer 'satisfaction' defined?

How well a product's perceived performance matches a buyer's expectation.

What are the three customer outcomes based on how product performance compares to expectations?

If performance falls short, the customer is dissatisfied; if it matches, they are satisfied; if it exceeds expectations, they are delighted.

What is a 'market' and what groups of buyers does it include?

The set of all actual and potential buyers of a product or service, including consumer, business, reseller, government, and international markets.

What is a 'marketer' according to the lecture notes?

A person who promotes an organization's product/services, passes information to people, links them with the company, and drives sales and revenue aligned with market demand.