L1 Intro MKT
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Last updated 3:21 AM on 4/3/23
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4 Terms
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What is Marketing ?
**Marketing** is engaging customers and and managing
profitable customer relationships.
\
**Marketing** is a process by which companies create value
for customers and build strong customer relationships to
capture value from customers in return.
profitable customer relationships.
\
**Marketing** is a process by which companies create value
for customers and build strong customer relationships to
capture value from customers in return.
2
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Customer Needs, Wants and Demands
Needs
**States of deprivation:**
**Physical:**
food, clothing,
warmth and safety
**Social:**
belonging and
affection
**Individual:**
knowledge and self
expression
3
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Wants
Form that needs
take as they are:
shaped by
o culture and
o individual
personality
4
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Demands
Wants backed by
buying power
