L1 Intro MKT

What is Marketing ?

**Marketing** is engaging customers and and managing

profitable customer relationships.

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**Marketing** is a process by which companies create value

for customers and build strong customer relationships to

capture value from customers in return.

Customer Needs, Wants and Demands

Needs

**States of deprivation:**

**Physical:**

food, clothing,

warmth and safety

**Social:**

belonging and

affection

**Individual:**

knowledge and self

expression

Wants

Form that needs

take as they are:

shaped by

o culture and

o individual

personality

Demands

Wants backed by

buying power