Markting Management

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Q#1 Marketing has been described as being both an "art" and a "science." Discuss the differences and similarities between these two marketing thrusts. Provide your theoretical response and a "real-life" example where you have seen both processes work effectively at creating customer value and loyalty Marketing is defined as the science and art of exploring, shaping and fulfilling the need of the customers. As it is manifested in the definition that Marketing is a blend of Science and Art; therefore, it can be inferred that both the terms have a strong connection with it. Science is the study of theories and phenomena related to the physical world based on systematic experiments and observation while Arts is the practical reflection of…show more content…
5) Unwholesome demand (CHARACTER/COMPOSITION) a. In unwholesome demand, the customer should not desire the product, yet the customer wants the product badly. Best example of unwholesome demand are cigarettes, alcohol, pirated movies, guns etc. 6) Irregular demand (TIMING) a. – Irregular demand can be demand which is not consistent. For example, demand of coats, jackets in winter usually increases. 7) Full demand (LEVEL) a. In an ideal environment, a company should always have full demand. 8) Overfull demands (LEVEL) a. Overfull demands happen when the companies manufacturing capacity is limited but the demand is more than the supply. Q # 3 Distinguish between the concepts of value and satisfaction. Customer Value Every time buyers buy something, they expect that they will get higher or equal worth of value he is giving. Hence, the difference between the benefit/value the customer gains from purchasing and using a product and the costs of obtaining the product is known as Customer Value. For instance, McDonald's is a well-known brand for its fast paced service. For buying McDonald's food, customer will think about food content and the values against the money, effort and compare McDonald's with Burger King and Subway and select the one that gives them the greatest delivered value. Customer Satisfaction The extent to which a product's perceived performance matches a buyer's expectations. Customer might be

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