MGT252H5 Lecture Notes - Lecture 2: Marketing Myopia, Customer Relationship Management, Relationship Marketing
Document Summary
You do(cid:374)"t (cid:373)ake decisio(cid:374)s, everythi(cid:374)g you do so(cid:373)eo(cid:374)e is pulli(cid:374)g your stri(cid:374)gs. Product concept: make things that are high quality. Selling concept: need large scale selling and promotion to buy product. We make things --> sell it hard --> customers buy it. Marketing concept: know what customers want so they will buy it. Find out what customers want --> we make it --> customers buy it. Relationship marketing - our customers are our best assets. Try to balance society welfare with company profits and consumer satisfaction. Marketing myopia getting too focused on the product and then lose sight of the main target which is the customers. Want: a need that has been shaped by marketers, a luxury. Combination of products, services, information or experiences that satisfy a need or a want. May include services, activities, people, places, info, or ideas. Value = benefits - costs (opp cost, training cost, time) Satisfaction - the degree of meeting consumer"s expectations.
