CAOT 31 Lecture Notes - Lecture 7: Marketing Myopia, Customer Relationship Management, Customer Satisfaction
20 Oct 2020
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Document Summary
The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction satisfying customer needs. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Wants: the form human needs take as they are shaped by culture and individual personality. Demands: human wants that are backed by buying power. Market offerings: combination of products, services, information, or experiences offered to a market to satisfy a need or want. Market offerings are not limited to physical products. Marketing myopia: mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. By orchestrating several services and products, brand experiences are created. Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly.
