33:630:301 Lecture Notes - Lecture 2: Marketing Myopia, Customer Relationship Management
28 Dec 2019
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Document Summary
Marketing = process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return : marketing is customers, 1. Wants / needs: wants, shaped by culture and individual personality, described as specific objects, needs, states of felt deprivation, part of being human, ex. Physical needs, individual needs: demands, wants backed by buying power. Market offerings fulfill customer needs and wants: service, product, experience (mix of service and product) Marketing myopia = focuses on companys needs instead of customers" needs and wants: misses market changes. Customer value: customer value = perceived benefits perceived costs, perceived benefits & costs, technical, economic, service, social, emotional. 5 marketing management orientations: market = the set of actual and potential buyers of a product or service, share a particular want or need that can be satisfied through an exchange relationship.
