COMM 2401 Study Guide - Cash Flow, Marketing Strategy, Cash Cow

• School: Dalhousie University
• Department: Commerce
• Course: COMM 2401
• Professor: Jacqueline Gahagan

Document Summary

Creating value for customers and build customer relationships: understand marketplace and customer need & wants. Market offerings (combination of products, services, or information to satisfy a markets needs and wants) fulfill customer needs and wants. Marketing myopia is the mistake of paying more attention to the specific products a company offers instead of the benefits and experiences produced by these products. Customer value and satisfaction are the building blocs to developing and managing customer relationships. The goal here is to retain customers: designing a consumer driven marketing strategy. Marketing management is the art of selecting target markets and building profitable relationships with them. Companies must divide the market into segments. Value positioning consists of answering questions such as why should i buy your brand? . Marketing management has designed 5 concepts under which organization design and carry out their marketing strategy. This concept holds that consumers will favor products that are available and highly affordable.