MGMA01H3 Study Guide - Midterm Guide: Value Proposition, Tim Hortons, Voice Of The Customer
Document Summary
The marketing process: customer needs wants and demands superior value. Chapter 1: marketing- creating and capturing customer value. Marketing: the process by which companies create value for customers by building stronger customer relationships in order to capture value from customers in return: understand the marketplace 2. Constructing a program that delivers as well as needs and wants. Driven strategy: capture value from customers, building strong customer | relationships that delight | to create profits and equity, understanding the marketplace and customer needs. Needs: states of felt deprivation physical needs (food, water, clothing) Wants: the form human needs take, as they are shaped by culture and individual personality (ex. Canadian needs food but wants tim hortons breakfast) Demands: humans wants backed by buying power (ex. Given wants and resources, people demand products with benefits that give them the most satisfaction) Marketing offerings: some combination of products, services, information and experiences offered to a market to satisfy needs and wants.
