BADM 1040 Chapter Notes - Chapter 1: Marketing Myopia, Water Bottle, Customer Satisfaction

• School: University of Guelph
• Department: Business Administration
• Course: BADM 1040
• Professor: John Simoulidis

Document Summary

Marketing: managing profitable customer relationships to capture value from the customer. Marketing process: customer wants, needs and demands. Wants: form human needs take as shaped by culture and individual experiences. Demands: human wants that are backed up by buying power. To determine n, w, d companies conduct consumer research and analyze mountains of customer data: market offerings- products, services & experiences. Market offering: some combo of products, services, information or experiences offered to a market to satisfy a need or want: physical products and services (ie. banking, airlines, hotels, other entities such as persons, places, organizations, information ideas. Marketing myopia: mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. Losing the underlying need, hence the customer wants the product but doesn t need it. Important to look beyond the attributes of products and services to create a brand experience: customer value and satisfaction.