HTM 3080 Chapter Notes - Chapter 1: Peter Drucker, Chipotle, Customer Satisfaction

• School: University of Guelph
• Department: Hospitality and Tourism Management
• Course: HTM 3080
• Professor: Lianne Foti

Document Summary

Customer orientation: purpose of a business is to create and maintain satisfied, profitable customers, profits are best seen as the result of running a business well rather than as its sole purpose. It"s wise to assess the customer"s long-term value and take appropriate actions to ensure a customer"s long-term support. The aim is to know and understand customers so well that the product or service fits them and sells itself: peter drucker. Definition of marketing: the art and science of finding, retaining, and growing profitable customers, marketing must be understood in the sense of satisfying customer needs. In fig 1-1 the first 4 steps companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. Understanding the marketplace and customer needs: five core customer and marketplace concepts, needs, wants, and demands, marketing offerings (tangible products, services, and experiences, value and satisfaction, exchanges and relationships, markets.