MGT252H5 Chapter Notes - Chapter 1: Marketing Myopia, Customer Relationship Management, Market Segmentation
Document Summary
Marketi(cid:374)g process; 5 core marketplace co(cid:374)cepts; marketi(cid:374)g ma(cid:374)age(cid:373)e(cid:374)t orie(cid:374)tatio(cid:374)s. The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. The process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Broadly defined, marketing is a social & managerial process by which individuals/organizations obtain what they need/want through creating & exchanging value with others. In a narrower business context, marketing involves building profitable, value-laden exchange relationships with customers. The first four steps create value for customers. In the final step, the company reaps the rewards of strong customer relationships by capturing value from customers. 1) understanding the marketplace & customer needs. We examine 5 core customer & marketplace concepts: (1) needs, wants, & demands; (2) market offerings (products, services & experiences); (3) value & satisfaction; (4) exchanges & relationships; and (5) markets.
