MGMA01H3 Chapter Notes - Chapter 1: The Digital Age, Customer Relationship Management, Marketing Myopia
Document Summary
The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives. It is important that marketers recognize the other groups affected by marketing such as stakeholders and therefore marketing is also a social or managerial process. Five core customer & marketplace concepts: needs, wants & demand - needs: states of felt deprivation. Wants: form human needs take as shaped by culture and personality. Demand: human wants backed up by buying power: market offerings combination of products, services, information or experience offered to a market to satisfy a need/want. High expectations may results in disappointed buyers: exchanges and relationships beyond attracting new customers, marketers want to keep them loyal to their company. They want to build strong relationship by delivering superior customer value: markets set of actual and potential buyers.
