MKBU 3225 Chapter Notes - Chapter 1: Marketing Myopia, Customer Satisfaction, Customer Engagement
19 Sep 2016
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Document Summary
2-fold goal of marketing is to attract new customers by promising superior value & keeping. Sound marketing critical to success of every organization, both for-profit & non-profit firms. Marketing: process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. Companies work to understand customers, create value & build strong customer relationships in 1st 4 steps & in final step, companies gain rewards of creating superior customer value. Companies get value from customers in form of sales, profits & long-term customer equity by creating value for customers. Wants: form human needs take as they are shaped by culture & individual personality. Demands: human wants that are backed by buying power. Market offerings: some combination of products/services/info/experiences offered to a market to satisfy need/want: not limited to physical products (also include services)
