MARK 300 Chapter Notes - Chapter 1: Customer Relationship Management, Engagement Marketing, Marketing Mix
Document Summary
Marketing- engaging customers and managing pro table customer relations: process by which companies engage customers, build strong customer relationships and create customer value in order to capture value from customers in return. Marketing mix- set of marketing tools that work together to engage customers, satisfy customer needs and build customer relationships. 5 core customer and marketplace concepts: needs, wants, and demands, market offerings, value and satisfaction, exchanges and relationships, markets. Human needs- states of felt deprivation: physical, social, individual. Wants- form human needs take as they are shaped by culture and individual personality. Demands- human wants that are backed by buying power. Market offerings- some combination of products, services, info, or experiences offered to a market to satisfy a need or want: products, services, persons, places, organizations, information, ideas. Marketing myopia- mistake of paying more attention to speci c products a company offers than to the bene ts and experiences produced by these products.
