MARK 201 Lecture Notes - Lecture 1: Customer Relationship Management, Marketing Mix, The Pros And Cons Of Hitch Hiking
29 Feb 2016
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Document Summary
Marketing - an organizational function & a set of processes for creating, communicating, & delivering value to customers & for managing customer relationships in ways that benefit the organization and its stakeholders. Wants - the form of needs as shaped by culture & the individual. Demands - wants which are backed by buying power. Marketing offer some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Customer perceived value - the customers" evaluation of the difference between benefits and costs. Customer satisfaction - product"s perceived performance relative to customers" expectations. Market - set of actual and potential buyers of a product, service, idea, experience, etc. Exchange process - the act of obtaining a desired object from someone by offering something in return. Understanding the marketplace fig 1. 2 the modern marketing system: the suppliers, company & marketing intermediaries work together to form a value chain to deliver value to the end user.
