COMM 223 Lecture 1: Chapter 1

• School: Concordia University
• Department: Commerce
• Course: COMM 223
• Professor: Hon Fung Li

Document Summary

Chapter 1: marketing: creating and capturing customer value. Because it is an important part of business strategy. 50% of a product cost is due to marketing. Between 25% and 33% of careers are in marketing. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. As it is a process, we need to outline the different steps that allows organizations to capture value from their customers. We can identify 5 steps: 1 -understand the market place and customer needs and wants. 3 -construct a superior marketing program that delivers superior value. 4 -build profitable relationship and great customer delight. 5 -capture value from customers to create profits and customer equity. Step 1: understand the market place and customer needs and wants. To understand the market, an organization have to examine 5 core customers and market place concepts.