MAR 301 Lecture Notes - Lecture 1: Marketing Myopia, Customer Relationship Management, Marketing
Document Summary
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Customer focus is essential for a company"s business success. Sound marketing is critical to the success of every organization. Marketers did not create these needs; they are a basic/fundamental part of the human makeup. It is important to understand consumer needs: wants. Form that needs take as they are shaped by culture and individual personality. Shaped (cid:271)y o(cid:374)e"s so(cid:272)iety a(cid:374)d are des(cid:272)ri(cid:271)ed i(cid:374) ter(cid:373)s of o(cid:271)je(cid:272)ts that will satisfy those needs: demands. Market offerings (products, services, and experiences): some combination of product, service, information, or experiences offered to a market to satisfy a need or want. Market offerings are not limited to physical products. Also include services activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything. Ex: banking, airline, hotel, retailing, and home repair services.
