COMM 223 Midterm: 223 Midterm Notes
Document Summary
[d] the process by which companies create value for customers and build strong consumer relationships in order to capture value from customers in return. Satisfying consumers" needs and wants in socially responsible and ethical ways; managing profitable consumer relationships. Marketing aims to create, communicate, deliver and exchange offerings to satisfy consumers" needs and wants. Marketers want to be part of your life and enrich your experiences with their brands to help you live their brands. The first 4 steps companies work to understand consumers, create customer value, and build strong customer relationships. Last step companies reap the rewards of creating superior customer value: understand a) the marketplace and b) customer (needs/ wants, design a consumer driven strategy (value proposition; target market, elaborate the. Marketing mix: build profitable relationships (customer satisfaction and value, capture value from customers (profits and equity) 1: understand a) the marketplace and b) customer needs/wants.
