COMM 131 Study Guide - Final Guide: Brand Equity, Customer Retention, Operant Conditioning
16 Apr 2013
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Document Summary
Session 1 marketing: creating and capturing customer value. A social and managerial process, allowing parties to satisfy wants and needs through creating and exchanging value. Fundamentally, marketing includes two core activities: attract new customers by offering superior value than competitors. Value = perceived benefit perceived costs: keep and grow current customers by delivering satisfaction and building long-term relationships with customers. The process whereby a company determines who to serve, and how to serve them best. Collection of marketing activities that together accomplish the larger goal of satisfying customer needs and building customer relationships. 4 p"s product, price, place (distribution), promotion. Market set of actual and potential buyers of a product or service. Need state of felt deprivation including physical, social and individual needs. Wants specific form of a need that is shaped by culture and personality. The choices we make to fulfill our needs. Demand a want" backed by buying power.
