COMM 223 Chapter Notes - Chapter 1: Lululemon Athletica, The Digital Age, Marketing Mix
16 Mar 2017
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Chapter 1: marketing: creating and capturing customer value. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Step 1: understanding the marketplace and customer needs. There are 5 core customer and marketplace concepts: needs, wants, and demands. Wants: the form human needs take as they are shaped by culture and individual personality; Demands: human wants that are backed by buying power: market offerings - products, services, and experiences. Market offerings: some combination of products, services, information, or experiences offered to a market to satisfy a need or a want. Exchange value to build strong relationships: market: the set of all actual and potential buyers of a product or service. Marketing management: the art and science of choosing target markets and building profitable relationships with them.
