COM 250 Chapter Notes - Chapter 1: Longrun, Root Mean Square, Marketing Mix

• School: University of Victoria
• Department: Commerce
• Course: COM 250
• Professor: Saeed Rahman

Document Summary

Com 250 chapter 1 - marketing: creating & capturing customer value: marketing: a process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. A 2-way value creation process between buyers & sellers. Is both a: process: identifying customers needs & developing products to satisfy those needs, cycle: the mutual value generated between buyer & seller. Consists of actions taken to create, maintain & grow desirable exchange relationships. Different companies choose to target different needs basic needs psychological needs self-ful llment needs (2) market offerings: the combination of products, services, information or experiences offered to a markets to satisfy a need or want. Want to make sure that you pay attention to all aspects of the product (eg. not just quality) Marketing myopia: focusing only on existing wants & losing sight if underlying consumer needs.