COMM 131 Lecture Notes - Lecture 1: Tim Hortons, Marketing Myopia, Voice Of The Customer
5 May 2017
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Two-fold goal: attract new customers by promising superior value, keep and grow current customers by delivering satisfaction. Marketing mix (4 p"s): product, price, place, promotion. Marketing seeks to understand and satisfy customer needs: understand consumer needs, develop products that provide superior customer value, effectively price, distribute, and promote. Marketing mix: a set of marketing tools that work together to satisfy customer needs and build customer relationships. Marketing (alternate definition): 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. Five core customer and marketplace concepts: need, wants, and demands (wants backed by buying power, needs: physical (food, warmth, clothing, safety), social (belonging and affection), Individual (knowledge and self-expression): wants: the form human needs take as shaped by culture and individual personality (ex.
