MKTG 2202 Lecture 5: chap 1-5 MKTG 2202

• School: Northeastern University
• Department: Marketing
• Course: MKTG 2202
• Professor: Alex De Paoli

Document Summary

Create value for customers to capture value from customers. Marketing = engaging customers and managing profitable customer relationship. Goals of marketing : - create loyalty satisfy the customer. Steps : 1) understand the marketplace and customers" needs and wants. Measure loyalty through the customer lifetime value loyalty is worth money. Customer equity is the customer lifetime value of all customers = best predictor of a company"s viability (example : fivestars for a business increases its customer equity) 3) construct an integrated marketing program that delivers superior value. 4) engage customers, build profitable relationships and create customer delight. 5) capture value from customers to create profits and customer equity. Needs states of felt deprivation, maslow"s hierarchy (basic needs + psychological needs + self-fulfillment needs) Wants needs shaped by the culture and individual personality and preference. Demands wants that are backed by buying power. Market offerings = anything that the company would give you to satisfy a need or want.