MGMA01H3 Chapter Notes - Chapter 1: The Digital Age, Marketing Myopia, Customer Relationship Management
Document Summary
Marketing is a process of determining customer needs and wants and then developing a product to satisfy them and still yield a satisfactory profit. (externally)\ Twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Selling is just producing a product and then trying to persuade customers to purchase it. (internally) Step 1: understanding the marketplace and customer needs. Step 3: preparing an integrated marketing plan and program. The first four steps of the marketing process deal with companies working to understand consumers, creating customer value, and building strong customer relationships. The final step is when companies create value for consumers and in turn, companies capture value from consumers in forms of profits, sales, and long-term customer equity. Wants are specific items that might satisfy the need, shaped by culture and individual personality. Demands are human wants that are backed by buying power.
