COMM 223 Lecture Notes - Lecture 10: Marketing Management, Baby Boomers, Consumer Behaviour
20 May 2017
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Document Summary
Chapter 1: marketing: creating and capturing customer value. Managing profitable customer relationships; discovering and satisfying needs. Marketing goal: attract new customers and grow current customers. Create value for customers and build customer relationships capture value from customers in return. Understand the marketplace and customer needs and wants. Construct a marketing program that delivers superior value. Capture value from customers to create profits and customer equity. The key word in the market is value: market. Common wants & needs satisfied through exchange. Can be physical (clothing, food, shelter), social (belonging, affection), individual (knowledge and self-expression) Wants: needs that are shaped by culture and individual personality. Demands: wants that are backed by buying power. Marketing myopia : when sellers make the mistake of paying too much attention to the specific product and not enough to the benefits and experiences produced by these products. Customer value: (cid:272)o(cid:373)pa(cid:396)iso(cid:374) (cid:271)et(cid:449)ee(cid:374) (cid:449)hat"s gotte(cid:374) a(cid:374)d (cid:449)hat"s gi(cid:448)e(cid:374)
