COMM 223 Lecture Notes - Lecture 1: Marketing Mix, Customer Relationship Management, Upselling
Document Summary
Formal definition of marketing: it is the activity, set of institutions and processes for creating, delivering and exchanging value to customers, clients, partners and society at large. Stage 1: understanding the customer and marketplace: understanding customer"s needs, wants, and demands. Demands: having the buying power necessary to purchase the object: understanding what value and customer satisfaction is. Cs = perceived performance expectations: marketplace vs. metamarket. Companies from industry a compete only against each other and not against companies from industry b. Companies from industry a compete against companies from industry b as well. Stage 2: designing a customer-driven strategy: choosing the target market and the value strategy to be used, understanding the evolution of marketing management orientations: Production concept: the assumption that customers want to purchase items that are widely available and inexpensive. Manager"s main interests are to increase production efficiency, decrease costs and have mass distribution of products.