COMM 2401 Lecture 1: COMM 2401 - CH. 1,2,4-7
11 Oct 2018
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Document Summary
Chapter 1: marketing: creating and capturing customer value. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The marketing process (5 steps): understand the marketplace and customer needs and wants. Wants: the form human needs take as they are shaped by culture and individual personality. Demands: human wants that are backed by buying power. Market offerings: some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing myopia: the mistake of paying more attention to the speci c products a company offers than to to the bene ts and experiences produced by these products. Marketers must set the right level of expectations - customer value and satisfaction. Exchange: the act of obtaining a desired object from someone by offering something in return.
