MRKT 351 Lecture Notes - Lecture 1: Marketing Myopia, Customer Relationship Management, Target Market
Document Summary
Marketing goal: attract new customers and grow current customers. Construct a marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Understand the marketplace and customer needs and wants. 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: comparison between what"s gotten and what"s give(cid:374) Customer satisfaction: a comparison between what the customer expected to get and what they actual got (see class notes for satisfied, dissatisfied and delighted) Marketing management: the art and science of choosing target markets and building profitable relationships with them. Market segmentation: dividing the market into segments of customers. Target marketing: choosing which segments to go after.
