BUS 345 Lecture Notes - Lecture 1: Customer Relationship Management, Marketing Myopia, Customer Experience

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 345
• Professor: Unknown

Document Summary

Twofold goal ---> attract new customers by providing superior value and keep growing current customers by delivering satisfaction. 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: five step process for creating and capturing customer values. Create value for customers and build customer relationships: understand the marketplace and customer needs, design a customer driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight. Capture value from customers to create profits and customer equity. Five core customer and marketplace concepts: needs, wants, demands. 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 (products, services, and experiences) Marketing myopia: the mistake of paying more attention to the specific products a.