MKTG 341 Lecture Notes - Lecture 1: Customer Relationship Management, Customer Satisfaction, Marketing Myopia

• School: University of Calgary
• Department: Marketing
• Course: MKTG 341
• Professor: Xianfang Zeng

Document Summary

Marketing = the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return. Steps to marketing: understanding the marketplace & customer needs & wants, designing a customer driven marketing strategy, preparing an integrated marketing plan & program, building profitable customer relationships, capturing value from customers. Understanding the marketplace & customer needs & wants. Market offerings: physical products, services, experiences, other market offerings, people (ex. Marketing myopia: focus on specific products, overlook benefits & experiences, ex. Kodak focused on good quality products (should have focused on moments captured with products); coca-cola focused on experiences (therefore able to sell coke, diet coke, coke zero; all similar yet people buy all of them because of the experience) Customer value & satisfaction: customer-perceived value, evaluation of benefits & sacrifice necessary to obtain those benefits.