MCS 2600 Lecture Notes - Lecture 1: Marketing Myopia, Customer Retention, Customer Relationship Management

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Karen A.Gough

Document Summary

Marketing- the activity, set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society. Marketing concept- the premise that marketing consists of satisfying consumers" needs, creating value, and retaining customers, and that companies must produce only those goods that they have already determined that customers would buy. Production concept- a premise that consumers are mostly interested in product availability at low prices, its implicit marketing objectives are ahead, efficient production and intensified distribution of products. Product concept- a premise that consumers buy the product that offers them the highest quality, best performance, and most features. Leads the company to strive constantly to improve quality and add new features without knowing if consumers want those features. Marketing myopia- a focus on the product rather than on the needs it presumes to satisfy; occurs when companies ignore crucial changes in the marketplace.