COMM 100 Lecture Notes - Customer Relationship Management, Retail, Customer Retention
Document Summary
Chapter 12 - understanding marketing principles and developing products. Marketing - an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Marketing concept - the idea that the whole firm is directed toward serving present and. A firm must get to know what customers really want and closely follow evolving potential customers at a profit tastes. Our desires for goods and services available are unlimited, but financial resources force us to be selective customers buy products that offer the best value that meets their wants and needs. Marketing resources are deployed to add benefits and decrease costs of products to provide greater value . Utility - the ability of a product to satisfy a human want or need (adds value). features that customers want. Marketing has a voice in designing products with. Marketing creates a time utility by providing products.
