COMM 296 Lecture Notes - Lecture 1: Retail, Marketing Channel, Jeff Bezos
Document Summary
To build and maintain a loyal customer base, brands must distinguish itself by ofering products, services and ambiance that are so appealing that customers shun competitors. Deinition: the activity, set of institutions, and processes for creating, capturing, communicating and delivering and exchanging oferings that have value for customers, clients, partners and societies at large. Key: giving more value than what competitors did. Customers want products that meet speciic needs at a good value. Value co-creation = customers collaborate to create the product. Satisfying customer needs and wants: marketplace = world of trade; can be segmented into diferent groups of people (ex: Pepsi vs. coke: not practical to sell products to everyone b/c marketing cost money, bottom line: marketers are interested in inding buyers most likely interested in their oferings. Entails an exchange: exchange = trade of things; both seller and buyer are better of, ex: goods/services producers communications and deliver customers money & info.
