ACCTG 1 Lecture Notes - Lecture 21: Customer Satisfaction, Marketing Management, Longrun
Document Summary
Chapter 1 (marketing an introduction; gary armstrong-philip kotler) 1. define marketing and outline the steps in the marketing process. Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The firs four steps create value for customers. Firs, marketers need to understand the marketplace and customer needs and wants. Next, marketers design a customer-driven marketing strategy with the goal of getting, keeping, and growing target customers. In the third step, marketers construct a marketing program that actually delivers superior value. All of these steps form the basis for the fourth step, building profitable customer relationships and creating customer delight. In the final step, the company reaps the rewards of strong customer relationships by capturing value from the customers. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
