MKTG 2201 Lecture Notes - Lecture 1: Customer Experience, Marketing Myopia, Target Market

• School: Northeastern University
• Department: Marketing
• Course: MKTG 2201
• Professor: Rick Andersen

Document Summary

Marketing management the art and science of choosing target markets and building profitable relationships with them. Target marketing: choosing a value proposition how it will serve targeted customers, marketing management orientations building profitable relationships with target consumers. Production concept holds that consumers will favor products that are available and highly affordable (work on improving production and distribution efficiency) Product concept holds that consumers will favor products that offer the most in quality, performance, and innovative features (focuses on making continuous product improvements) Selling concept holds that (cid:272)o(cid:374)su(cid:373)ers (cid:449)ill (cid:374)ot (cid:271)u(cid:455) e(cid:374)ough of the fir(cid:373)"s produ(cid:272)ts u(cid:374)less it undertakes a large-scale selling and promotion effort (focuses on creating sales transactions rather than on building long-term, profitable customer relationships) Marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do (focuses on customer and value) Builds customer relationships by transforming the marketing strategy into action.