01:198:170 Lecture Notes - Lecture 1: Swot Analysis, Customer Relationship Management, Starbucks

• School: Rutgers University
• Department: Computer Science
• Course: 01:198:170
• Professor: F Geraci

Document Summary

Marketing is the managing of profitable customer relationships. Goals of marketing: gain new customers my promising better values, keep their # of customers growing by increasing satisfaction. Comprised of advertising, selling, and satisfying customer needs. Broad definition of marketing- social process where ppl and companies get what they want and need by creating/exchanging value w/ others. Marketing- process where corporations make value for customers and create stronger customer relationships to get value from customers in return. Steps 1-4: learn to understand consumers, create customer value, build customer relationships. Step 5: get rewards from creating a strong customer value more profit and equity. Step one: understanding the marketplace and customer needs. Needs- states of felt deprivation, part of being a human being. Wants- needs shaped by culture and your personality. Demands- wants that are backed by buying power. Individuals demand products that work well, lead to satisfaction. Market offering- combo of services, products, & experiences to fulfill needs/wants of customers.