COMM 131 Chapter Notes - Chapter 1: Market Segmentation, Marketing Mix, Longrun

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Ethan Pancer

Document Summary

The twin goal of marketing is to attract new customers by promising superior value, and to keep and grow current customers by delivering satisfaction. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Although people think of selling as advertising when they think of marketing, it is really only a small part of the entire marketing task. We must now think of marketing as satisfying consumer needs: if the marketer understands these needs, develops a product that provides superior customer value and prices, distributes, and promotes them effectively, it will sell. Marketing is a social and managerial process by which individuals and orgs obtain what they need and want through creating and exchanging value - building relationships. Construct an intergrated marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Create value for customers and build customer relationships.