RSM250H1 Chapter Notes - Chapter 1: Longrun, Frequent-Flyer Program, Harley Owners Group
Document Summary
Chapter 1: marketing: creating and capturing customer value. Marketing is managing profitable customer relationships: the two goals of marketing are to: Attract new customers by promising superior value. 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. Marketing mix: a set of marketing tools that work together to satisfy customer needs and build customer relationships. The steps in the marketing process are: Construct a marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Five core customer and marketplace concepts: needs, wants, and demands. Physical needs: i. e. needs for food, clothing, warmth, and safety. Social needs: i. e. needs for belonging and affection. Individual needs: i. e. needs for knowledge and self-expression. Wants: the form human needs take as they are shaped by culture and individual personality.
