MCS 1000 Chapter : MCS1000Textbook Chapters.doc

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: jim

Document Summary

Marketing: the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, partners, and society. Attract new customers and grow current customers. Marketing defined: produce, price, place, and promotion, the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Understand the marketplace and customers needs and wants : 2. Construct an integrated marketing program that delivers superior value : 4. Build profitable relationships and create customer delight : 5. Capture value from customers to create profits and customer equity. Customer needs, wants, and demands: needs: states of felt deprivation, wants: the form needs take as they are shaped by culture and personality, demands: wants that are backed by buying power. Customer values and satisfaction: customers form expectations about the value and satisfaction that various market offerings will deliver, and then make their purchase decisions accordingly.