COMM 231 Chapter Notes - Chapter 1: Customer Satisfaction, Marketing Myopia, Customer Relationship Management
13 Mar 2014
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Chapter 1 marketing: creating and capturing customer value. Marketing: managing profitable customer relationships: twofold goal: Attract new customers by promising superior value. Keep and grow current customers by delivering satisfaction. Broadly defined - marketing: a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Narrower business context marketing: involves building profitable, value-laden exchange relationships with customers. Textbook definition marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Five core customer and marketplace concepts: 1) needs, wants, and demands; 2) market offerings (products, services, and experiences); 3) value and satisfaction; 4) exchanges and relationships; and 5) markets. Most basic concept underlying marketing human needs: human needs: states of felt deprivation. E. g. physical needs (food, warmth), social needs (affection), individual needs (knowledge)
