MGMA01H3 Chapter 1: Chapter 1,3,5,6,8 Notes
Document Summary
Chapter 1 marketing: creating and capturing customer value. Satisfying customer needs in a socially responsible and ethical manner. Goal = attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Aim = create value for customers and to capture value from customers in return. Successful companies nowadays: strongly customer-focused and heavily committed to marketing, share a passion for understanding and satisfying customer needs, motivate everyone to help build lasting customer relationships based on creating value (1) understanding the marketplace and customer needs. Five core customer and marketplace concepts: needs, wants, and demands, market offerings (products, services, and experiences, value and satisfaction, exchanges and relationships www. notesolution. com, markets. Human needs: physical needs food, clothing, warmth, and safety social needs belonging and affection individual needs knowledge and self-expression. Wants = the form human needs take as shaped by culture and individual personality. Demands = human wants that are backed by buying power.
