Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Marketing Myopia, Customer Relationship Management, Voice Of The Customer

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2320A/B
• Professor: John White

Document Summary

Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customer in return: understanding the marketplace and customer needs. Wants are the forms human needs take as shaped by culture and individual personality. Demands are wants that are backed up by buying power. Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing myopia is focusing only on existing wants and losing sight of underlying customer needs. Marketers set the right level of expectations, not too high or low. Exchange is the act of obtaining a desired object from someone by offering something in return. Markets are the set of actual and potential buyers of a product. Marketing management is the art and science of choosing target markets and building profitable relationships with them (what customers will we serve and how can we best serve these customers?)