Management and Organizational Studies 2320A/B Study Guide - Midterm Guide: Wield, Marketing Strategy, Longrun

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

Document Summary

Chapter 1 marketing: creating and capturing customer value. Understanding the marketplace and customer needs: five core concepts, customer needs, wants and demands. Want: the form human needs takes as shaped by culture and individual personality. Demands: human wants that are backed by buying power: market offerings: products, services, and experiences. Marketing myopia: the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products: customer value and satisfaction, exchanges and relationships, markets. Market: the set of all actual and potential buyers of a product or service. In above diagram, suppliers and consumers are the major environmental forces. Marketing management: the art and science of choosing target markets and building profitable relationships with them. Must decide on what customers to serve and how to best serve them. Customer relationship management (crm): overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.