COMM 223 Study Guide - Final Guide: Psychological Pricing, Store Brand, Interactive Marketing
1 Sep 2016
School
Department
Course
Professor
Document Summary
Marketing goal: attract new customers and grow current customers. Can be physical (clothing, food, shelter), social (belonging, affection), individual (knowledge and self-expression) Wants: needs that are shaped by culture and individual personality. Demands: wants that are backed by buying power. Marketing myopia: when sellers make the mistake of paying too much attention to the specific product and not enough to the benefits and experiences produced by these products. Customer value: comparison between what"s gotten and what"s given. Customer satisfaction: a comparison between what the customer expected to get and what they actual got (see class notes for satisfied, dissatisfied and delighted) Marketing management: the art and science of choosing target markets and building profitable relationships with them. Market segmentation: dividing the market into segments of customers. Target marketing: choosing which segments to go after. Value proposition: set of benefits a company promises to deliver. There are 5 alternative concepts organizations use to carry out their marketing strategies:
