Study Guides (238,517)
Canada (115,191)
Marketing (125)
MARK 201 (38)
All (13)


9 Pages
Unlock Document

Concordia University
MARK 201

Chapter 1 Marketing Creating and Capturing Customer ValueMarketing the activity the set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at largeNeeds states of felt deprivation ie I am hungryWants the form human needs take as shaped by cultureindividual personality ie I want a hamburger fries soft drink etcDemands human wants that are backed by buying power ie I have money to buy this meal and I am willing to get it Market Offerings some combination of products services information or experiences offered to a market to satisfy a need or wantMarketing Myopia the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these productsExchange the act of obtaining a desired object from someone by offering something in returnMarket the set of all actualpotential buyers of a product or serviceMarketing Management the artscience of choosing target markets and building profitable relationships with themProduction Concept the idea that consumers will favour products that are availablehighly affordable and that the organization should therefore focus on improving production and distribution efficiencyProduct Concept the idea that consumers will favour products that offer the most quality performance and features and that the organization should therefore devote its energy to making continuous product improvementsSelling Concept the idea that consumers will not buy enough of the firms products unless it undertakes a largescale selling and promotion effortMarketing Concept the marketing management philosophy that achieving organizational goals depends on knowing the needswants of target markets and delivering the desired satisfactions better than competitors doSocietal Marketing Concept the idea that a companys marketing decisions should consider consumers wants the companys requirements consumers longrun interests and societys longrun interestsCustomer Relationship Management the overall process of maintain profitable customer relationships by delivering superior customer valuesatisfaction it costs 510x more to attract a new customer than it does to keep a current customer satisfiedCustomerPerceived Value the customers evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers
More Less

Related notes for MARK 201

Log In


Don't have an account?

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.