COMM 131 Study Guide - Comprehensive Midterm Guide: Marketing Myopia, Marketing Management, Value Proposition
Document Summary
Marketing is managing profitable customer relationships (creating and capturing customer value) It is both the social and managerial process through which individuals and groups obtain what they need and want through the creation and exchange of products and value with others. Aim of marketing is to create value for customers and to capture value from customers in return. Twofold goal of marketing: first attract new customers through offering superior value (value = perceived benefits perceived costs, second, keep and grow current customers by continually delivering satisfaction. Wants - the form human needs take as shaped by culture and individual personality. Demands human wants that are backed by buying power. Experiences the expansion of physical good through additional touchpoints. Exchange the act of obtaining a desired object from someone by offering something in return. Relationships built over time through delivering superior customer value. Ma(cid:374)y fir(cid:373)s ha(cid:448)e (cid:374)o idea (cid:449)hat (cid:862)(cid:271)usi(cid:374)ess(cid:863) they are i(cid:374)
