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COMM 131 Study Guide - Market Segmentation, Customer Satisfaction, Brand Equity


Department
Commerce
Course Code
COMM 131
Professor
Ethan Pancer

This preview shows pages 1-3. to view the full 35 pages of the document.
Chapter 1 (page 5- 10)
-successful companies customer focused
- Marketing is managing profitable customer relationships
- new : personalized marketing
- satisfying customer need
-marketing: the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
Value for customers from customers
Core customer and marketplace concepts
(1) Needs, wants, and demands
- Needs: states of felt deprivation (physical, social, and individual)
- Wants: the form human needs take as shaped by culture and individual
personality
- Demand: human wants that are backed by buying power
(2) Market offerings
- Market offerings: some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
- Include entities: persons, places, organizations, information, and ideas
- 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
- Brand experience
(3) Customer Value and Satisfaction
- Set expectations to high = disappointment, to low = does not attract
(4) Exchanges and relationships
________
Understand
the
marketplace
and customer
needs and
wants
________
Design a
customer-
driven market
strategy
________
Construct an
integrated
marketing
program that
delivers
superior value
________
Build
profitable
realationships
and create
custome
delight
________
Capture value
from
customers to
create profits
and customer
equity

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

- Exchange: the act of obtaining a desired object from someone by offering
something in return
- Marketing is exchanging relationships
(5) Markets
- Market: the set of all actual and potential buyers of a product or a service
- Activities: consumer research, product development, communication,
distribution, pricing, and service
- Environmental forces: demographic, economic, physical, technological,
political/legal, and social/cultural)
Modern Marketing System
Chapter 1 (pages 10-25)
Marketing management: the art and science of choosing target markets and building
profitable relationships with them
o Customer management and demand management
Production concept: the idea that consumers will favour products that are available and
highly affordable and that the organization should therefore focus on improving
production and distribution efficiency
Product 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 improvements
Selling concept: the idea that consumers will not buy enough of the firm’s products
unless it undertakes a large-scale selling and promotion effort
o Inside-out
Marketing concept: the marketing management philosophy that holds that achieving
organizational goals depends on knowing the needs and wants of target markets and
delivering the desired satisfactions better than competitors do
o Outside-in
Suppliers
Company
Competitors
Marketing
Intermediaries Consumers
Major environmental forces

Only pages 1-3 are available for preview. Some parts have been intentionally blurred.

Starting point Focus Means Ends
The Selling concept
The Marketing concept
Societal marketing concept: the idea that a company’s marketing decisions should
consider consumers’ wants, the company’s requirements, consumers’ long-run interests,
and society’s long-run interests
4 Ps: product, place, price, promotion
Customer relationship management: the overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
Customer-perceived value: the customer’s evaluation of the difference between all the
benefits and all the costs of a market offering relative to those of competing offers
Customer satisfaction: the extent to which a product’s perceived performance matches a
buyer’s expectations
Customer-managed relationships: marketing relationships in which customers,
empowered by today’s new digital technologies, interact with companies and with each
other to shape their relationships with brands
Consumer-generate marketing: brand exchanges created by consumers themselves-
both invited and uninvited by which consumers are playing an increasing role in
shaping their own brand experienced and those of other consumers
Partner relationship management: working closely with partners in other company
departments and outside the company to jointly bring greater value to customers
Customer lifetime value: the value of the entire stream of purchases that the customers
would make over a lifetime of patronage
Factory Existing
Products
Selling and
promoting
Profits
through
sales volume
Factory Existing
Products
Selling and
promoting
Profits
through
sales volume
Society
(human
welfare)
Consumers
(want
satisfaction)
Societal
marketing
concept
Company
(profits)
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