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Final Exam Notes - Chapter 1.docx

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COMM 131
Jacob Brower

Chapter 1: Marketing: Creating and Capturing Customer Value Marketing Management: is the art and science of choosing target markets and building profitable relationships with them Marketing Process:  Understand the marketplace and customer needs  Design a customer-driven marketing strategy  Construct marketing programs  Build customer relationships Developing a customer-driven marketing strategy Selecting customers to serve:  Must decide who it will serve by dividing the market into segments (market segmentation) and deciding which segment they like (target marketing)  Cannot serve all customers Choosing a value proposition:  How will you differentiate and position yourself in the marketplace?  Value proposition – Values/ benefits customers will get  Customers need the question answered, “why should I buy your brand rather than a competitors?” Marketing management orientations:  What weight should be given to the interests of customers, organization and society? The production concept  Customers will favour products that are highly available and highly affordable  focus on improving efficiency Product Concept  Consumers will favour products with the most quality, performance and features Selling concept  Consumers will not buy products unless it undertakes a large-scale selling and promo effort  High risk Marketing Concept  Depends on knowing the needs and wants of the target market and delivering these satisfactions better than competitors  Customer-driven companies Preparing an Integrated marketing plan and program:  After getting their marketing strategy, a company develops a marketing program that will deliver the product to the target market  Marketing Mix: o Product o Price o Place o Promo Building Customer Relationships Customer relationship management:  Overall process of building and maintaining profitable relationships by delivering value and satisfaction  Satisfied customers are more likely to be loyal and give the company a large share of their business Customer Value:  A customer buys from the firm that offers the highest customer-perceived value o This value may not be accurate – it is what they think  Value is different for each person, some people care about quality, or price, etc Customer Satisfaction:  A product’s perceived performance relative to buyer’s expectation  Customer is satisfied with something that meets or exceeds expectations  Higher satisfaction results in greater loyalty  May include service and culture
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