MARK301 Study Guide - Midterm Guide: Customer Satisfaction, Marketing Myopia, The Digital Age
16 Sep 2016
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Document Summary
The twofold goal of marketing is to attract new customers by promising superior value, and to keep and grow current customers by delivering satisfaction. If the marketer understands customer needs; develops products that provide superior customer value; and prices, distributes and promotes them effectively, these products will sell easily. The process by which companies create value for customers and build strong customer relationships to capture value in return. Step 1: understanding the marketplace & customer needs. 5 core marketplace concepts: customer needs, wants & demands. Needs are a felt state of deprivation, they are not crated by marketers; they are a basic part of the human makeup. Wants are the form human needs take as they are shaped by culture and individual personality. When backed by buying power, wants become demands: market offerings (products, services and experiences) Market offerings are some combination of products, services, info, or experiences offered to a market to satisfy a need or want.
