MCS 1000 Midterm: Midterm Review-Chapter & Lecture Summary

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Cindy Clarke

Document Summary

Chapter 1- creating customer relationships and value through marketing. When you receive a free sample in the mail or see the magazine display, the communication barrier between you (the buyer) and the bookstore (the seller) in overcome: something to exchange, money for magazine. Discovering customer needs: the first objective in marketing is discovering the needs of prospective customers, they may not know what they want/ need because they don"t know it exists. Satisfying consumer needs: target market, one or more specific groups of potential consumers toward which an organization directs its marketing program. Wall-mart: everyday low prices : environmental forces are uncontrollable and can affect the market. The marketing program: how customer relationships are built: an organizations marketing program connects it with its customers. Firms cannot succeed by being all things to all people: instead must find ways to build long term customer relationships to provide unique value, best price, best product, best service.