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Management (MGM)

CHAPTER 1 MARKETING: CREATING AND CAPTURING Previewing concepts: 1) What is Marketing? Marketing= managing profitable customer relationships; aim to create value for customers and to capture value from customers in return. 2) 5 steps in marketing process a. Understand the marketplace and customer needs and wants b. designing customer-driven marketing strategies and programs c. construct a marketing program that delivers superior value d. building profitable relationships and create customer delight e. capturing value from customers to create profits and customer equity 3) major trends and forces affecting marketing in this age of customer relationships What is Marketing? (seelecture slides) Understanding the Marketplace and Customer Needs 5 core customer and marketplace concepts: 1) needs, wants, and demands (seelecture slides) 2) market offerings (products, services, and experiences) consumers needs and wants are fulfilled through market offerings = some combination of products, services, information, or experiences offered to a market to satisfy a need or want many sellers suffer from marketing myopia = the mistake of paying more attention to the specific products a company offers than to the benefits and experiences
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