33:630:301 Study Guide - Midterm Guide: Value Proposition, Micromarketing, Inside Out Music

• School: Rutgers University
• Department: Marketing
• Course: 33:630:301
• Professor: Stacy Schwartz

Document Summary

Marketing process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Marketing process analysis, decisions, and outcomes. 5 c"s of marketing analysis: company, customers, competitors, collaborators, context (environment) Wants / need: needs states of feeling deprived; part of being human, wants needs shaped by culture and individual personality; described as specific objects, demands wants backed by buying power. Market offerings product, service, information, and experience fulfills customer needs and wants. Marketing myopia focus on company"s needs instead of customers" needs and wants. Customer value evaluation of the difference between all the benefits and costs of a market"s offering relative to those of competing offers. Customer satisfaction how well a market offering meets or surpasses customer expectations. Customer ltv the value of the entire stream of purchases a customer makes over a lifetime of patronage. High satisfaction -> customer loyalty -> spend more money -> shop more often.