COMM 223 Chapter Notes - Chapter All: Customer Relationship Management, Customer Satisfaction, Marketing Strategy
Document Summary
Marketing: the process of creating value for customers and building strong customer relationships in order to capture value from customers in return: satisfying customer needs, attracting new customers while maintaining and growing current customer base. Marketing process: understanding the marketplace: marketers must first understand the needs and wants of customers. Marketing offerings: combinations of products, services, information or experiences that are offered to a market in order to satisfy a want or need. Market myopia: when sellers pay more attention to the products the company offers than to the benefits and experiences they provide. If marketers set low expectations, customers will be satisfied, but few will buy. If marketers set high expectations, buyers are more likely to be disappointed. Exchanges: obtaining a desired object by offering something in return. Marketing occurs when people decide to satisfy their wants or needs through exchanges.
