COMM 131 Chapter Notes - Chapter 1: Marketing Myopia, Market Segmentation, Marketing Management

• School: Queen's University
• Department: Commerce
• Course: COMM 131
• Professor: Jacob Brower

Document Summary

Goal is to attract new customers but promising superior value and to keep/grow current customers by delivering satisfaction. Marketing must be understood in the sense of satisfying customer needs. The aim of marketing is to make selling unnecessary. Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Companies understand consumers, create customer value, and build strong relationships. Companies reap rewards of creating superior customer value. Understand the marketplace and customer needs and wants. Construct an integrated marketing program that delivers superior value. Capture value from customers to create profits and customer equity. Needs: states of felt deprivation (physical, social, individual) Wants: the form human needs take as shaped by culture and individual personality. Demands: human wants that are backed by buying power. Consumer needs and wants are fulfilled through market offerings.