BUS 343 Chapter Notes - Chapter 1: Longrun, Marketing Mix, Customer Satisfaction

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Gordon Rein

Document Summary

Marketing (cid:368) process in which companies create value for customers and build strong customer relationships in order to capture value from customers in return - Goals : 1. attract new customers with superior value: keep and grow current customers by delivering satisfaction. Marketing is better understood as a way of satisfying customer needs rather than selling and telling. Five step model for marketing process for creating and capturing customer value: In the first four steps companies are working on understanding customers, creating customer value and building strong customer relationships. In the last steps companies reap the rewards of creating superior customer value. By creating value for consumers in return they get value from consumers through sales and profits. Human needs are states of felt deprivation that can be broken down into categories. Physical needs: food, clothing, warmth and safety. Social needs: need for belonging and affection. Marketers didn"t create these needs (cid:367) they are just human makeup.