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Chapter 1

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


Department
Business Administration
Course Code
BUS 343
Professor
Gordon Rein
Chapter
1

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Bus Chapter 1
WHAT IS MARKETING?
Marketing process in which companies create value for customers and build
strong customer relationships in order to capture value from customers in return -
- marketing is managing profitable customer relationships.
Goals : 1. attract new customers with superior value
2. Keep and grow current customers by delivering satisfaction
Marketing is better understood as a way of
satisfying customer needs
rather than
selling and telling.
MARKETING PROCESS
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.
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UNDERSTANDING MARKETPLACE & CUSTOMER NEEDS
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
Individual needs: knowledge and self-expression.
Marketers didn’t create these needs they are just human makeup
Human wants are the form human needs take as they are shaped by culture,
society and individual personality
Ex: humans needs food but wants a waffle
Wants are described in terms of objects that will satisfy those needs, and when
backed by buying power wants become demands.
Given their wants and resources people demand products and services with
benefits that add up to the most value and satisfaction
MARKET OFFERINGS
Market offerings is what fulfill customer’s needs and wants. They are a combo
of products, services, information or experiences.
They are not just physical products; they can also be services such as
activities or benefits offered for a sale that are intangible.
Likewise, they can also be persons, places, organizations, information and
ideas.
Marketing Myopia the mistake of paying more attention to the specific
products a company offers than to the benefits and experiences produced by
these products.
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CUSTOMER VALUE AND SATISFACTION
Satisfied customers buy again and spread the word. Dissatisfied customers do the
opposite. Marketers must be careful to set the right level of expectations.
Too low = will satisfy those who buy but fail to attract more buyers
too high = buyers will be disappointed
EXCHANGES AND RELATIONSHIPS
Marketing occurs when people satisfy their needs/wants through exchange
relationships. Exchange the act of obtaining a desired object from someone by
giving something in return.
Marketing consist of actions taken to create, maintain and grow desirable
exchange relationships.
MARKETS
Market is a set of all actual and potential buyers of a product or service.
Marketing means managing markets to bring profitable customer relationships.
Sellers must look for buyers, identify their needs, design a good market offering,
set prices for them, promote them and store and deliver them.
Core Marketing activities for this include :
consumer research, product
development, communication, distribution, pricing and service
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