BUS 343 Chapter Notes - Chapter 1: Customer Relationship Management, Market Segmentation, Bt Consumer

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 343
• Professor: Ginger Grant

Document Summary

1 marketing: creating and capturing customer value. Aim: create value for customers & capture value from customers in return. Successful companies strongly customer focused & heavily committed to marketing. Marketing is not just selling & advertising, but satisfying customer needs. 5 core customer & marketplace concepts: needs, wants and demands. Wants = form needs take as shaped by culture and indiv personality. Demands = wants backed by buying power: market offerings = combo of prod, services, info, experiences offered to market to satisfy need/want. Not limited to physical products (can include ppl, orgs, info, ideas, etc) Market myopia = sellers pay more attention to specific products they offer than benefits/experiences produced by these products. Focus only on existing want, not underlying customer need: value & satisfaction. Marketers must be careful to set right level of expectations. Too low: satisfy those who buy but fail to attract enough buyers.