MARK301 Chapter Notes - Chapter 1: Brand Equity

• School: University of Alberta
• Department: Marketing
• Course: MARK301
• Professor: Peter Popkowski

Document Summary

Managing pro table customer relationships; using the 4 p"s to satisfy consumers as well as our own needs. The process of creating value for customers and building strong relationships to capture value from customers in return. Relationship building & brand equity (old) telling & selling vs. (new) satisfying customer needs. Goals: attract new customers by promising and delivering superior value, keep and grow current customer base by delivering continued customer satisfaction, today there is a focus on building long-term relations with customers. Needs occur when one is deprived of basic necessities. Wants are needs shaped by culture and individual personality. Outstanding companies understand the di erence between needs and wants. A combo of goods, services, info or experiences o ered to a market to satisfy and need or want. Deals with all aspects of acquiring, keeping, and growing customers. Customer lifetime value the value of the entire stream of purchases a customer would make over a lifetime of patronage.