MCS 1000 Chapter 1: summary of chapter 1

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Saba Safdar

Document Summary

In the first fours steps the companies work to understand customers, create customer value and build strong customer relationships. The final steps consist creating rewards for their customers. By creating values for their customers the value is then returned to them from sales, profits and long-term customer equity. Wants: the form needs take as they are shaped by culture and personality. Demands: wants that are backed by buying power: when our basic needs drive our minds to create specific wants that are backed by buying power, they become demands. We as consumers demand products and services that provide us with value that we believe will satisfy our wants: marketers need to understand their customer"s needs, wants, and demands. They do consumers research and analysis to really get a feel of what the consumers want. An example being when executives from southwest airlines spend a day handling bags, checking in passengers, or serving flight attendants or at walt.