MCS 2600 Chapter Notes - Chapter 1: Customer Retention, Marketing Myopia, Customer Satisfaction

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 2600
• Professor: Lianne Foti

Document Summary

Markeing concept essence of markeing consists of saisfying consumers" needs, creaing value, and retaining customers. Producion concept business approach conceived by henry ford; consumers are interested in product availability at low prices. Markeing objecives are cheap, eicient producion and intensive distribuion. Product concept assumes that customers will buy the product that ofers them the highest quality, best performance, and most features. Product orientaion oten leads to: markeing myopia focus on the product rather than the needs is presumes to saisfy. Selling concept marketer"s primary focus is to sell the goods they have decided to produce. Consumer research process and tools used to study consumer behaviour. Market research process that links the consumer, customer, and public to marketer to collect markeing informaion (markeing opportuniies, strategies, performance, etc. ) Societal markeing concept requires marketers to fulill needs of their target audience in ways to improve, preserve, and enhance society"s well being whilst meeing business objecives. Technology enriches the exchange between consumers and marketers.