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MGMA01H3 (184)
Chapter 1

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

Chapter 1 Marketing is a process of determining customer needs and wants and then developing a product to satisfy them and still yield a satisfactory profit. (Externally)\ Twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Selling is just producing a product and then trying to persuade customers to purchase it. (Internally) The marketing process: Step 1: understanding the marketplace and customer needs Step 2: designing a customer-driven marketing strategy Step 3: preparing an integrated marketing plan and program Step 4: building customer relationship Step 5: creating value from customers The first four steps of the marketing process deal with companies working to understand consumers, creating customer value, and building strong customer relationships. The final step is when companies create value for consumers and in turn, companies capture value from consumers in forms of profits, sales, and long-term customer equity. Needs are the basic human requirements. States of felt deprivation Most basic concept underlying marketing Maslow’s hierarchy of needs Wants are specific items that might satisfy the need, shaped by culture and individual personality. Demands are human wants that are backed by buying power Outstanding marketing company goes to great lengths to learn about and understand their customers’ needs, wants, and demands Marketing myopia is a seller’s mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. E.g. when a new product comes out that serves the customer’s need better or less expensively, the manufacturer may be in trouble Customer lifetime value is the value of
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