Ch 1.docx

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Department
Management (MGM)
Course
MGMA01H3
Professor
Alison Jing Xu
Semester
Fall

Description
Ch 1 What is marketing? Marketing is managing profitable customer relationship. - Satisfying customer needs, make selling unnecessary - Marketing mix: a set of marketing tools that work together to satisfy customer needs and build strong lasting customer relationship - Definition: “Marketing is the activity, set of institutions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large” - Not only focus on customers and profitability - Marketers must also recognize the needs and rights of other groups affected by marketing decisions – the firm’s stakeholders (i.e. employees, unions, government, competitors, etc.) - Is a social and managerial process - Two goals: 1) attract new customers by promising superior values 2) keep and grow current customers by delivering satisfaction Marketing process: (for customers) 1. identify customers’ needs and wants understand 2. develop marketing strategy (market segmentation, value proposition) customers, create 3. construct marketing project (4P’s, market offering) customer value, 4. create long term relationship with customers and build strong 5. capture value from customers (from customers) create profits and customer customer equity relationships Understanding the Marketplace and Customer Needs Customer needs, wants, and demands 1) Human needs: states of felt deprivation i.e. physical needs – food, clothing, safety social needs—belonging and affection individual needs – knowledge and self-expression 2) Wants: the form human needs take as shaped by culture and individual personality 3) Demands: human wants that are backed by buying power (max. their satisfaction and benefit) Market Offerings (Products, services, and experiences) - Some combination of products, services, information, or experiences offered to a market to satisfy a need or want  Just like CASS, we offer services, experience, information, and product! - Marketing myopia: the mistake of paying more attention to the specific products a company offers instead of its benefits and experiences produced by these products Customer Value and Satisfaction - Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. - Satisfied: come back and influence their friends - Dissatisfied: switch to competitors and disparage the product to others - Too high expectation: buyers will be disappointed - Too low expectation: satisfy buyers but fail to attract enough new buyers Exchanges and Relationships - Exchange: the act of obtaining a desired object from someone by offering something in return  i.e. CASS wants member  CASS’s marketing offering - build strong exchange relationship with target audiences  retain customer and grow the business Markets - market: the set of all actual and potential buyers of a product; they share same needs/wants that can be satisfied through exchange relationship - *not only sellers, buyers also carry on marketing (to make purchase/bargain for good terms) - A modern marketing system:
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