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MGMA01H3 (184)
Chapter 1

Week 1 - Chapter 1

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University of Toronto Scarborough
Management (MGM)
Alison Jing Xu

1 P a g e M G T B 0 4 W e e k 1 Chapter 1 Marketing: Creating and Capturing Customer Value (pg. 4 31) - !74.947 *,2-O08%L02,7N09L3J897,90JL897L3J9434943O80OO0907J039-:9,O84 building a relationship with customers What is Marketing? - Marketing is managing profitable customer relationships - Twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction - Highly successful companies (e.g. Wal-Mart, Disney, Apple) understand that if they take care of their customers, market share and profits will follow - Marketing is all around you and they can come in traditional forms (e.g. TV advertisements) or through internet chat rooms, social networks and cellphones Marketing Defined - ,7N09L3J8K4:O349-0:3078944,890OOL3J,380OOL3J-:97,9K078,9L81L3J customer needs in a socially responsible and ethical manner - Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large - 4.:8412,7N09L3JL843.:8942078,8Z0OO,89K01L72889,N0K4O078 0 J 025O4008 government, activists, and competitors) who are affected by ,1L7282,7N09L3J0.L8L438 The Marketing Process - 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 Step 1: Understanding the Marketplace and Customer Needs - Marketers need to understand customer needs and wants and the marketplace Customer Needs, Wants, and Demands - Basic concept underlying marketing are human needs which are states of felt deprivation - Include basic physical needs for food, clothing, and safety; social needs for belonging and affection; and individual needs for knowledge and self-expression - Wants are the form human needs take as they are shaped by culture and individual personality (objects that will satisfy needs) o E.g. needs = food; wants = breakfast sandwich - Demands are human wants that are backed by buying power (wants & resources) - Outstanding marketing companies go to great lengths to learn about and understand their .:89420783008Z,398,302,38 0 J 850389L20ZL9K.438:2078L39K0L7K4208 Market Offerings Products, Services, and Experiences - 438:20783008,3Z,398,701:O1LOO09K74:JKmarket offerings which are some combination of products, services, information, or experiences offered to a market to 8,9L81,30047Z,39 40839K,;094-0,5K8L.,O574:.9.,3-0,807;L.00 J bank) - Marketing myopia L8,80OO0782L89,N0415,L3J2470,99039L43949K0850.L1L.574:.98 a company offers than to the benefits and experiences produced by these products (sellers forget that a product is only a tool to solve a consumer problem) www.notesolution.com
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