MGMA01H3 Chapter Notes - Chapter 1: Marketing Myopia, Customer Relationship Management
17 Sep 2013
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Document Summary
Marketing- the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. 5 step marketing process: understanding customers>create customer value> build strong customer relationship> reap the rewards of creating superior customer value. First step: understand customer needs and wants in marketplace in which they operate. Wants: the form human needs take as they are shaped by culture and individual personality. Demands: humans wants that are backed by buying power: marketing offerings: some combination of products, services, info, or experiences offered to a market to satisfy a need or want. Marketing myopia: mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products: value and satisfaction, exchange and relationships. Exchange: act of obtaining a desired product to someone for something in return: markets: set of all actual and potential buyers of a product or service.
