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MGMA01H3 (184)
Chapter 1

Chapter 1 Notes-Creating and Capturing Customer Value.docx

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

Description
Chapter 1 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 Core Marketplace Concepts: 1 ) Needs: States of deprivation Wants: the form human needs take as they are shaped by culture and individual personality Demands: Humans wants that are backed by buying power 2) 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 3) Value and Satisfaction 4) Exchange and Relationships Exchange: act of obtaining a desired product to someone for something in return 5) Markets: set of all actual and potential buyers of a product or service Section 3: Marketing Management: the art and science of choosing target markets and building a profitable relationships with them ( customer and demand management) Market segmentation: dividing market into segments of customers Targeting Marketing: choosing which segments to go after Companies decide how it will differentiate and position itself in the marketplace. Create value proposition a set of benefits or value it promise to deliver to consumers. Production Concept: the idea that consumers favor products that are available and affordable, company should focus on improving production and distribution efficiency Product Concept: " "that offer most quality/performance and innovative features, company should focus on improvements to product Selling Concept: "" will not buy enough firm's products unless large scale selling and promotion effort Marketing C
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