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Canada (158,169)
MGMA01H3 (184)
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Chapter 1

Chapter 1

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University of Toronto Scarborough
Management (MGM)

CHAPTER 1 • Marketing is managing profitable customer relationships  attracting customers by promising superior value and satisfaction Creating Value for Customers: 1. understand marketplace and customer needs and wants 2. design a customer-driven marketing strategy 3. construct a marketing program that delivers superior value 4. build profitable relationships and create customer delight 5. capture value from customers to create profits and customer equity • needs are shaped by human makeup • wants are shaped by society and marketing • market offerings: combo 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 product rather than the benefits and experiences produced by these products • satisfied customers provide for word of mouth, both bad and good • exchange: act of obtaining a desired object from someone by offering something in return • marketing management: art and science of choosing target markets and building profitable relationships with them • production concept: idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency • product concept: consumers will favour products that offer the most quality, performance and features and that the firm should therefore devote its energy
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