Textbook Notes (362,812)
Canada (158,056)
MGMA01H3 (184)
Angela Xu (6)
Chapter 1

Chapter 1 Marketing.docx

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University of Toronto Scarborough
Management (MGM)
Angela Xu

CHAPTER 1MARKETING CREATING AND CAPTURING CUSTOMER VALUE Successful companies have 2 thing in common o strongly customer focusedo heavily committed to marketing What Is Marketing Marketing simpleManaging profitable customer relationshipsGoals of Marketing 1 To attract new customers by promising superior value2 Grow current customers by delivering satisfaction Highly successful companies Walmart Save Money Live Better Disney World imagineers Apple Think Different know that if they care of their customers market sharesprofits will followTraditional Forms of Marketing commercials magazines mailNew Marketing Approaches imaginative websites Internet chat rooms social networks interactive TV and cellphonesaim to reach you directly and personally Marketers aim to become part of your life and enrich your experiences with their brands Marketing DefinedMarketing as SATISFYING CUSTOMER NEEDS in a socially responsibleethical mannerMarketing Mix A set of marketing tools that work together to satisfy customer needs and build lasting customer relationshipsMarketing 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 o Focus on customers and profitabilityo Recognize needs and rights of other groups affected by marketing decisions firm stakeholders employees unions customers competitors etco ie marketingsocial and managerial process where individuals and groups get what they need and want by creating and exchanging value w othersThe Marketing Process 1
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