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MGMA01H3 (184)
Chapter 1

Chapter 1,3,5,6,8 Notes

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University of Toronto Scarborough
Management (MGM)
Tarun Dewan

Chapter 1Marketing Creating and Capturing Customer ValueMarketingmanaging profitable customer relationships Satisfying customer needs in a socially responsible and ethical mannerGoalattract new customers by promising superior value and to keep and grow current customers by delivering satisfactionAimcreate value for customers and to capture value from customers in returnMarketing ProcessoUnderstand the marketplace andcustomer needs and wantsoDesign customerdriven marketing strategyoConstruct a marketing program that delivers superior valueoBuild profitable relationships and create customer delightoCapture value from customers to create profits and customer equityFirst 4 stepscompanies work to understand consumers create customer value and build strong customer relationshipsFinal stepcompanies reapthe rewards of creating superior customer valueSuccessful companies nowadays ostrongly customerfocused and heavily committed to marketingoshare a passion for understanding and satisfying customer needsomotivate everyone to help build lasting customer relationships based on creating value1 Understanding the Marketplace and Customer NeedsFive core customer and marketplace concepts1needs wants and demands2market offerings products services and experiences3value and satisfaction4exchanges and relationshipswwwnotesolutioncom5marketsCustomer Needs Wants and DemandsHuman needs physical needsfood clothing warmth and safety social needsbelonging and affection individual needsknowledge and selfexpressionWantsthe form human needs take as shaped by culture and individual personalityDemandshuman wants that are backed by buying powerCompanies try to understand there 3 thingsMarketing OfferingsProducts Services and ExperiencesMarketing offeringssome combination of products services information or experiences offered to a market to satisfy a need or wantMarketing myopiamistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these productsofocus only on existing wants and lose sight of underlying customer needsCustomer Value and SatisfactionKey building blocks for developing and managing customer relationshipsExchange ad RelationshipsExchangethe act of obtaining a desired object from someone by offering something in returnMarketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product service idea or other objectBeyond simply attracting new customers and creating transactions the goal is to retain customers and grow their business with the companyMarketsMarketthe set of all actual and potential buyers of a product and serviceMarketing means managing markets to bring about profitable customer relationshipsCore marketing activitiesconsumer research product development communication distribution pricing and service wwwnotesolutioncom2 Designing a CustomerDriven Marketing StrategyMarketing managementthe art and science of choosing target markets and building profitable relations with themStrategy What customers will we serve whats our target market And How can we serve these customers best whats our value propositionSelecting Customers to ServeMarket segmentationdividing the market into segments of customersTarget marketingselecting which segments it will go afterDemarketinga practice to reduce the number of customers or to shift their demand temporarily or permanentlyMarketing manager must decide which customers they want to target and on the level timing and nature of their demandMarketing management is customer management and demand managementChoose a Value PropositionValue propositionthe set of benefits or values it promises to deliver to consumers to satisfy their needsCompanies must design strong value propositions that give them the greatest advantage in their target marketsMarketing Management Orientations5 alternative concepts under which organizations design and carry out their marketing strategies the production product selling marketing and societal marketing conceptsThe Production Concept othe idea that consumers will favour products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiencyThe Product Concepto the idea that consumers will favour products that offer the most quality performance and features and that the organization should therefore devote its energy to making continuous product improvementswwwnotesolutioncom
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