MGMA01H3 Chapter Notes - Chapter 1: Marketing Mix, Value Proposition, Environmental Stewardship
Document Summary
Deals with customers more than any others business function. Goal is to attract new customers and keep and grow current customers. Traditional forms are t. v ads, magazines and mail. New forms are websites and social media. Satisfying customer needs in socially responsible and ethical manner. Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. Involves building profitable, value-laden exchange relationships with customers. Marketing: process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. 1-4 create value for customers and build customer relationships. 5 capture value from customers in return. For step 1, to understand marketplace and customer needs and wants we look at the five core concepts. Five core customer and marketplace concepts: needs, wants and demands, market offerings (products, services and experiences, value and satisfaction, exchanges and relationships, markets.
