Textbook Notes (378,344)
CA (167,126)
UTSC (19,207)
MGM (268)
MGMA01H3 (184)
Aggrawal (13)
Chapter 1

Chapter 1 Notes

2 Pages
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Department
Management (MGM)
Course Code
MGMA01H3
Professor
Aggrawal

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What is Marketing?
Marketing is managing profitable customer relationships and attracting new customers by prom-
ising superior value and to keep and grow current customers by delivering satisfaction
Marketing focuses on understanding consumer needs, developing products and creating a mar-
keting plan so that “selling is unnecessary” (pg. 5)
Understanding the Marketplace and Customer Needs
(1) Customer Needs, Wants and Demands
Human needs are the basic part of human nature, while wants are shaped by culture and person-
ality and thus, by marketing programs.
(2) Marketing Offerings
Marketing Myopia: Sellers focus on products they offer rather than the benefits and experiences
produced by these products (focus on existing wants and lose sight of underlying customer needs)
(3) Customer Value and Satisfaction
(4) Exchanges and Relationship
Marketers want to build strong relationships by consistently delivering superior customer value
(5) Markets
Designing a Customer-Driven Marketing Strategy
Marketing Management: Process of choosing target markets and building profitable relationships
with them.
Questions 1: What customers will we serve?
Answer 1: By selecting a target group, the company can focus on serving those customers well and
profitably, rather than chasing after all customers.
Question 2: How can we serve these customers best?
Answer 2: A company must find a method of differentiating and positioning itself in the market-
place
April 24, 2011 4:27 PM
W1.Ch1: Introduction to Marketing (pg. 2-31)
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Description
April 24, 2011 4:27 PM W1.Ch1: Introduction to Marketing (pg. 2-31) WhatisMarketing? Marketing is managing profitable customer relationships and attracting new customers by prom- ising superior value and to keep and grow current customers by delivering satisfaction Marketing focuses on understanding consumer needs, developing products and creating a mar- keting plan so that selling is unnecessary (pg. 5) UnderstandingtheMarketplaceandCustomerNeeds (1) Customer Needs, Wants and Demands Human needs are the basic part of human nature, while wants are shaped by culture and person- ality and thus, by marketing programs. (2) Marketing Offerings Marketing Myopia: Sellers focus on products they offer rather than the benefits and expe
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