BMGT 350 Chapter Notes - Chapter 1: Peter Drucker, Marketing Myopia, Voice Of The Customer

• School: University of Maryland
• Department: Business and Management
• Course: BMGT 350
• Professor: Roxanne Lefkoff

Document Summary

Chapter 1: marketing creating and capturing customer value. Aim is to create value for customers to capture value from customers in return. Attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. No longer telling and selling rather satisfying customer needs. Peter drucker said, the aim of marketing is to make selling unnecessary . Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. 5 core customer and marketplace concepts: needs, wants, demands, market offerings (products, services and experiences, value and satisfaction, exchanges and relationships, markets. Needs: states of felt deprivation: physical- food, clothing warmth, social- needs for belonging and affection, individual-needs for knowledge and self-expression. Wants: the form human needs take as they are shaped by culture and individual personality: american needs food but wants a big mac, fries, soda. Demands: human wants that are backed by buying power.