MKT 101 Chapter 1: Creating Customer Value and Engagement

• School: Westchester Community College
• Department: Marketing
• Course: MKT 101
• Professor: Phyllis Fein

Document Summary

Marketing: process where companies engage customers and managing profitable customer relationships, creating value for customers in order to get value for the customers in return. By understanding the marketplace and customers, customers will be engaged and therefore profitable relationships will be made. Value will be captured from the customers to create profits and customer equity. The aim to engage, keep and grow target customers by creating, delivering and communicating superior customer value. Five concepts that organizations use to design and carry out these marketing strategies are the production, product, selling, marketing and societal marketing concepts. The key to building lasting relationships is to create superior value and satisfaction. Satisfied customers are more likely to be more loyal to a company and in share, give them a larger share of their business. *it is much cheaper to keep an old customer than to find new ones. By creating value for customers, markers gain value from customers in return.