MKT 3050
Exam 1
Things to Know
Chapter 1

Marketing Definitions: making a sale, managing profitable customer relationships, satisfaction of customers’ needs.
Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Goals: Attract new customers by promising superior value & Keep and grow current customers by delivering satisfaction
Needs: states of felt deprivation Want: form human needs take as they are shaped by culture and individual personality. Demands: Human wants that are backed up by buying power.
Customer Satisfaction Expectations: Customers form expectations about the value and satisfaction that various offerings deliver:
If marketers set expectations too low, they may satisfy current buyers but fail to attract enough.
If expectations too high, buyers disappointed.
Promise only what you deliver, but try to deliver more than you can promise.
Steps in the Marketing Process: Understand the marketplace and customer needs and wants, design a customer driven marketing strategy, construct an integrated marketing program that delivers superior value, build profitable relationships and create customer delight, capture value from customer to create profits and customer equity
Marketing Myopia: The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
Share of customer: Portion of the customer’s purchasing that a company gets in its product categories. Increased by: having good customer relationship management, offering greater variety to current customers, and creating programs to cross sell and up sell to market more