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Comm 131 Chapter 1 Notes

In: Business and Management

Submitted By adamk94
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Chapter 1: Creating and Capturing Customer Value
Marketing: creating value for customers and building strong relationships to capture from customers in return
- All about managing profitable customer relationships (satisfying customer needs)

Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power 2. Market offerings – products, services, info or experiences offered to satisfy a market need * Marketing myopia: mistake of paying more attention to the products itself than to the benefits and experiences produced by these products (brand experience) 3. Value and satisfaction – must set smart and realistic product expectations for customers 4. Exchanges and relationships – the act of obtaining a desired object from someone by offering something in return 5. Markets – the set of all actual and potential buyers of a product or service

Marketing Process 1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity

Marketing Management: choosing target markets and building relationships with them
- Composed of customer management and demand management
Fundamental Questions of a Successful Marketing Strategy * What customers will we serve (what’s our target market)? * How can we serve these customers best (what’s our value proposition)?

Marketing Strategy Concepts
The Production Concept: customers will favour products that are available and highly affordable

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