BUS130 Marketing Notes.docx - Bus 130 Chapter 1 Creating...

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Bus 130 Chapter 1 Creating and Capturing Customer Value 1. Amazon Example a. Reason for Amazon’s success – highly customer driven. b. Creates unique personal customer experience. i. Personalized home pages ii. Personalized product recommendations c. “Discover” Factor- Users of the site are compelled to look, learn and discover. 2. Marketing a. Marketing involves creating value for customers and building strong customer relationships in order to capture value from customers in return. 3. Forms of Marketing a. Traditional i. View- Making a sale ii. Abundance of products in the nearby shopping centers iii. Television, magazine, and direct- mail ads b. Contemporary i. View- Satisfying customer needs ii. Imaginative Web sites and mobile phone apps, blogs, online videos, and social media. iii. Reach customers directly, personally, and interactively. 4. Understanding the Marketplace and Customer Needs a. Core customer and marketplace concepts. i. Needs, wants and demands ii. Market offerings (products, services and experiences) iii. Value and satisfaction iv. Exchanges and relationships v. Markets 5. Customer Needs, Wants and Demands a. Needs i. States of felt deprivation 1. Physical needs- food, clothing, warmth and safety 2. Social needs- Belonging and affection 3. Individual needs- Knowledge and self-expression. b. Wants i. Form taken by human needs when shaped by culture and individual personality. c. Demands i. Human wants that are backed by buying power. 6. Marketing Offerings a. Combination of products, services, information or experiences i. Offered to a market to satisfy a need or want. ii. Entities- Products, services, persons, places, organizations, information, and ideas.
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b. Marketing Myopia : Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products 7. Customer Value and Satisfaction a. Customers form expectations about the value and satisfaction of market offerings.
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