Chapter 1.docx - Chapter 1 What is Marketing Managing...

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Chapter 1: What is Marketing – Managing profitable customer relationships o twofold goal of marketing: Attract new customers by promising superior value Keep and grow current customers by delivering satisfaction o Satisfying customer needs o Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Five core concepts: Understanding marketplace, customer needs: when backed by buying power wants become demands Market offerings: combination of products, services, info, experiences offered to satisfy a need or want. Marketing Myopia: paying more attention to the product than to benefits and experience produced by the product. Brand experience Customer Value and Satisfaction: The fundamental purpose of marketing is to create value for both the firm and customer. If expectations set too low – satisfy those who buy but fail to attract enough buyers If expectations set too high – buyers will be disappointed. Exchanges and relationships: Market: The set of actual and potential buyers of a product or service. They share a need or want that can be satisfied through exchange relationships. Marketing management: art and science of choosing target markets and building profitable relationships with them. Market segmentation: dividing market into segments of customers Target market: selecting which segments it will go after Value proposition: set of benefits of values it promises to deliver to consumers to satisfy their needs Production concept: idea that consumers will favour products that are available and affordable.
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  • Winter '14
  • Marketing, profitable customer relationships, superior customer value

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