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Unformatted text preview: Marketing Chapter 1 Notes Marketing the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return (at a profit)- A social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value through with others- Goals: Attract new customers by promising superior value, then retain and grow current customers via satisfaction The Marketing 5 Step Process 1. Understand the Marketplace and customer needs and wants Needs states of felt deprivation (food, clothing Wants the form human needs take when they are shaped by culture and personality Demands human wants that are backed by buying power 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 Market the set of actual and potential buyers of a product 2. Designing a Customer D riven Marketing Strategy (when customers know what 2....
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This note was uploaded on 10/31/2010 for the course MKTG 301 at Pennsylvania State University, University Park.