Marketing Chapter One

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Chapter 1 1) Define Marketing and outline the steps in the marketing process. Marking is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. • understand the marketplace & customers 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 customers in return 2) What is marketing myopia, and how can it be avoided. Marketing myopia is focusing only on existing wants and losing sight of underlying customer needs. It can be avoided by paying attention to your customers, never stop evolving, practice self-cannibalism, and listen to the experts. 3) What is customer-perceived value, and what role does it play in customer satisfaction? Customer-perceived value is the difference between the total customer value and the total customer cost. The customers perceived value is dependent upon the performance to a buyer’s expectation. If the performance is short then the customer is dissatisfied, but if the performance is moderate, then the customer is either satisfied or delighted. 4) Discuss trends impacting marketing and the implications of these trends for how marketers deliver value to customers? As technology emerges, so does the approach to different techniques and ideas for ways that marketers sell their value. Social media is one of the new emerging trends in marketing along with a mobile platform. Companies nowadays exist because of smartphones. For example; Uber is a company that is based on a smartphone. Most customers are usually mobile and keeping up with current trends, essentially everyone has either a mobile phone, laptop, Bluetooth, hotspot(s), etc to whereas they can follow up on things of

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