Principles of MarketingModule 1 Discussion Outline.docx -...

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I. MARKETING: CREATING CUSTOMERVALUE & ENGAGEMENTDefinition of MarketingCreation of demandManaging markets to bring aboutprofitable customer relationships.The activity, set of institutions, andprocesses for creating,communicating, delivering, andexchanging offerings that have valuefor customers, clients, partners, andsociety at large (American MarketingAssociation)The process by which companiesengage customers, build strongand profitable customerrelationships, and createcustomer value to capture valuefrom customers in return.Goals of MarketingIncrease salesAcquire customersImprove brand awarenessIncrease customer satisfactionLaunch a product or solutionRe-brandingRe-positioningLaunch a new initiativeIncrease web trafficRetain customersReach new audiences ordemographicsExpand market shareEnter new markets or territories-Attract new customers by promisingsuperior value-Keep and grow current customers bydelivering value and satisfactionII. THE MARKETING PROCESSCreate value for customers:satisfycustomer needs (through market offerings)Capture value from customers:monetaryvalue (e.g. sales, profits)A. Understand the Marketplace &Customer Needs & WantsNeeds, Wants, DemandsHumanneedsare states of feltdeprivation. They include basicphysical needs for food, clothing,warmth, and safety; social needs forbelonging and affection; andindividual needs for knowledge andself-expressionWantsare the form human needstake as they are shaped by cultureand individual personality.Demandsare human wants that arebacked by buying power (capacity tobuy).Market Offerings (Tangible & IntangibleProducts)Marketing offeringsare some combinationof products, services, information, orexperiences offered to a market to satisfy aneed or want.Report:Products offered to satisfyneeds/wants of a marketIntangible products includeservices—activities or benefitsoffered for sale that are essentially
intangible and do not result in theownership of anything.Examples include banking, airline,hotel, retailing, and home repairservices (computer repair,renovation and interior designservices)Marketing MyopiaMarketing myopiais the mistake of payingmore attention to the specific products acompany offers than to the benefits andexperiences produced by these products.Just a short background, myopia, isa medical term known asnearsightedness or a visioncondition in which you can clearlysee things near to you, but thethings farther away are blurry.Smart marketers look beyond theattributes of the products andservices they sell. By orchestratingseveral services and products, theycreatebrand experiencesforconsumers.Customer Value & Customer SatisfactionCustomer value what you offer tocustomers. It sets theexpectations of the customer.

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Term
Spring
Professor
N/A
Tags
Marketing, American Marketing

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