Ch. 1 Marketing.docx - Ch.1 Marketing: Creating customer...

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Ch.1 Marketing: Creatingcustomer Value andEngagementMarketing: a process by whichcompanies create value for customers andbuild strong customer relationships inorder to capture value from customers inreturn.Marketing Process:oUnderstand the marketplace andcustomer needs and wantsoDesign a customer value-drivenmarketing strategyoConstruct an integrated marketingprogram that delivers superior valueoEngage customers, build profitablerelationships, and create customerdelight.Deliver ValueoCapture value from customers tocreate profits and customer equity
Capture value4 Ps of marketingI.What is Marketing?a.Marketing:The process by whichcompanies engage customers, buildstrong customer relationships, andcreate customer value in order tocapture value from customers inreturn.b.The Marketing Processc.II.Understanding theMarketplace and CustomerNeedsa.Customer Needs, Wants, andDemands:
i.Needs:States of felt depravation.They include basic physical needsfor food, clothing, a warmth, andsafety; social needs for belongingand affection; and individual needsfor knowledge and self-expression.Marketers did not create theseneeds; they are a basic part of thehuman makeupii.Wants:The form human needstake as they are shaped by cultureand individual personality.iii.Demands:Human wants that arebacked by buying powerb.Marketing Offerings-Products,Services, and Experiences:i.Market Offerings:Somecombination of products, services,information, or experiences offeredto a market to satisfy a need orwant.1.Ex. Banking, airline, hotel,retailing, and home repair
ii.Market Myopia:The mistake ofpaying more attention to thespecific products a company offersthan to the benefits andexperiences produced by theseproducts.b.Customer Value andSatisfaction:c.Exchanges and Relationships:i.Exchange:The act of obtaining adesired object from someone byoffering something in returnii.Marketing occurs when peopledecide to satisfy their needs andwants through exchangerelationships.iii.Marketing consists of actions takento create, maintain, and growdesirable exchange relationshipswith target audiences involving aproduct, service, idea, or otherobjectb.Markets:
i.The concepts of exchange andrelationships lead to the concept ofa market.ii.Market:The set of all actual andpotential buyers of a product orserviceiii.Marketing means managingmarkets to bring about profitablecustomer relationshipsiv.II.Designing a Customer Value-Driven Marketing Strategy andPlan (1-3)a.Customer Value-DrivenMarketing Strategy:
i.Marketing Management:The artand science of choosing targetmarkets and building profitablerelationships with them. The aim isto engage, keep, and grow targetcustomers by creating, delivering,and communicating superiorcustomer value.

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Term
Spring
Professor
lydia clark
Tags
Marketing, B Marketing management, b Customer Engagement, Customer Brand Advocacy

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