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Principles of Marketing Summary - Principles of Marketing...

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Principlesof MarketingPartOne: Defining Marketing and the Marketing ProcessChapter One: Marketing- Creating and Capturing Customer ValueWhat is Marketing?Deals with customers“Managing profitable customer relationships”1.Attract new customers by promising superior value2.Keep and grow current customers by delivering satisfactionSuccessful marketing = great strategy, dedicated employees, good informationsystems and excellent implementation among othersDefinition: “ activity, set of institution, and processes for creating, communicating,delivering, and exchanging offerings, that have value for customers, clients, partners,and society at large”Marketing Process1. Understand the marketplace and customer needs, wants and demands2. Design a customer- driven marketing strategy3. Construct an integrated marketing program that delivers superior value4. Build profitable relationships and create customer delight5. Capture value from customers to create profits and customer equityUnderstanding the marketplace and customer needsFive core customer and marketplace concepts:1.Customer needs, wants and demands2.Market offerings- goods, services and experiences3.Customer value and satisfaction4.Exchanges and relationships5.MarketsCustomerneeds, wants and demandsMost basic concept human needsNeedsare“states of felt deprivation”When a need is not satisfied, a person will try either to reduce the needor look for an object that will satisfy itPeople in less developed societiesmay try to reduce their desires andsatisfy them with what is available
People in industrial societiesmight try to find or develop objects that willsatisfy their needsWantsare“the form taken by human needs as they are shaped by cultureand individual personality”Wants are objects that satisfy needsSociety evolves = wants of its members expandPeople being exposed to more objects that arouse their interest anddesires = producers try to provide more want satisfying goods andservicesDemandsare“human wants that are backed by buying power”Marketing offerings: Goods, services and experiencesMarket offeringis“ a product that is some combination of goods, servicesand experiences that can be offered to a market to satisfy a need or want”Product is not only limited to physical objects; anything capable ofsatisfying a need can be called a productMarketing myopiais“the mistake of paying more attention to the specificproducts a company offers than to the benefits and experiences producedby these products”Smart marketers look beyond the attributes of the products and servicesthey sellExchanges, transactions and relationshipsMarketing occurs when people decide to satisfy needs and wants throughexchange relationshipsExchangeis“the act of obtaining a desired object from someone else byoffering something in return”Exchange = core concept of marketing

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