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chap 1.ppt - Chapter-1: Creating Customer Value and...

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Chapter-1: Creating Customer Value and EngagementMarketing=Market+ing;Market:It is the set of all actual and potential buyers of a product andservices.Marketing:It is the delivery of customer satisfaction at a profit.Writer Stanton says,Marketing is a total system of business activitiesdesigned to plan , price ,promote, and distribute want-satisfying productsto target markets to achieve organizational objectives.”Marketing Researcher Philip Kotlar says,Marketing is a social andmanagerial process by which individuals and groups obtain what theyneed and want through creating and exchanging products and value withothers.”Marketing Researcher Philip Kotlar(2014) says, “ marketing is the processby which companies create value for customers and build strong customerrelationships in order to capture value from customers in return.”Marketing Researcher Philip Kotlar(2021) says, “ marketing is theprocess by which companies engage customers, build strong customerrelationships, and create customer value in order tocapture value fromcustomers in return
Marketing ProcessFigure 1.1 presents a simple five step model of the marketing process.Create value for customers andbuild customer relationshipsEngage customers,Buildprofitablerelationshipsand createcustomerdelightCapture value fromcustomer in returnCapturingvaluefromCustomerto createprofitsand customequityConstruct anIntegratedmarketingProgramthat deliverssuperiorvalueDesign aCustomer-Value drivenmarketingstrategyUnderstandthe marketPlace andcustomerneeds andwants
As a first step, marketers need to understand customer needs andwants and market place within which they operate. We now examinefive core customer and marketplace concepts:1.Needs, wants, Demands2.Market offerings (products, services, and experiences)3.Customer Value and Satisfaction4.Exchange& relationships5.MarketsUnderstanding the market Place and customer needs
To explain this definition, we will examine the following important core marketingconcepts: needs, wants and demand; marketing offers (products, service andexperiences); value and satisfaction, exchange, transaction and relationship; andmarket.MarketsNeeds, wants,DemandsExchange,Transactions&relationshipsValue, Satisfactionand qualityMarket offerings(products, services,and experiences)CoreMarketingConceptFigure: Coremarketing Concept.
1.Needs, wants, Demands1.Needs, wants, DemandsNeeds:Human needsare states of felt deprivation.*Example-They include:-physical needfor food, clothing, warmth, and safety;-social needsfor belonging and affection; and-individual needsfor knowledge and self-expression.Wants:Wantsare the form human needs take as they are shaped by culture andindividual personality.

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Term
Winter
Professor
MokterAli
Tags
Marketing, Social media marketing

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