MKTG 396Midterm Notes Lesson 1 .docx - MKTG 396 Lesson 1 Study Notes Lesson 1 Marketing Creating and Capturing Customer Value CHPT 1 Marketing Creating

MKTG 396Midterm Notes Lesson 1 .docx - MKTG 396 Lesson 1...

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MKTG 396 – Lesson 1 Study Notes Lesson 1: Marketing: Creating and Capturing Customer Value CHPT 1 – Marketing: Creating and Capturing Customer Value 1. define marketing, and describe the five-step model of the marketing process. (textbook, pp. 5–6) Marketing = managing profitable customer relationships Marketing Definition: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing – “Old Sense” = making a sale, “New Sense” = satisfying customer needs in a socially responsible and ethical manner. Marketing Process – 5 Steps 1. Understanding the Marketplace and customer needs 2. Designing a customer-driven marketing strategy 3. Constructing a marketing strategy 4. Building profitable customer relationships 5. Capture value from customers to create profits and customer equity 2. explain the importance of understanding the marketplace and consumer needs, and define the core concepts critical to the understanding of the marketplace. (textbook, pp. 6–9) 5 Core Customer and Market Place Concepts: 1. Needs, Wants and Demands o Needs = states of felt deprivation o Wants = the form of human needs take as they are shaped by culture and individual personality o When backed with buying power, wants become demands 2. Market Offerings ( products, services and experiences) o Some combination of products, services, information or experiences offered to a market to satisfy a need or a want 3. Value and satisfaction o Customers form expectations about the value and satisfaction that various market
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