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Week 1.2 - The Marketing Mix How marketers implement...

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What is Marketing? Week 1.2 Quote of the Day: “The true meaning of marketing [is] knowing what is value for the customer.” - Peter Drucker Today’s Agenda: What is Marketing? I. The Marketing Concept A. Definition: Value, Products, Customers B. Sales vs. Marketing Concept C. Societal Marketing Concept II. Marketing Process Model: Steps in the Process Figure 1-3 : The Marketing Concept “Marketing: The process by which companies create ________ for customers and build strong customer relationships in order to capture ________ from customers in return.” - Armstrong & Kotler, p. 6 Creating “Value” Marketers create value through “products”: Physical objects, People, Organizations, Places, Information, Ideas What are “Customers”? Figure 1-2: Elements of a Modern Marketing System
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Societal Marketing Concept (blank slide) Figure 1-1 A Simple Model of the Marketing Process
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Unformatted text preview: The Marketing Mix: How marketers implement marketing strategies Alternate Definition: “Marketing: The process of planning and executing the conception, pricing, , and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives to serve both buyers and sellers.” (American Marketing Asso.) Building and Capturing Customer Value Superior customer value results in: Customer loyalty and retention Customer referrals More customers Customer equity Higher profits Companies believe. .. We provide a superior customer experience. ____ % Prime reason customers defect? Price Customers say. .. Company provides a superior customer experience. ____% Prime reason customers defect? Poor service...
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