Marketing-notes.pdf - WEEK 1 Introduction to Marketing What...

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P a g e 1 | 86 WEEK 1: Introduction to Marketing What is marketing? Marketing is engaging customers and managing profitable customer relationships. The twofold goal of marketing is to: 1. Attract new customers by promising superior value 2. Keep and grow current customers by delivery satisfaction Today marketing must be understood in the sense of satisfying customer needs. The process by which marketing organisations engage customers, build strong customer relationships and create customer value in order to capture value from customers in return. The process of engaging customers, building strong customer relationships and creating customer value. Customer needs, wants and demands:
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P a g e 2 | 86 As a first step, marketers need to understand customer needs, wants and demands and the marketplace within which they operate. Needs: States of felt deprivations Physical needs for food, clothing, warmth and safety. Social needs for belonging and affection. Individual needs for knowledge and self-expression Wants: the form of human needs takes as shaped by culture and individual personality Demands: human wants that are backed by buying power. Market offering: Goods, services and experiences A market offering is a product that is some combination of goods, services and experiences that can be offered to a market to satisfy a need or want. Market offerings can include: Goods Services Experiences Personas Places Organisations Information Ideas Market myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products They see themselves as selling a product, rather than providing a solution to a need Customer value and satisfaction Customers form expectations about the value and satisfaction that various market offerings will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences Dissatisfied customers often switch to competitors and disparage the original product to others. Exchanges, transactions and relationships Exchanges is the act of obtaining a desired object from someone by offering something in return. A transaction is a trade between two parties that involves at least two things of value, agreed-upon conditions and a time and place of agreement. Relationship looks at how to not only attract, but retain customers
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P a g e 3 | 86 What is a market? These buyers share a need or want that can be satisfied through exchange of relationships. Designing a customer-driven marketing strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them The marketing managers aim is to attract, engage, keep and grow target customers by creating, delivering and communicating superior customer value Two critical questions: What customers will we serve? & How can we serve these customers best?
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Christopher Reinemann
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