Chapter One.pptx - Chapter One Creating Customer Value and Engagement Chapter Objectives 1 Define marketing and outline the steps in the marketing

Chapter One.pptx - Chapter One Creating Customer Value and...

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Chapter One Creating Customer Value and Engagement
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Chapter Objectives 1. Define marketing and outline the steps in the marketing process. 2. Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts. 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy. 4. Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return. 5. Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
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(2) marketing offerings; (3) value and satisfaction; (4) exchanges and relationships; and (5) markets.
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1- Human needs are states of felt deprivation. They include physical, social, and individual needs. These needs were not created by marketers; they are a basic part of the human makeup. Wants are the form human needs take as they are shaped by culture and individual personality (e.g., an American needs food but wants a Big Mac). When backed by buying power, wants become demands .
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2- Needs and wants are fulfilled through market offerings— which represents some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products, this is referred to as marketing myopia ”. Smart marketers look beyond the attributes of the products and services they sell and concentrate on creating brand experiences for consumers.
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3- 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 switch to competitors and disparage the product to others. Customer value and
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