ch1.2 - BUSI 1004 Marketing Instructor: QIU Cheng The...

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Introduction to Marketing Concepts and Processes cont’d 1 BUSI 1004 Marketing Instructor: QIU Cheng 2 The Marketing Process Understand the marketplace and customer needs Design a customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity Create value for customers and build customer relationships Capture value from customers in return 3 1. Understand the Marketplace and Customer Needs b Customer needs: states of deprivation s Physical: food, clothing, warmth, safety s Social: belonging and affection s Individual: knowledge and self-expression 4 1. Understand the Marketplace and Customer Needs b Customer wants: the form that needs take as they are shaped by culture and personality Wants = Demands? b Demands: wants backed by buying power Market: actual and potential buyers of a product
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5 Chapters 4, 5, 6 The Marketing Process 6 2. Design a Customer-Driven Marketing Strategy (STP) b What customers will we serve? s Market segmentation : dividing a market into distinct groups of buyers who have distinct needs, characteristics, or behavior and who might require separate products or marketing mixes. (S) B Market segment : a group of consumers who respond in a similar way to a given set of marketing efforts. s Target marketing : the process of evaluating each market segment’s attractiveness and selecting one or more segments to enter (T) 7 2. Design a Customer-Driven Marketing Strategy (STP) b How can we best serve these customers? (P)
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ch1.2 - BUSI 1004 Marketing Instructor: QIU Cheng The...

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