01-Marketing Process - Marketing Process Basic...

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1 Marketing Process: Basic Concepts *Powerpoints refined from Pearson
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2 Outline 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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3 Marketing Process The Marketing Process 1. Understand the marketplace and customer wants and needs 2. Design a customer-driven marketing strategy 3. Construct a marketing plan that delivers superior value 4. Build profitable relationships and create customer satisfaction 5. Capture value from customers to create profit and customer equity
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4 What is marketing process?
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5 Customer needs Needs are states of deprivation Physical—food, clothing, warmth, safety Social—belonging and affection Individual—knowledge and self-expression
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6 Wants vs. Demands Wants are the form that needs take as they are shaped by culture and individual personality Demands are wants backed by buying power
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7 Market offerings Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
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8 Customer values and expectations Expectations Customers Value and satisfaction Marketers Set the right level of expectations Not too high or low
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9 Exchange & relationships Exchange is the act of obtaining a desired object from someone by offering something in return Marketers want to build and maintain strong relationships by consistently delivering superior customer value
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10 Marketing system Markets are the set of actual and potential buyers of a product Marketing system
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