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Comm 296 - Chapter 1

Comm 296 - Chapter 1 - Comm 296 Chapter 1 Marketing...

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Comm 296 Chapter 1: Marketing: Creating and Capturing Customer Value WHAT IS MARKETING? Marketing is managing profitable customer relationships . - To attract new customers by promising superior value - To keep and grow current customers by delivering satisfaction Marketing Defined - Marketing = satisfying customer needs - Not only selling and advertising only a small portion of a larger “marketing mix” – a set of marketing tools that work together to SATISFY CUSTOMER NEEDS and BUILD CUSTOMER RELATIONSHIPS - A social and managerial process where individuals and organizations obtain what they need and want through creating and exchanging value with others - Building profitable, value-laden exchange relationships with customers - Giving character/personality to a brand/firm Marketing : the process by which companies create value for customers and build strong customer relationships in order t o capture value from customers in return The Marketing Process 7 Step Model (modified from textbook) 1. Strategic Business Planning 2. Understand the marketplace and customer needs and wants - Situation analysis 3. Design a customer-driven marketing strategy - What customers will we serve? - How can we best serve our target customers? 4. Construct an integrated marketing program that delivers superior value - Four Ps 5. Build profitable relationships and create customer delight - Customer Relationship Management (CRM) - build and maintain profitable relationships 6. Capture value from customers to create profits and customer equity - Future sales, market share and profit; loyal customers who by more 7. Monitoring and control - Plans who need constant monitoring – ensure that plans are following company objectives/goals UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS Customer Needs, Wants and Demands Needs : states of felt deprivation - Physical needs = food, clothing, warmth, safety - Social needs = belonging, affection - Individual needs = knowledge, self-expression Wants : the form human needs take as shaped by culture and individual personality - Objects that will satisfy needs Demands : human wants that are backed by buying power - Given wants and resources, people demand products which will give value and satisfaction o Marketing companies conduct consumer research and analyze customer data to learn about customers’ needs, wants and demands Marketing Offerings – Products, Services and Experiences Marketing offerings : some combination of products, services, information or experiences offered to a market to satisfy a need or want - Not limited to physical products, includes services (activities or benefits offered for sale that are essentially intangible and do not result in the ownership of anything; eg banking, hotel)
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Comm 296 Chapter 1: Marketing: Creating and Capturing Customer Value - Also includes persons , places, organizations, information, ideas Marketing myopia : the mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products -
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