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Unformatted text preview: 1 U c h a p t e r 1 Marketing in a Changing World: Creating Customer Value and Satisfaction OAD MAP : Previewing the Concepts Fasten your seat belt! Youre about to begin an exciting journey toward learning about marketing. To start you off in the right direction, well first define marketing and its key concepts. Then, youll visit the various philosophies that guide marketing management and the challenges marketing faces as we move into the new millennium. The goal of marketing is to create profitable customer relationships by delivering superior value to customers. Understanding these basic concepts, and forming your own ideas about what they really mean to you, will give you a solid foundation for all that follows. c After studying this chapter, you should be able to 1. define what marketing is and discuss its core concepts 2. explain the relationships between customer value, satisfaction, and quality 3. define marketing management and understand how marketers manage demand and build profitable customer relationships 4. compare the five marketing management philosophies 5. analyze the major challenges facing marketers heading into the next century Our first stop: Nike. This superb marketer has built one of the worlds most dominant brands. The Nike example shows the importance ofand the difficulties in building lasting, value-laden customer relationships. Even highly successful Nike cant rest on past successes. Facing big-brand backlash, it must now learn how to be both big and beautiful. Ready? Here we go. T he Swooshits everywhere! Just for fun, try counting the swooshes whenever you pick up the sports pages, or watch a pickup basketball game, or tune into a televised golf match. Nike has built the ubiquitous swoosh (which represents the wing of Nike, the Greek goddess of victory) into one of the best-known brand symbols on the planet. The power of its brand and logo speaks loudly of Nikes superb marketing skills. The companys strategy of building superior products around popular athletes has forever changed the face of sports marketing. Nike spends hundreds of millions of dollars each year on big-name endorsements, splashy promotional events, and lots of attention-getting ads. Over the years, Nike has associated itself with some of the biggest names in sports. No matter what your sport, chances are good that one of your favorite athletes wears the Nike Swoosh. Nike knows, however, that good marketing is more than promotional hype and promisesit means consistently delivering real value to customers. Nikes initial success resulted from the technical superiority of its running and basketball shoes, pitched to serious athletes who were frustrated by the lack of innovation in athletic equipment. To this day, Nike leads the industry in product development and innovation....
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- Spring '12