weqwdas - Chapter 1 Marketing: Managing Profitable Customer...

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Chapter 1 Marketing: Managing Profitable Customer Relationships Previewing the Concepts—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 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. J UST THE B ASICS Chapter Overview Marketing is all about customer relationships—profitable customer relationships. Whether your company sells expensive systems to a few key customers or toothpaste to millions, understanding the customer is the heart of a successful business. Although everyone within a company must be obsessed with making sure the customer is happy, one of the many roles of marketing is growing current customers and acquiring new ones. Marketing is defined as a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others . Figure 1-1 of the text shows a model of the marketing process that includes understanding the marketplace and customer needs and wants; designing a customer- driven marketing strategy; constructing a marketing program that delivers superior value; building profitable relationships and creating customer delight; and capturing value from customers to create profits and customer quality. The chapter reviews these five steps, focusing on the relationship aspect of marketing. Chapter Outline 1. Introduction a. NASCAR is a great marketing organization. It is the second highest-rated regular season sport on television. b. It has a single-minded focus: creating lasting customer relationships. 33
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c. A big part of the NASCAR experience is the feeling that the sport itself is personally accessible. Because of this, NASCAR has attracted more than 250 big-name sponsors. d. Today’s successful companies have one thing in common: they are strongly customer focused and heavily committed to marketing. 2. What Is Marketing? a. A simple definition of marketing is managing profitable customer relationships. b. Marketing must both attract new customers and grow the current customers. c. Every organization must perform marketing functions, not just for-profit companies. Non-profits also must also perform marketing. Marketing Defined d. Most people think of marketing as selling and/or advertising—“telling and selling.” e. Marketing must focus on satisfying customer needs. f.
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weqwdas - Chapter 1 Marketing: Managing Profitable Customer...

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