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STRATEGIC MARKETING Notes.docx - THE MARKETING PROCESS...

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THE MARKETING PROCESSFive-step involved in the marketing process. In the first four steps, companies work tounderstand consumers, create customer value, and build strong customer relationships. In thefinal step, companies reap the rewards of creating superior customer value. By creating valueforconsumers, they in turn capture valuefromconsumers in the form of sales, profits, and long-termcustomer equity.1-Understand the market place and customer needs and wants:As a first step, marketers need to understand customer needs and wants and the marketplace inwhich they operate.Needs:Humanneedsare states of felt deprivation. They include basic physical needs for food,clothing, warmth, and safety; social needs for belonging and affection; and individual needs forknowledge and self-expression. Marketers did not create these needs; they are a basic part of thehuman makeup.Wants:Wantsare the form human needs take as they are shaped by culture and individualpersonality. A personneeds food, but he wants a French fries, and a soft drink.Demand:demand is the quantity of a good that consumers are willing and able to purchase atvarious prices during a given period of time.Market offerings (products, services, and experiences):Consumers’ needs and wants are fulfilled throughmarket offering.it is some combination ofproducts, services, information, or experiences offered to a market to satisfy a need or a want.Market offerings not only include physical products. it also includes services, activities orbenefits offered for sale that are the part of intangible. For Examples include banking, airline,hotel, tax preparation, and home repair services.Marketing Myopia: The mistake of paying more attention to the specific products a companyoffers than to the benefits & experiences produced by these products.
Exchange: Process of obtaining a desired product from someone by offering something inreturn.Market: The set of all actual & potential buyers of a product or service.2- Designing a Customer-Driven Marketing Strategymarketing managementas the art and science of choosing target markets and buildingprofitable relationships with them. The marketing manager’s aim is to design a winningmarketing strategy, the marketing manager must answer three important questions:What is our product?what is our target market?what is our value proposition?

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Term
Spring
Professor
Dr. Sami Bajwa
Tags
Marketing, Market Place

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