1.
Marketing is the process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return.
The marketing process involves 5 steps. The first 4 steps create value for customers.
1, marketers need to understand the marketplace and customer needs and wants
2, marketers design a customer-driven marketing strategy
3, marketers construct an integrated marketing program that delivers superior value,satisfaction
4, All of these steps build profitable customer relationships
5, In the final step, the company capture value from customers in return to create profits
2.
The importance of understanding the marketplace and customers:
Marketers need to understand the marketplace and customer needs and wants, demands.
This understanding helps them to design want-satisfying market offerings, and capture value
from customers.
The 5 core marketplace concepts are:
-needs, wants, and demands
-market offerings (products, services, and experiences)
-value and satisfaction
-exchange and relationships
-markets
The value proposition is fulfilled through a market offering, which delivers customer value
and satisfaction, resulting in long-term exchange relationships with customers.
3.
Customer-driven marketing strategy and elements:
Marketers need to understand the marketplace and customer needs and wants, demands.
It must decide which customers it will serve and how it will bring them value.
They are dividing the market into segments of customers (market segmentation), and
selecting which segments will cultivate (target marketing).
Marketing management orientations:
The production concept holds that management’s task is to improve production efficiency and
bring down prices.
The product concept holds that consumers will prefer products that have better quality.
The selling concept holds that consumers will not buy enough of an organization’s products
unless it undertakes a large-scale selling and promotion effort.
The marketing concept holds that achieving organizational goals depends on determining the
needs and wants of target markets and delivering the satisfactions more effectively than
competitors do.
The societal marketing concept puts the Human welfare on top before profits and satisfying
the wants.
Customer relationship management: The key to build profitable customer relationship is
superior value, satisfaction.
Customer-engagement marketing aims to make a brand a meaningful part of consumers’
conversations and lives.
Identify strategies for creating value for customers and capturing value from customers
in return.
The key to build profitable customer relationship is superior value, satisfaction.
marketers design a customer-driven marketing strategy
marketers construct an integrated marketing program that delivers superior value,satisfaction
The company capture value from customers in return to create profits.
(in return for creating value for customers)
In building customer relationships, marketers must work closely with marketing partners
inside and outside the company. They must also be good at partner relationship management.
Describe the major trends and forces that are changing the marketing landscape in this
age of relationships.
The digital age has created exciting new ways to learn about individual customers.
Online, social media and mobile marketing offer new opportunities to target customers and
engage them more deeply.
The key is to blend the new digital approaches with traditional marketing to create a
smoothly integrated marketing strategy and mix.
The Great Recession hit American consumers, causing them to rethink their buying priorities.
-consumers have become more frugal
-marketing are focusing on value in their product offerings
The challenge is to balance a brand’s value proposition with current times while also
enhancing its long-term equity.
In recent years, marketing has become a major part of the strategies for many not-for-profit
organizations, such as colleges, hospitals, museums, zoos,churches.
Also, in an increasingly smaller world, many marketers are now connected globally with their
customers and marketing partners.