marketing

Marketing

The process of creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

Steps in the Marketing Process

1. Understanding the marketplace and customer needs. 2. Designing a customer-driven marketing strategy. 3. Constructing a marketing program. 4. Building profitable customer relationships. 5. Capturing value from customers.

Importance of Understanding Customers and the Marketplace

Helps align products with customer needs, enhance satisfaction and loyalty, improve competitiveness and profitability, and facilitate market segmentation and targeting.

Five Core Marketplace Concepts

1. Customer Needs, Wants, and Demands. 2. Market Offerings. 3. Value and Satisfaction. 4. Exchange and Relationships. 5. Markets.

Customer Needs

Basic human requirements such as food, shelter.

Customer Wants

Specific ways to satisfy needs, such as preferring pizza over just food.

Customer Demands

Wants backed by purchasing power.

Market Offerings

Products, services, and experiences offered to satisfy needs and wants.

Value and Satisfaction

Perceived benefits of a product relative to cost and alternatives.

Exchange and Relationships

Customers exchange value (money, time, or loyalty) for desired offerings.

Markets

The set of potential and actual buyers of a product or service.

Key Elements of a Customer-Driven Marketing Strategy

1. Market Segmentation. 2. Targeting. 3. Differentiation. 4. Positioning.

Marketing Management Orientations

1. Production Concept. 2. Product Concept. 3. Selling Concept. 4. Marketing Concept. 5. Societal Marketing Concept.

Customer Relationship Management (CRM)

A strategy for managing interactions with customers to build long-term relationships, enhance satisfaction, and maximize lifetime value.

Strategies for Creating and Capturing Value

Customer Engagement, Loyalty Programs, Customer Feedback, After-Sales Services, Social Responsibility Initiatives.

Customer Value and Satisfaction

Core marketplace concept that refers to the perceived benefits of a product or service.

Contrast the Selling and Marketing Concepts

Selling Concept focuses on aggressive sales techniques while Marketing Concept focuses on customer needs and satisfaction.

Selling Concept

A marketing management orientation that emphasizes aggressive selling and promotion to drive sales.

Marketing Concept

A marketing management orientation that prioritizes customer needs and satisfaction.

Example of a Market Using the Selling Concept

Industries such as Insurance, Telemarketing, and Automobile Sales often rely on aggressive selling tactics.