MKT300- Chapter1

Marketing

Process companies used to find customers, satisfy their wants and needs and keep those customers

Why do we do MKT

Create value for customers and building strong relationship with them so companies capture value back

MKT Process 1

Understanding customer wants and needs in the marketplace

MKT process 2

Design a customer value driven marketing strategy

MKT process 3

Conduct an integrated marketing program that delivers superior value

MKT process 4

Build profitable, relationships, and create customer delight

Outcome of the marketing process

Capture value from customers to create profit and customer equity

Demands

Wants back by buying power

Market offerings

Combos of products, services, information, and experiences offered to the market to satisfy a need/want.

Marketing myopia

Focusing on the product itself rather than the benefits

Marketing myopia example

Buying an IPhone just because everyone has one

Customer value and satisfaction (understanding the marketplace) Marketers

Set the right level of expectation

Customer value and satisfaction (understanding the marketplace) Customers

Give their value and satisfaction

Exchange

Obtaining something by giving something in return

Exchange relationships are created by

Marketing actions which create grow and maintain exchange relationships

Markets and major environmental factors

Suppliers > company/competitors > marketing intermediaries > final consumers

Marketing management

Arts and science of choosing target markets, and building profitable relationships with them

Two questions to think about during market management

What customers will be serve? How can we best serve these customers?

Market segmentation

Dividing the markets into segments of customers

Target marketing

Refers to which segment to go after

Choosing a value proposition

Set a police or values if promises to deliver to customers satisfy their needs

Marketing management orientations

Production concept > product concept > selling concept > marketing concept > Societal marketing concept

Production concept

Consumers will favorite products that are available and highly affordable

Product concept

Consumers favorite products that offer the most quality, performance, and features (focuses on continuous product improvements)

Selling concert

Consumers not buying enough of the companies products unless they create large scale, promotions

Marketing concepts

Know the needs and wants of the target market and delivered desired satisfaction, better than competitors

Societal marketing

Firms marketing decisions should consider consumer wants, the companies requirements, And consumer, long run, interest, and societies long run interest

Example of societal marketing

Recycling

Selling concept

Focuses on existing products and heavy selling, aim is to sell what the company makes rather than making what the customer wants

Marketing concept

Focuses on customer needs and profits through customer satisfaction

Societal, marketing concept’s three considerations

Society(human welfare)

Consumers (want Satisfaction)

Company(profits)

Marketing mix

Set of tools (four P’s) The firm uses to implement marketing strategy (Price, product, place and promotion)

Integrated marketing program

Plan that communicates and delivers the intended value to chosen customer customers

Consumer relationship management

Overall process of building and maintaining profitable,customer relationships by delivering superior, customer value, and satisfaction

Customer perceived value

A difference between total, customer perceived benefits, and customer cost

Customer satisfaction

The extent were perceived performance matches a buyers expectations

Customer engagement marketing

Create directive, continuous, customer, involvement with shapes brand conversations experiences and community

Customer lifetime value

Value of all the stream of purchases that customer makes

Major development and marketing landscape

Sustainable, marketing, digital age, rapid globalization, ethics, and social responsibility, not for profit marketing.