Scribd Logo
Upload

Welcome to Scribd!

  • 18 views

    Chapter#1 Marketing: Creating and Capturing Customer Value

    Uploaded by

    Zahid Islam
    Marketing is a process of creating value for customers to build relationships and capture value in return. It involves identifying customer needs and satisfying them through a "marketing mix" of product, price, place and promotion. The goal is to deliver customer satisfaction at a profit. Marketing identifies what customers want and designs goods and services to meet those needs while communicating information to customers and making products available where and when customers want them.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Chapter#1 Marketing: Creating and Capturing Customer Value

    Uploaded by

    Zahid Islam
    18 views34 pages
    Marketing is a process of creating value for customers to build relationships and capture value in return. It involves identifying customer needs and satisfying them through a "marketing mix" of product, price, place and promotion. The goal is to deliver customer satisfaction at a profit. Marketing identifies what customers want and designs goods and services to meet those needs while communicating information to customers and making products available where and when customers want them.

    Original Description:

    Marketing

    Original Title

    MKT-1

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Marketing is a process of creating value for customers to build relationships and capture value in return. It involves identifying customer needs and satisfying them through a "marketing mix" of product, price, place and promotion. The goal is to deliver customer satisfaction at a profit. Marketing identifies what customers want and designs goods and services to meet those needs while communicating information to customers and making products available where and when customers want them.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    18 views34 pages

    Chapter#1 Marketing: Creating and Capturing Customer Value

    Uploaded by

    Zahid Islam
    Marketing is a process of creating value for customers to build relationships and capture value in return. It involves identifying customer needs and satisfying them through a "marketing mix" of product, price, place and promotion. The goal is to deliver customer satisfaction at a profit. Marketing identifies what customers want and designs goods and services to meet those needs while communicating information to customers and making products available where and when customers want them.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 34

    Chapter#1

    Marketing: Creating and Capturing Customer


    Value
    Music to a Marketer’s Ears

     “They’re the best.”
     “I always eat there.”
     “I only fly with that airline.”
     “I buy my electronics at that store.”
     “I will prefer to go in that school.”
    Definition

     Marketing is a process by which companies create
    value for customers and build strong customer
    relationships to capture value from customers in
    return
     Marketing: The process of creating consumer value
    in the form of goods, services, or ideas that can
    improve the consumer’s life.
     More simply: Marketing is the delivery of customer
    satisfaction at a profit.
    What is marketing ?

     More than selling and advertising
     Identifying and satisfying customers needs
     Range of activities (marketing mix - 4P’s)
    What is Marketing?

    Learning to make what you can sell vs. selling what you
    can make.

    Identifying and satisfying customer needs and wants.


    What is Marketing?


     “Marketing is the process of planning and executing the
    conception, pricing, promotion, and distribution of ideas, goods,
    and services to create exchanges that satisfy individual and
    organizational objectives.”
     Marketing Involves having the Right Product available in the
    Right Place at the Right Time and making sure that the
    customer is Aware of the Product.
    Product Price

    Customers

    Place Promotion
    Marketing’s 4 P’s


     Product
     Price
     Place
     Promotion
    What Can Be Marketed?


     Goods  Places
     Services  Properties
     Experiences  Organizations
     Events  Information
     Persons
     Ideas
    Simple Marketing System


    Communication

    Product/Service

    Producer/Seller Money Consumer

    Feedback
    How Does an Organization
    Create a Customer?

     Identifying customer needs
     Designing goods and services that meet those needs
     Communicating information about those goods and
    services to prospective buyers
     Making the goods or services available at times and
    places that meet customers’ needs
     Pricing goods and services to reflect costs, competition,
    and customers’ ability to buy
     Providing for the necessary service and follow-up to
    ensure customer satisfaction after the purchase
    Actors and Forces in a
    Modern Marketing System


    Environment

    Company
    (marketer)
    Marketing End-user
    Suppliers inter- market
    mediaries

    Competitors

    Core Marketing Concepts



    Core

    satisfaction,
    and quality
    Marketing

    Value,
    Concepts

    Exchange,
    transactions,
    and relationships
    Core Marketing Concepts

    •States of deprivation

    Needs •Physical—food, clothing, warmth, safety


    •Social—belonging and affection
    •Individual—knowledge and self-expression

    Wants •Form that needs take as they are shaped by culture and
    individual personality

    Demands •Wants backed by buying power


    Core Marketing Concepts

    A product is
     ‘anything that can be offered to a market for
    attention, acquisition, use or consumption and that
    may satisfy a need or want’
    Includes:
     physical goods, services, people, places,
    organizations, activities, ideas etc
    Core Marketing Concepts

    Customer Value:
     Is the value the individual customer places on a
    product or service.
    Core Marketing Concepts

    Exchange is ...
     ‘...the act of obtaining a desired object from someone by
    offering something in return’
    Five conditions
    1. Two parties
    2. Something of value to offer each other
    3. Willing to deal
    4. Free to accept or reject offer
    5. Able to communicate and deliver
    Core Marketing Concepts

    A Transaction is..
     ‘...a trade between two parties that involves:
     at least two things of value;
     agreed upon conditions;
     a time of agreement; and
     a place of agreement’
     may be monetary or barter
    Core Marketing Concepts

    A Market is…
     ‘...a set of actual and potential buyers of a product’
     A place
     Marketing satisfies the needs of markets by facilitating
    the exchange process
    Marketing Management

     Marketing management is “the art and science of choosing
    target markets and building profitable relationships with
    them.”
     Creating, delivering and communicating superior
    customer value is key.
    Relationship Marketing


     The process of establishing and maintaining mutually
    beneficial exchange relationships with customer and other
    stakeholders
     Two components:
     Customer Focus
     Competitive Advantage
    Customer Relationship
    Management
    CRM


    CRM – Customer relationship management . . .
    “is the overall process of building and maintaining
    profitable customer relationships by delivering superior
    customer value and satisfaction.”
    PRODUCT SOCIETAL
    CONCEPT MARKETING
    CONCEPT

    KEY
    MARKETING
    PHILOSOPHIES
    MARKETING
    MARKETING
    PRODUCTION CONCEPT
    CONCEPT
    CONCEPT

    SELLING
    CONCEPT
    The Production Concept

    ..Holds that consumers will favor products that are
    available and affordable.
    Implies work towards mass production and low cost
    The Product Concept

    …Assumes customers favor products that offer the most
    quality, performance, and features.
    Implies firm should strive to continually upgrade product
    and product features.
    The Selling Concept

    …The idea that customers will not buy enough of the
    organization’s products unless the organization
    undertake a large scale selling and promotion efforts.
    The Marketing Concept

    …Holds that achieving organizational goals depends upon
    determining the needs and wants of target markets and
    delivering the desired satisfactions more effectively and
    efficiently than do competitors.
    Selling VS Marketing

    Selling:
     A company makes a product and then uses various
    selling methods to persuade customers to buy it.

    Marketing:
     Company finds out what the customer wants and
    develops a product to satisfy those wants while
    yielding a profit.
    SOCIETAL MARKETING CONCEPT

     …in a way that maintains or improves the
    consumer’s and the society’s well-being.
    So, What is Marketing? Pulling It
    All Together

    You might also like