Customer-Driven Strategic Marketing
Chapter 1
Customer-Driven Strategic Marketing
Lecture Outline
I. Defining Marketing
We define marketing as the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. [ A ]. Marketing Focuses on Customers [ 1 ]. As the purchasers of the products that organizations develop, promote, distribute, and price, customers are the focal point of all marketing activities. [ 2 ]. The essence of marketing is to develop satisfying exchanges from which both customers and marketers benefit. [ 3 ]. Organizations generally focus their marketing efforts on a specific group of customers, or target market. [ B ]. Marketing Deals with Products, Distribution, Promotion, and Price
1. Marketing is more than simply advertising or selling a product; it involves developing and managing a product, making the product available in the right place and at a price acceptable to buyers, and communicating information to help customers determine if the product will satisfy their needs.
2. These activities—product, distribution, promotion, and pricing—are known as the marketing mix because marketers decide what type of each element to use and in what amounts.
3. The Product Variable [ a ]) The product variable of the marketing mix deals with researching customers’ needs and wants and designing a product that satisfies them. [ b ]) A product can be a good, a service, or an idea.
( [ 1 ]) Good—a physical entity
( [ 2 ]) Service—the application of human and mechanical efforts to people or objects to provide intangible benefits to customers
( [ 3 ]) Idea—concept, philosophy, image, or issue [ c ]) The product variable includes the creation or modification of brand names and packaging. It may also include decisions regarding warranty and repair services. [ d ]) Product variable decisions and
Customer-Driven Strategic Marketing
Lecture Outline
I. Defining Marketing
We define marketing as the process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and to develop and maintain favorable relationships with stakeholders in a dynamic environment. [ A ]. Marketing Focuses on Customers [ 1 ]. As the purchasers of the products that organizations develop, promote, distribute, and price, customers are the focal point of all marketing activities. [ 2 ]. The essence of marketing is to develop satisfying exchanges from which both customers and marketers benefit. [ 3 ]. Organizations generally focus their marketing efforts on a specific group of customers, or target market. [ B ]. Marketing Deals with Products, Distribution, Promotion, and Price
1. Marketing is more than simply advertising or selling a product; it involves developing and managing a product, making the product available in the right place and at a price acceptable to buyers, and communicating information to help customers determine if the product will satisfy their needs.
2. These activities—product, distribution, promotion, and pricing—are known as the marketing mix because marketers decide what type of each element to use and in what amounts.
3. The Product Variable [ a ]) The product variable of the marketing mix deals with researching customers’ needs and wants and designing a product that satisfies them. [ b ]) A product can be a good, a service, or an idea.
( [ 1 ]) Good—a physical entity
( [ 2 ]) Service—the application of human and mechanical efforts to people or objects to provide intangible benefits to customers
( [ 3 ]) Idea—concept, philosophy, image, or issue [ c ]) The product variable includes the creation or modification of brand names and packaging. It may also include decisions regarding warranty and repair services. [ d ]) Product variable decisions and