Marketing Fundamentals
CH 1
Marketing -Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Marketing Process 1. Create Value for customers
Create Value for customers
Understand the market place + customer needs/wants/demands 2. Design a customer driven marketing strategy (goal=getting, keeping, growing target customers) 3. Construct a marketing program delivering superior value 4. Build profitable customer relationships and create customer delight 5. Capture value from customers to create profits and customer equity
Core Marketplace Concepts Needs – states of felt deprivation Wants – needs shaped by culture and individual personality Demands - human wants backed up by buying power
Market Offerings – some combo of products, experiences offered to a market to satisfy a need/want
Value & satisfaction -addressing needs through value proposition, a set of benefits that they promise to consumers to satisfy their needs S – extent to which product perceived performance matches buyer expectation
Exchange & Relationships – act of obtaining a desired object by offering something in return in the hope of long term relationships/loyalty
Markets - The set of all actual and potential buyers of a product or service
Transaction =Trade between 2 parties involving 2 things of value, agreed upon conditions, and a place/time of agreement
Marketing Myopia =Mistake of paying more attention to products offered than the benefits and experiences produced by said product
Customer Perceived =Customer evaluation of the difference between benefits and cost of market
Value offering relative to those of competitors
M Management =Art + science of choosing target markets + building profitable relationships w them
Demarketing =Marketing to temporarily or permanently reduce demand
Excitement = customer experiential/emotional
Marketing -Process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Marketing Process 1. Create Value for customers
Create Value for customers
Understand the market place + customer needs/wants/demands 2. Design a customer driven marketing strategy (goal=getting, keeping, growing target customers) 3. Construct a marketing program delivering superior value 4. Build profitable customer relationships and create customer delight 5. Capture value from customers to create profits and customer equity
Core Marketplace Concepts Needs – states of felt deprivation Wants – needs shaped by culture and individual personality Demands - human wants backed up by buying power
Market Offerings – some combo of products, experiences offered to a market to satisfy a need/want
Value & satisfaction -addressing needs through value proposition, a set of benefits that they promise to consumers to satisfy their needs S – extent to which product perceived performance matches buyer expectation
Exchange & Relationships – act of obtaining a desired object by offering something in return in the hope of long term relationships/loyalty
Markets - The set of all actual and potential buyers of a product or service
Transaction =Trade between 2 parties involving 2 things of value, agreed upon conditions, and a place/time of agreement
Marketing Myopia =Mistake of paying more attention to products offered than the benefits and experiences produced by said product
Customer Perceived =Customer evaluation of the difference between benefits and cost of market
Value offering relative to those of competitors
M Management =Art + science of choosing target markets + building profitable relationships w them
Demarketing =Marketing to temporarily or permanently reduce demand
Excitement = customer experiential/emotional