Summary Marketing

1 Marketing: Managing profitable customer relationships

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return ( satisfying customer needs

2 goals of marketing:

• Attract new customers

• Keep and grow current customers by delivering satisfaction

Marketing process: understand the marketplace and customer needs and wants ( design a customer-driven marketing strategy ( construct and integrated marketing program that delivers superior value ( build profitable relationships and create customer delight ( capture value from customers to create profits and customer equity.

5 core customer and marketplace concepts:

1. Needs, wants, demands

2. Marketing offerings (Products, services, and experiences)

3. Value and satisfaction (building blocks for developing and managing customer relationships)

4. Exchanges and relationships

5. Markets (the set of all actual and potential buyers of a product or service)

So the marketing process involves 5 steps: the first four steps create value for customers. First, marketers need to understand the marketplace and customer needs and wants. Next, marketers design a customer-driven marketing strategy with the goal of getting, keeping and growing target customers. In the third step, marketers construct a marketing program that actually delivers superior value. All of these steps form the basis for the fourth step, building profitable customer relationships and creating customer delight. In the final step, the company reaps the rewards of strong customer relationships by capturing value from customers.

Marketing myopia: only watching at the product instead of the underlying customer needs.

Marketing management: the art and science of choosing target markets and building profitable relationships with them. (find, attract, keep, and grow target customers by creating, delivering,