Marketing: Managing Profitable Customer Relationships
Marketing is the process my which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
The Marketing Process can be represented by a simple five-step model. In the first four steps, companies work to understand consumers, create customer value, build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value. By creating value for customer, they in return capture value from consumers in the form of sales, profits, and long term customer equity.
Understand the marketplace and customer needs and wants
Construct a marketing program that delivers a superior value Design a customer-driven marketing strategy
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer quality
Create value for customers and build customer relationships Capture value from l customers in return
Understanding the Marketplace and Consumer Needs
Customer Needs, Wants and Demands
Needs are something I have to have. They are not created by the marketers. Wants are the form human needs take being shaped by culture and individual personality. Can be affected by marketers. Demands are the human needs/want being backed by buying power.
Marketing Offers-Products, Services and Experiences
Marketing offer is the combination of products, services, information or experiences offered to a market to satisfy a need or a want.
Marketing Myopia is paying more attention to the specific products the seller produce than the benefits and experiences produced by these products. The seller is taken with their products and they focus only on existing wants and lose sight of underlying customer needs. They forget that the product is only a tool to solve a consumer problem.
Customer Value and...