Marketing
1. In your own words, what does the term marketing mean?
Marketing, more than any other business function, deals with customers. Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice. The simplest definition of marketing is that it is the delivery of customer satisfaction at a profit. The goal of marketing is to attract new customers by promising superior value, and to keep current customers by delivering satisfaction.
Marketing is much more than selling and advertising. Today, marketing must be understood beyond the old saying “telling and selling”. The new direction is that of satisfying customer needs, Therefore, the definition used in the text is that marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
2. Marketing is managing profitable customer relationships. Discuss the concept of customer value and how it relates to successful marketing.
Customers usually face a broad array of products and servicesthat might satisfy a given need. Customers make their buying choices based on their perceptions of the value that various products and services deliver.
Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Since, because customers often do not judge product values and costs accurately or objectively, marketers must gear efforts toward perceived value on the part of the consumer.
In the broadest sense, the marketer tries to bring about a response to some offer. This transaction relationship is part of the larger idea of forming relationships in marketing. Beying creating short term transactions, marketers need to build long term relationships with valued customers, distributors, dealers, and suppliers. Strong customer value aprreciation helps to solidify the relationship and network
Marketing, more than any other business function, deals with customers. Creating customer value and satisfaction are at the very heart of modern marketing thinking and practice. The simplest definition of marketing is that it is the delivery of customer satisfaction at a profit. The goal of marketing is to attract new customers by promising superior value, and to keep current customers by delivering satisfaction.
Marketing is much more than selling and advertising. Today, marketing must be understood beyond the old saying “telling and selling”. The new direction is that of satisfying customer needs, Therefore, the definition used in the text is that marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.
2. Marketing is managing profitable customer relationships. Discuss the concept of customer value and how it relates to successful marketing.
Customers usually face a broad array of products and servicesthat might satisfy a given need. Customers make their buying choices based on their perceptions of the value that various products and services deliver.
Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Since, because customers often do not judge product values and costs accurately or objectively, marketers must gear efforts toward perceived value on the part of the consumer.
In the broadest sense, the marketer tries to bring about a response to some offer. This transaction relationship is part of the larger idea of forming relationships in marketing. Beying creating short term transactions, marketers need to build long term relationships with valued customers, distributors, dealers, and suppliers. Strong customer value aprreciation helps to solidify the relationship and network