Mkt Chapter 1
1
Principles of Marketing
Marketing: Managing Profitable Customer Relationships
Learning Objectives
After studying this chapter, you should be able to: 1. Define marketing and outline the steps in the marketing process 2. Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy 4. Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return 5. Describe the major trends and forces that are changing the marketing landscape in this age of relationships
1-2
Chapter Concepts
1. 2. 3. 4. 5. 6. 7. 8.
What Is Marketing? Understanding the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The New Marketing Landscape So, What Is Marketing? Pulling It All Together
1-3
What Is Marketing?
Marketing Defined Marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return
1-4
What Is Marketing?
The Marketing Process
1. 2. 3. 4. 5.
Understand the marketplace and customer wants and needs Design a customer-driven marketing strategy Construct a marketing plan that delivers superior value Build profitable relationships and create customer satisfaction Capture value from customers to create profit and customer equity
1-5
Marketing process
Determine needs and wants Design customer driven marketing strategy Construct marketing program that delivers superior value Build relationships and delight the customer Capture value from customer to achieve profits
Figure 1.1: Core Marketing Concepts
Needs, Wants & Demands
Markets
Principles of Marketing
Marketing: Managing Profitable Customer Relationships
Learning Objectives
After studying this chapter, you should be able to: 1. Define marketing and outline the steps in the marketing process 2. Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts 3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy 4. Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return 5. Describe the major trends and forces that are changing the marketing landscape in this age of relationships
1-2
Chapter Concepts
1. 2. 3. 4. 5. 6. 7. 8.
What Is Marketing? Understanding the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The New Marketing Landscape So, What Is Marketing? Pulling It All Together
1-3
What Is Marketing?
Marketing Defined Marketing is the process by which companies create value for customers and build strong customer relationships to capture value from customers in return
1-4
What Is Marketing?
The Marketing Process
1. 2. 3. 4. 5.
Understand the marketplace and customer wants and needs Design a customer-driven marketing strategy Construct a marketing plan that delivers superior value Build profitable relationships and create customer satisfaction Capture value from customers to create profit and customer equity
1-5
Marketing process
Determine needs and wants Design customer driven marketing strategy Construct marketing program that delivers superior value Build relationships and delight the customer Capture value from customer to achieve profits
Figure 1.1: Core Marketing Concepts
Needs, Wants & Demands
Markets