Understanding the Marketplace

Only available on StudyMode
  • Download(s) : 3101
  • Published : January 4, 2013
Open Document
Text Preview
Understanding the Marketplace
Core Concepts
Needs, wants, and
demands
Marketing offers:
including products,
services and
experiences
Value and satisfaction



Marketing offer
◦ Combination of
products, services,
information or
experiences that satisfy
a need or want
◦ Offer may include
services, activities,
people, places,
information or ideas

Exchange, transactions
and relationships
Markets

1 - 20

This ad offers a
product to meet
“sensitive” needs
of the older child

1 - 21

Understanding the Marketplace
Core Concepts



Needs, wants, and
demands
Marketing offers:
including products,
services and
experiences
Value and satisfaction
Exchange, transactions
and relationships
Markets



Value
◦ Customers form
expectations regarding
value
◦ Marketers must deliver
value to consumers
Satisfaction
◦ A satisfed customer will
buy again and tell others
about their good
experience
1 - 22

Understanding the Marketplace
and Customer Needs
Customer Value and Satisfaction
Expectations

Understanding the Marketplace
Core Concepts
Needs, wants, and
demands
Marketing offers:
including products,
services and
experiences
Value and satisfaction
Exchange, transactions
and relationships
Markets



Exchange
◦ The act of obtaining a
desired object from
someone by offering
something in return
◦ One exchange is not the
goal, relationships with
several exchanges are the
goal
◦ Relationships are built
through delivering value
and satisfaction
1 - 24

Understanding the Marketplace
Core Concepts
Needs, wants, and
demands
Marketing offers:
including products,
services and
experiences



Market
◦ Set of actual and potential
buyers of a product
◦ Marketers seek buyers
that are proftable

Value and satisfaction
Exchange, transactions
and relationships
Markets

1 - 25

Understanding the Marketplace
and Customer Needs
Markets are the set of actual and
potential buyers of a product

Learning Goals
1.
2.
3.
4.
5.

Defne marketing and the marketing process.
Identify the fve core marketplace concepts.
Identify the elements of a customerdriven marketing strategy. Discuss customer relationship management
and capturing value from customers.
Describe the major trends and forces
changing the marketing landscape.

1 - 27

Marketing Management


Marketing management is “the art and
science of choosing target markets and
building proftable relationships with
them.”



This defnition must include answers to
two questions:
◦ What customers will we serve?
◦ How can we serve these customers best?
1 - 28

Selecting Customers and
Creating Value


What customers will we serve?
◦ Known as customer management
◦ Marketers select customers that can be served
proftably



How can we serve these customers best?
◦ By defning a value proposition
◦ Includes the set of benefts or values a company
promises to deliver to consumers in order to satisfy
their needs
1 - 29

Marketing Management
 Customer

Management:

◦ Marketers select customers that can be
served well and proftably
 Demand

Management:

◦ Marketers must deal with different
demand states, ranging from no demand
to too much demand
1 - 30

The Marketing Plan


Transforms the marketing strategy into
action



Includes the marketing mix and the 4P’s
of marketing





Product
Price
Place
Promotion
1 - 31

Learning Goals
1.
2.
3.
4.

5.

Defne marketing and the marketing process.
Identify the fve core marketplace concepts.
Identify the elements of a customer-driven
marketing strategy.
Discuss customer relationship
management and capturing value
from customers.
Describe the major trends and forces
changing the marketing landscape.

1 - 32

Building Customer
Relationships
CRM – Customer relationship management . . .
“is the overall process of building and maintaining...
tracking img