Chapter 1 Notes: Principles of Marketing

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Topics: Marketing
Chapter One Notes: Marketing profitable customer relationships – Creating and Capturing Customer Value
Marketing: Managing profitable customer relationships and to Create value for customers and capture value from customers in return.
Example) Zappo’s- customer experience comes first.
Two Fold Goal: Attract new customers by promising superior value and Keep and grow current customers by delivering satisfaction.
Five Step Model of the Marketing Process: Page 5
Build value from customers to create profits and customer equity.
Build value from customers to create profits and customer equity.
Build profitable relationships and create customer delight.
Build profitable relationships and create customer delight.
Construct an integrated marketing program that delivers superior value.
Construct an integrated marketing program that delivers superior value.
Design a customer driven marketing strategy.
Design a customer driven marketing strategy.
Understand the marketplace & customer needs & wants.
Understand the marketplace & customer needs & wants.

* The first 4 steps: companies work to understand consumers, create customer value, & build strong customer relationships. * Final step: companies reap the rewards of creating superior customer value. (By creating value for consumers, in turn capture value from consumers in the form of sales, profits, & long term customer equity.)
Five Core Customer and Marketplace Concepts: Page 6 1. A: Customer Needs- states of felt deprivation. Physical needs (food, clothing, warmth, safety); Social needs (for belonging and affection); Individual needs (for knowledge & self-expression).
B. Customer Wants- The form human needs take as they are shaped by culture and individual personality. Example: An American needs food but wants a Big Mac.
C. Customer Demands- Human wants that are backed by buying power.
2. Market Offerings- Some combination of

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