Comm 296 Note
WHAT IS MARKETING?
Marketing is managing profitable customer relationships. * To attract new customers by promising superior value * To keep and grow current customers by delivering satisfaction
Marketing Defined * Marketing = satisfying customer needs * Not only selling and advertising only a small portion of a larger “marketing mix” – a set of marketing tools that work together to SATISFY CUSTOMER NEEDS and BUILD CUSTOMER RELATIONSHIPS * A social and managerial process where individuals and organizations obtain what they need and want through creating and exchanging value with others * Building profitable, value-laden exchange relationships with customers * Giving character/personality to a brand/firm
Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
The Marketing Process 7 Step Model (modified from textbook) 1. Strategic Business Planning 2. Understand the marketplace and customer needs and wants * Situation analysis 3. Design a customer-driven marketing strategy * What customers will we serve? * How can we best serve our target customers? 4. Construct an integrated marketing program that delivers superior value * Four Ps 5. Build profitable relationships and create customer delight * Customer Relationship Management (CRM) - build and maintain profitable relationships 6. Capture value from customers to create profits and customer equity * Future sales, market share and profit; loyal customers who by more 7. Monitoring and control * Plans who need constant monitoring – ensure that plans are following company objectives/goals
UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS
Customer Needs, Wants and Demands
Needs: states of felt deprivation * Physical needs = food, clothing, warmth, safety * Social needs = belonging, affection * Individual
Marketing is managing profitable customer relationships. * To attract new customers by promising superior value * To keep and grow current customers by delivering satisfaction
Marketing Defined * Marketing = satisfying customer needs * Not only selling and advertising only a small portion of a larger “marketing mix” – a set of marketing tools that work together to SATISFY CUSTOMER NEEDS and BUILD CUSTOMER RELATIONSHIPS * A social and managerial process where individuals and organizations obtain what they need and want through creating and exchanging value with others * Building profitable, value-laden exchange relationships with customers * Giving character/personality to a brand/firm
Marketing: the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
The Marketing Process 7 Step Model (modified from textbook) 1. Strategic Business Planning 2. Understand the marketplace and customer needs and wants * Situation analysis 3. Design a customer-driven marketing strategy * What customers will we serve? * How can we best serve our target customers? 4. Construct an integrated marketing program that delivers superior value * Four Ps 5. Build profitable relationships and create customer delight * Customer Relationship Management (CRM) - build and maintain profitable relationships 6. Capture value from customers to create profits and customer equity * Future sales, market share and profit; loyal customers who by more 7. Monitoring and control * Plans who need constant monitoring – ensure that plans are following company objectives/goals
UNDERSTANDING THE MARKETPLACE AND CUSTOMER NEEDS
Customer Needs, Wants and Demands
Needs: states of felt deprivation * Physical needs = food, clothing, warmth, safety * Social needs = belonging, affection * Individual