Marketing and Asian Perspective

Principles of Marketing: An Asian Perspective

L1

Marketing: Managing Profitable Customer Relationships

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Outline of Concepts
• • • • Define marketing and the marketing process. Identify and discuss the five core marketing concepts. Discuss the marketing management orientations that guide marketing strategy. Discuss customer relationship management and approaches for building lasting customer relationships.

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What is Marketing?
• Defining Marketing • Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return.

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Goals of Marketing?

• Attract new customers by promising superior value. • Keep and grow current customers by delivering satisfaction.
Nintendo’s Wii surged ahead of competition by delivering superior value and customer satisfaction with its interactive games.
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Scope of Marketing
• • • • • Marketing is not restricted to profit-making organizations. Not- for-profit (colleges, hospitals, churches, etc.) must also perform marketing. Marketing must both attract new customers and build relationships with current customers. Most people think of marketing as selling and/or advertising. Its focus is really on satisfying customer needs.

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A Simple Model of the Marketing Process

Note: These stages guide our thinking about what marketing is, what it represents in essence. The chapters in the text are built around these themes.

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Understanding Customer Needs, Wants & Demands

Understand the marketplace and

customer needs

Needs

Wants

Demands

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