Summary Principles of Marketing Ibms
Principles of marketing chapter 1
Marketing is: managing profitable customer relationships.
The twofold goal is: 1. To attract new customers by promising superior value. 2. Keep and grow current costumers by delivering satisfaction.
Old marketing sense: telling and selling
New marketing sense: satisfying customer needs
Marketing starts before the product is produced and goes on throughout the product’s life.
Definition marketing in the business context: a process by which companies create value for customers and build strong customer relationships in order to capture value from the customer in return.
The five steps in Marketing: 1. Understand the marketplace and the customer’s needs and wants. 2. Design a customer driven marketing strategy 3. Construct a marketing programme that delivers superior value. 4. Build profitable customer relationships and create customer delight 5. Capture value from customers to make profits and customer equity
B2B ( the similar groups or individuals exchange products of value to each other
B2C ( not an exchange, this is to fulfill each other’s needs and wants.
What is marketing?
A managerial process deployed by an organization
What is the objective?
To fulfill the needs and wants of the deploying organization
How is this achieved?
A social process whereby other individuals or groups obtain their needs and wants by creating and exchanging products and value.
Understanding marketplace and customer value
Needs: the basic physical social and individual needs
Wants: specialized needs, developed by culture and individual personality
Demands: Human wants backed up by paying ability (buying power)
The market offering: Products, Services and experiences.
Companies address needs by putting forth a value proposition, a set of benefits that they promise to customers to satisfy their needs. The value proposition is fulfilled by a market offering.
Market offering: a combination
Marketing is: managing profitable customer relationships.
The twofold goal is: 1. To attract new customers by promising superior value. 2. Keep and grow current costumers by delivering satisfaction.
Old marketing sense: telling and selling
New marketing sense: satisfying customer needs
Marketing starts before the product is produced and goes on throughout the product’s life.
Definition marketing in the business context: a process by which companies create value for customers and build strong customer relationships in order to capture value from the customer in return.
The five steps in Marketing: 1. Understand the marketplace and the customer’s needs and wants. 2. Design a customer driven marketing strategy 3. Construct a marketing programme that delivers superior value. 4. Build profitable customer relationships and create customer delight 5. Capture value from customers to make profits and customer equity
B2B ( the similar groups or individuals exchange products of value to each other
B2C ( not an exchange, this is to fulfill each other’s needs and wants.
What is marketing?
A managerial process deployed by an organization
What is the objective?
To fulfill the needs and wants of the deploying organization
How is this achieved?
A social process whereby other individuals or groups obtain their needs and wants by creating and exchanging products and value.
Understanding marketplace and customer value
Needs: the basic physical social and individual needs
Wants: specialized needs, developed by culture and individual personality
Demands: Human wants backed up by paying ability (buying power)
The market offering: Products, Services and experiences.
Companies address needs by putting forth a value proposition, a set of benefits that they promise to customers to satisfy their needs. The value proposition is fulfilled by a market offering.
Market offering: a combination