They observe customer their own competing products. The set of actual and potential buyers of a product. Wants are described in terms of objects that will satisfy needs. Marketing occurs when people decide to satisfy needs and wants through exchange relationships. This is an inside-out perspective. Simple Definition: Marketing is managing profitable customer relationships. In subsequent chapters we will be covering the marketing process in detail.
This is different from the video case study mentioned in the textbook. The Uncertain Economic Environment: Changes in the economy can change how consumers buy products. Share of Customer The share a company gets of the customers purchasing in their product categories. Publishing as Prentice Hall 1- 7 Understanding the Marketplace and Customer NeedsExchange is the act of obtaining a desired object from someone by offering something in return Copyright © 2012 Pearson Education, Inc. The product concept: devote energy to making continuous product developments 3. By creating value for customers,marketers capture value from customers inreturn.
At Issue: Competitors can copy product benefits quickly, but can not copy feelings toward the brand. Companies adopting this orientation run a major risk of focusing too narrowly on their own operations and losing sight of the real objective — satisfying customer needs and building customer relationships. Publishing as Prentice Hall 1- 18 Designing a Customer-Driven Marketing StrategyCopyright © 2012 Pearson Education, Inc. Capture value from customers to create profits and customer quality. True friends are both profitable and loyal. To create a value proposition, the firm must create a need-satisfying market offering product , it must decide how much it will charge for the offering price , and how it will make the offering available to target customers place.
Publishing as Prentice Hall 1- 1 Creating and Capturing Customer ValueTopic Outline What Is Marketing? The Marketing Process Copyright © 2012 Pearson Education, Inc. Printed in the United States of America. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction. The idea that consumers will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. It includes product, price, promotion, and place. Classified into four broad groups The four-P's of Marketing : Product, Price, Place, and Promotion. Describe the major trends and forces changing the marketing landscape.
Transaction - a trade between two parties that involves at least two things of value, agreed-upon conditions, and a time and place of agreement this is marketing's unit of measurement. Customer satisfaction often leads to consumer loyalty. The marketing concept: achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do. While useful in some situations, the production concept can lead to marketing myopia. A Marketing is the creation of value for customers. Publishing as Prentice Hall 1- 37. The value of the entire stream of purchases a customer makes over a lifetime of patronage.
Describe the major trends and forces changing the marketing landscape. How can we best serve these customers? Discuss customer relationship management and creating value for and capturing value from customers. Demarketing Temporarily or permanently reducing the number of customers or shifting their demand. Understand the marketplace and customer needs and wants 2. Different types of customers require different relationship management strategies and the goal is to build the right relationships with the right customers. Strangers show low potential profitability and little projected loyalty.
Publicity examples: press releases sent to various types of media, appearances V. Construct an integrated marketing program that delivers superior value 4. These people share a need or want that can be satisfied through exchange relationships. Design a customer-driven marketing strategy 3. This is the most basic concept underlying marketing.
Publicity example: press releases sent to various types of media E. Focuses on the factory and existing products, and the profits are gained through selling and promoting and higher sales volume. How can we best serve these customers? Fashion Merchandising Promotion Plan Requirements I. Design a customer-driven marketing strategy. It consists of the firm's marketing mix. Physical needs for food, clothing, warmth and safety.
Publishing as Prentice Hall 1- 36 All rights reserved. Socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs. Include in an appendix any exhibits appropriate to the written entry but not important enough to include in the body. Organization should therefore devote its energy to making continuous product improvements. Include in an appendix any exhibits appropriate to the written entry but not important enough to include in the body. Construct an integrated marketing program that delivers superior value. They train salespeople and other frontline personnel to be on the lookout for unfulfilled customer needs.
Company Marketing Intermediaries Suppliers Competitors Major Environmental Forces Each party in the system adds value. Understand the marketplace and customer needs and wants. B Marketing involves managing profitable customer relationships. The marketing program builds customer relationships by transforming the marketing strategy into action. Exchange - the act of obtaining a desired object from someone by offering something in return this is the core concept of marketing.