MKTG1025 Lecture Notes - Lecture 1: Marketing Management, Marketing Mix
MARKETING SUMMARY
CHAPTER 1
Defining marketing and the marketing process
What is marketing?
Marketing is engaging customers and managing profitable customer relationships.
The twofold goal of marketing is to:
1. attract new customers by promising superior value; and
2. keep and grow current customers by delivering satisfaction.
Defining marketing and the marketing process
Marketing defined
• Today marketing must be understood in the sense of satisfying customer needs.
• The process by which marketing organisations engage customers, build strong customer
relationships and create customer value in order to capture value from customers in
return.
Designing a customer-driven marketing strategy
• Marketing management is the art and science of choosing target markets and building
profitable relationships with them.
• The arketig aager’s aim is to attract, engage, keep and grow target customers by
creating, delivering and communicating superior customer value.
Two critical questions:
1. What customers will we serve?
(i.e. Who is our target market?)
2. How can we serve these customers best?
(i.e. What is our value proposition?)
Sources of Demand
Preparing an integrated marketing program
Marketing program ..
- Builds customer relationships by transforming the marketing strategy into action
- Consists of the firms marketing mix – that is, the set of marketing tools the firm uses
to implement its marketing strategies
find more resources at oneclass.com
find more resources at oneclass.com
