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Lecture 1

MKTG 341 Lecture 1: Defining Marketing

4 Pages

Course Code
MKTG 341
Xianfang Zeng

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Lecture 1: Defining Marketing Marketing = The process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return Steps to Marketing 1. Understanding the marketplace & customer needs & wants 2. Designing a customer driven marketing strategy 3. Preparing an integrated marketing plan & program 4. Building profitable customer relationships 5. Capturing value from customers Understanding the Marketplace & Customer Needs & Wants Needs, Wants, Demands • Needs o States of felt deprivations o Physical, social, individual needs ( food, shelter, water, etc.) • Wants o Not essential for survival o Non permanent (shaped by culture & individual personality) • Demands o Wants backed by buying power o Ability & willingness to pay Market Offerings • Physical products, services, experiences • Other market offerings o People (ex. Clinton vs. Trump) o Place (ex. National parks, Stampede) o Organizations (ex. Universities, charities) o Information & ideas (ex. Facebook, Google) o Experiences o Unattainable things (ex. Disney markets magic) Marketing Myopia • Focus on specific products • Overlook benefits & experiences • Ex. Kodak focused on good quality products (should have focused on moments captured with products); Coca-Cola focused on experiences (therefore able to sell coke, diet coke, coke zero; all similar yet people buy all of them because of the experience) Customer Value & Satisfaction • Customer-perceived value o Evaluation of benefits & sacrifice necessary to obtain those benefits ▯ Sacrifices can be financial, time-based, etc. ▯ Increasing customer expectations (previous satisfactions) can mean less satisfied customers in the future o Relative to competing offers • Customer satisfaction o Perceived performance relative to a buyer’s expectations ▯ Perceived performance – expectations = satisfaction level Exchanges & Relationships • Exchanges o An Act of obtaining a desired object form someone by offering something in return • Relationships o Going beyond short-term transactions o Long-term bond through delivering superior customer value • Marketers create, maintain, & grow desirable exchange relationships Markets • The set of actual & potential buyers of product & services (can be business, individual, etc) • Coexistence of exchanges & relationships • Marketing is the management of markets Designing a Customer-Driven Marketing Strategy Marketing Management (STP) • Segmenting customers • Targeting at certain segments (ie. Whom to serve?) • Positioning in the marketplace (ie. How to serve?) Marketing Management Orientations • Production Concept o Focus on the firm’s internal capabilities (“If you build it, he will come”) o Focusing on production, customer comes to me • Product Concept o Focus on the quality, performance, innovative features • Selling Concept o Focus on aggressive selling of unsought goods • Marketing Concept o Know target customers’ needs & wants o Deliver desired satisfactions better than competitors do • Societal Marketing Concept o Balance the company’s, consumers’ & society’s interest Societal Marketing Concept • The bottom line is the profit. Always.
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