ADMS 2200 Lecture Notes - Voice Of The Customer, Marketing Myopia, Value Proposition

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Defining Marketing & Marketing Process 1/11/2013 2:54:00 PM
Managing profitable customer relationships
Create value for customers and to capture value from customers in
return.
Successful companies are strongly customer focused and heavily
committed to marketing.
Goal of marketing is to attract new customers by promising superior
value and to keep and grow current customers by delivering satisfaction.
Sound marketing is key factor behind a successful organization.
Products will sell easily if marketers are able to understand the consumer
needs, develop products that provide superior customer value, & prices,
distributes, and promotes the product efficiently.
Social and managerial process by which individuals and organizations
obtain what they need and want through creating and exchanging value
with others.
The process by which companies create value for customers and building
strong customer relationships in order to capture value from customers in
return.
The Marketing Process:
A five-step model of the marketing process. In the first 4 steps
companies work in order to understand consumers, create customer
value and build strong relationship. The final step companies reap the
rewards of creating superior customer value.
1) Understanding the Marketplace and Customer Needs:
Customer Needs, Wants, and Demands
o Human needs: state of felt deprivation
o Physical needs: food/clothing/warmth/safety
o Social: belonging/affection
o Individual: basic part of human make-up
o Wants: form human needs take as shaped by culture and
individual personality
o Demands: human wants that are backed by buying power
o Conducting consumer research and analyzing customer data to
understand customers needs/wants/demands.
Marketing Offerings Products, services and experiences
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Document Summary

Defining marketing & marketing process 1/11/2013 2:54:00 pm. Create value for customers and to capture value from customers in return. Successful companies are strongly customer focused and heavily committed to marketing. Goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction. Sound marketing is key factor behind a successful organization. Products will sell easily if marketers are able to understand the consumer needs, develop products that provide superior customer value, & prices, distributes, and promotes the product efficiently. Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. The process by which companies create value for customers and building strong customer relationships in order to capture value from customers in return. A five-step model of the marketing process.

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