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Lecture 1

MKT 300 Lecture 1: MKT 300 Chapter 1 Notes

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MKT 300
Susan Fant

Marketing 300 Chapter 1 Notes First Stop: • Reason for Amazon’s success – highly customer driven • Creates unique personal customer experience ➢ Personalized home pages ➢ Personalized product recommendations • “Discovery” factor – users of the site are compelled to look, learn, and discover • Archetype for other companies focused on delivering customer value Marketing • Marketing involves creating value for customers and building strong customer relationships in order to capture value from customers in return • Goals: ➢ Attract new customers by promising superior value ➢ Keep and grow current customers by delivering satisfaction Forms of Marketing • Traditional ➢ View – making a sale ➢ Abundance of products in the nearby shopping centers ➢ Television, magazine, and direct-mail ads • Contemporary ➢ View – satisfying customer needs ➢ Imaginative web sites and mobile phone apps, blogs, online videos, and social media ➢ Reach customers directly, personally, and interactively Understanding the Marketplace and Customer Needs • Core customer and marketplace concepts ➢ Needs, wants, and demands ➢ Market offerings (product, services, and experiences) ➢ Value and satisfaction ➢ Exchanges and relationships ➢ Markets Customer Needs, Wants, and Demands • Needs ➢ States of felt deprivation o Physical needs – food, clothing, warmth, and safety o Social needs – belonging and affection o Individual needs – knowledge and self-expression • Wants ➢ Form taken by human needs when shaped by culture and individual personality • Demands ➢ Human wants that are backed by buying power Market Offerings • Combination of products, services, information, or experiences ➢ Offered to a market to satisfy a need or want ➢ Entities – products, services, persons, places, organizations, information, and ideas • Marketing myopia: Paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Customer Value and Satisfaction • Customers form expectations about the value and satisfaction of market offerings ➢ Satisfied customers buy again and spread the word ➢ Dissatisfied customers switch to competitors and criticize the product to others • Setting low expectations may satisfy those who buy but fail to attract enough buyers • Setting high expectations may disappoint buyers Exchanges and Relationships • Exchange is the act of obtaining a desired object from someone by offering something in return • Marketing consists of creating, maintaining, and growing desirable exchange relationships with target audiences ➢ Marketers build strong relationships by consistent delivering superior customer value Markets • Set of all actual and potential buyers of a product or service • Consumers market: ➢ Search for products ➢ Interact with companies to obtain information ➢ Make purchases • Customer-managed relationships are important as customers are empowered and marketing is made a two-way affair Designing a Customer-Driven Marketing Management • Marketing management: choosing target markets and building profitable relationships with them • Basic factors to design a winning marketing strategy: ➢ Target market ➢ Value proposition • Selecting customers to serve • Choosing a value proposition • Marketing management orientations ➢ Production concept ➢ Product concept ➢ Selling concept ➢ Marketing concept ➢ Social marketing concept Three Considerations Underlying the Societal Marketing Concept • Society (human welfare) • Company (profits) • Consumers (want satisfaction) Marketing Mix • Set of marketing tools the firm uses to implement its marketing strategy ➢ Product ➢ Price ➢ Place ➢ Promotion • Each tool should be blended into a comprehensive integrated marketing program Customer Relationship Management • Delivering superior customer value and satisfaction to build and maintain profitable customer relationships ➢ Customer-perceived value: customer’s evaluation of the difference between all the benefits and costs of a marketing offer relative to those of competing offers ➢ Customer satisfaction: extent to which a product’s perceived performance matches a buyer’s expectations Customer Relationship Levels and Tools • Levels ➢ Basic relationships o With low-margin customers ➢ Full partnerships o With high-margin customers • Tools ➢ Frequency marketing programs ➢ Loyalty rewards programs ➢ Club marketing programs Customer-Engagement Marketing • Customer-engagement marketing involves fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community • Greater consumer empowerment means that companies should rely on marketing by attraction • The key is to find ways to enter consumers’ conversations with engaging and relevant brand messages Consumer-Generated Marketing • Brand exchanges created by consumers ➢ Consumers play and increasing role in shaping their own brand experiences and those of other consumers • Occurs through: ➢ Uninvited consumer-to-consumer exchanges ➢ Invitation of consumers by companies o Asking for new product and service ideas o Asking to play an active role in shaping ads Partner Relationship Management • Working closely with partners both inside and outside the company to jointly bring more value to customers ➢ Partners inside the firm – cross-functional teams ➢ Partners outside the firm – suppliers, channel partners Creating Cus
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