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8 Pages
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Department
Management (MGM)
Course Code
MGMA01H3
Professor
Mcmulkin

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CHAPTER 1 MARKETING: CREATING AND CAPTURING
Previewing concepts:
1)What is Marketing? Marketing= managing profitable customer relationships;
aim to create value for customers and to capture value from customers in return.
2)5 steps in marketing process
a. Understand the marketplace and customer needs and wants
b.designing customer-driven marketing strategies and programs
c.construct a marketing program that delivers superior value
d.building profitable relationships and create customer delight
e.capturing value from customers to create profits and customer equity
3) major trends and forces affecting marketing in this age of customer relationships
What is Marketing? (see lecture slides)
Understanding the Marketplace and Customer Needs
5 core customer and marketplace concepts:
1)needs, wants, and demands (see lecture slides)
2) market offerings (products, services, and experiences)
consumers needs and wants are fulfilled through market offerings = some
combination of products, services, information, or experiences offered to a market to
satisfy a need or want
many sellers suffer from marketing myopia = the mistake of paying more attention
to the specific products a company offers than to the benefits and experiences
www.notesolution.com
produced by these products (focus only on existing wants and lose sight of
underlying customer needs)
oeg. Manufacturer of quarter-inch drill bits think customers need a drill bit,
but what customer really needs is a quarter-inch hole
3)customer value and statisfaction
key building blocks for developing and managing customer relationships
4)exchanges and relationships
exchange= the act of obtaining a desired object from someone by offering something
in return
beyond simply attracting new customers and creating transactions, the goal is to
retain customers and grow their business with the company
5) markets
market= the set of all actual and potential buyers of a product or service
main elements in a marketing system: (all parties are affected by major
environmental forces (demographic, economic, physical, technological, political/legal,
and social/cultural))
othe company and competitors research the market and interact with
consumers to understand their needs
othey create and send their market offerings and messages to consumers,
directly or through marketing intermediaries
oeg. Walmart cant fulfill its promise of low prices unless its suppliers provide
merchandise at low costs
*a company’s success at building profitable relationships depends not only on its own
actions but also on how well the entire system serves the needs of final consumer
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Major environmental forces
Designing a Customer-Driven Marketing Strategy
Marketing management= the art and science of choosing target markets and building
profitable relationships with them.
oaim: find, attract, keep, and grow target customers by creating, delivering, and
communicating superior customer value
oWhat customers will we serve (whats our target market)?
oHow can we serve these customers best (whats our value proposition)?
Selecting Customers to Serve
oDivide the market into segments of customers (market segmentation) , and select
which segments it will go after (target marketing)
oSome marketers even seek fewer customers and reduce demands (demarketing)
Eg. BC hydro launched a campaign to get BColumbiansn to reduce their
power usage, with the goal of conserving the saved electricity to power the
2010 Olympics and Paralympic Winter Games. By joining Team Power
Smart, consumers can access tools to help track their conservation
targets and have a chance to win Olympics tickets
Marketing
intermediarie
s
consumers
competitors
Company
suppliers
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Description
CHAPTER 1 MARKETING: CREATING AND CAPTURING Previewing concepts: 1) What is Marketing? Marketing= managing profitable customer relationships; aim to create value for customers and to capture value from customers in return. 2) 5 steps in marketing process a. Understand the marketplace and customer needs and wants b. designing customer-driven marketing strategies and programs c. construct a marketing program that delivers superior value d. building profitable relationships and create customer delight e. capturing value from customers to create profits and customer equity 3) major trends and forces affecting marketing in this age of customer relationships What is Marketing? (seelecture slides) Understanding the Marketplace and Customer Needs 5 core customer and marketplace concepts: 1) needs, wants, and demands (seelecture slides) 2) market offerings (products, services, and experiences) consumers needs and wants are fulfilled through market offerings = some combination of products, services, information, or experiences offered to a market to satisfy a need or want many sellers suffer from marketing myopia = the mistake of paying more attention to the specific products a company offers than to the benefits and experiences www.notesolution.com
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