MARKETING: CREATING SUPERIOR CUSTOMER VALUE
MARKETING: It is a social and managerial process by which individuals and groups
obtain what they need and want by creating and exchanging products and value with
OPERATIONAL MARKEING PROCESS: It is the process of understanding the market
opportunities, choosing a target market, developing a marketing mix and managing
1) Understanding the marketplace and customer needs and wants
2) Designing a customer driven marketing strategy
3) Developing an integrated marketing program that provides superior value
4) Building on profitable customer relationships
5) Capturing value from the consumers to create profit and equity share.
FIVE CONCEPTS OF MARKETING
1) Customer needs and wants
NEEDS: state of felt deprivation
a) Physical needs: food, clothing and shelter
b) Social needs: belonging and affection
c) Individual needs: self-expression and information
WANTS: The form human needs take when influenced by culture and personality
DEMANDS: Human wants that are backed with buying power.
2) Market offerings: Any combination of products, services, information and
experiences that is offered to a market to satisfy a need or a want
3) a) Customer satisfaction – The critical evaluation of a product or service feature
or the product or service itself.
Factors influencing customer satisfaction judgement:
a) Past purchase experience
b) Information and promises made by the company and its competitors
c) What they think is fair value based on the price they paid
b) Customer value – The difference between the benefits of purchasing or
owning a product and the cost of obtaining it. 4) Exchange - The act of obtaining a desired object from someone by offering
something of value in return.
Transaction – An element of exchange. It involves a minimum of two things of
value, agreed upon conditions and a time and place of agreement.
Customer relationship management – It is overall process of building and
maintaining of profitable relationships with the customers by providing
satisfaction and value to them