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Chapter 1

MKC1200 - Chapter 1 and 2 (week 1).docx

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Department
Marketing
Course
MKC1200
Professor
Dr Maya Mandery
Semester
Fall

Description
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 others OPERATIONAL MARKEING PROCESS: It is the process of understanding the market opportunities, choosing a target market, developing a marketing mix and managing marketing efforts MARKETING PROCESS 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 Customer equi
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