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Chapter 1

Chapter 1.docx

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Department
Marketing
Course Code
MARK 201
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All

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987Marketing Management I COMM 223Winter 2013Chapter 1 Marketing Creating and Capturing Customer Value1What is MarketingMarketing managing profitable customer relationshipsGoal of marketing To attract new customers by promising superior value and growth current customer satisfactionMarketing is all about satisfying customer needsMarketing activity set of institutions and processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and societyThe Marketing ProcessoBuild relationshipsUnderstand the marketplace and customer needs and wantsDesign a customer driven marketing strategyConstruct a marketing program that delivers superior valueBuild profitable relationships and create customer delightoCapture value from customers in returnCapture value from customers to create profits and customer equity2Understand the marketplace and customer needs and wantsaCustomer Needs Wants and DemandsiNeeds State of felt deprivationiiWants the form of human needs case as shaped by culture and individual personalityiiiDemands human wants that are backed by buying power1Some executives actually serve customers on the front line to further understand how they feel ex acting as a flight attendant for an airline companybMarket OfferingsProducts Services and ExperiencesiMarket offerings some combination of products services information or experiences offered to market to satisfy need or wantiiMarketing myopia the mistake of paying more attention to the specific products company offers into the benefits and experiences produced by these products1A company selling drillbits thinks the customer needs a drill bit But in fact the customer needs the drillbits hole A cheaper alternative will make the customer want the cheaper alternative all while having the same needcCustomer Value and SatisfactioniExchange the act of obtaining a desired object from someone by offering something in returniiMarketers need to build strong relationships by constantly delivering superior customer valuedMarketsiMarket the set of all actual and potential buyers of the product and serviceiiCool marketing activities include consumer research product development communication distribution pricing and service3Designing a CustomerDriven StrategyMarketing management the Art and science of choosing target markets and building profitable relationships with themTwo important questionsoWhat customers will we serve what is our target marketoHow can we serve these customers best whats our value proposition
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