Welcome to Brand You
What marketing is and how value creation is central to the marketing concept
Customer value: The benefits a customer receives from buying and using a good or service
in relation to the costs and sacrifices of buying and using it. (ppt)
What is marketing?
Marketing: Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large. (ppt)
Focus on Value Creation
Target market: The groups of consumers or customers on which an organization focuses its
marketing plan and toward which it directs its marketing efforts.
Marketing is about creating customer value
Stakeholder: People or organizations who influence or are influenced by marketing
Exchange: The process by which some transfer of value occurs between a buyer and a
Consumer: The ultimate user of a good or service.
Marketing concept: A business orientation that focuses on achieving organizational
objectives by understanding customer needs, and creating and delivering value in
exchanges that satisfy the needs of all parties. (ppt)
Need: The recognition of any difference between a consumer’s actual state and some
ideal or desired state.
Want: The desire to satisfy needs in specific ways that are culturally and socially
****consumers are motivated by needs but make purchase decisions based on
Benefit: The outcome sought by a customer that motivates buying behavior (that
satisfies a need or want).
Demand: Customers’ desire for products coupled with the resources to obtain them.
Market: all the customers and potential customers who share a common need that can
be satisfied by a specific product, who have the resources to exchange for it, who are
willing to make the exchange, and who have the authority to make the exchange.
Marketplace: any location or medium used to conduct an exchange.
****a marketplace may not even exist in the physical world.***
Marketing and exchange relationships
Lifetime value of a customer: how much profit companies expect to make from a
particular customer, adding the contribution of each and every purchase s/he will make
from them now and in the future and subtracting the cost to the company of
maintaining this relationship.
What can we market?
Product: Any good, service, or idea that can be marketed.
Consumer goods and services
Consumer goods: The Tangible products that individual consumers purchase for
personal or family use.
Services: Intangible products that are exchanged directly between the producer and
Popular culture: The music, movies, sports, books, celebrities, and other forms of
entertainment consumed by the mass market.
Business-to-business goods and services
Business-to-business marketing: The marketing of those goods and services that
business and organization customers need to produce other goods and services, for
resale or to support their operation. Industrial goods: Goods indiciduals or organizations buy for further processing or for
their own use when they do business.
E-commerce: The buying or selling of goods and services electronically, usually over the
Non-for-profit organizations: organizations with charitable, educational, community,
and other public service goals that buy goods and services to support their functions
and to attract and serve their members.
Marketing as a decision-making process
**Marketing is fundamentally a decision-making process that allows individuals and
organizations to achieve objectives by creating value that satisfies stakeholder needs and
Understand the Opportunity
The marketing decision process
Understand Marketing Marketing Implementati
the strategy: mix: create on&evaluatio
specify the n: realize the
opportunity value the value value
Marketing strategy: specify the value
Market segment: A distinct group of customers within a larger market who have similar
needs, wants, preferences, and behaviours, who seek similar product solutions, and
whose needs differ from other customers in the larger market.
Market segmentation: A process of dividing the overall market into groups of
consumers who seek very different solutions for their needs and wants than other
groups of consumers.
Mass market: All possible customers in a market, regardless of the differences in their
specific needs and wants.