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Marketing Notes - week #1- chapter 1.docx

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Marketing and Consumer Studies
MCS 1000

Marketing – Week #1 Notes Chapter #1 Marketing Experts are the CONSUMERS. - They are exposed to messages tactics and programs What is Marketing? - Attracting customers by promising and delivering superior value - Building long term relationships with customers by delivering continued customer satisfaction - Creating, building and managing these relationships profitably over time - A successful marketer is the one that closes the sale, but closing that sale requires marketers to thoroughly understand the needs of their potential customers. Figure 1.1 – The Marketing Process 1. Understand the marketplace and customer needs and wants. 2. Design a customer-driven marketing strategy. 3. Construct a marketing program that delivers superior value. 4. Build profitable customer relationships and create customer delight. 5. Capture value from customers to create profits and customer equity. - In the first four steps, companies work to understand customers, create customer value, and build strong customer relationships. - In the final step, companies reap the rewards of creating that customer value. By creating value for their customers, they in turn capture value from those customers in the form of sales, profits, and long term customer equity. Needs, Wants, Demands – What’s the difference? Needs – State of felt deprivation Wants – Needs shaped by culture and personality Demands – Wants combined with buying power Value and Satisfaction Customer’s perceived Value: - The customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers Customer Satisfaction: - Depends on the product’s perceived performance relative to a buyer’s expectations. - If the performance and the customers experience are lower than their expectations then the customer satisfaction is low. - If the performance and the customers experience meet the expectations then the customer is satisfied. - If the performance and the customers experience exceed their expectations then the customer is delighted. Exchange and Transaction Exchange – The act of obtaining a desired object from somebody by offering something in return. Transaction – An exchange between two parties that involves: - Two things of value - Agreed upon conditions - Time of agreement - Place of agreement Marketing Management - The combined management tasks of analyzing customers and markets, designing marketing strategy, communicating value propositions, and serving customers. Customer Driven Marketing - Understanding customer’s wants more than the customers
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