• Marketing is
• Managing profitable customer relationships.
• Satisfying customer needs in a socially responsible and ethical manner.
The activity, set of institutions, and process for creating, communicating,
delivering and exchanging offerings that have value for customers, clients
partners, and society at large.
• A social and managerial process by which individuals and groups obtain what
they need and want through creating and exchanging value with others.
1. Attract new customers by promising superior values
2. Keep and grow current customers by delivering satisfaction
• Creating value and customer relationships:
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 relationships and create customer delight
• Capturing value from customers:
1. Capture value from customers to create profits and customer equity
• States of felt deprivation, e.g. need food to survive.
• The form human needs take as shaped by culture, individual personality,
society and marketing programs, e.g. need food but want burger.
In terms of objects that will satisfy needs
• Wants that are backed by buying power
• People demand products with benefits that add up to the most value and
• Marketing offerings
• Some combinations of products, services, information, or experiences offered
to a market to satisfy a need or want.
• Not limited to physical products.
• Marketing myopia
• The mistake a seller makes by paying more attention to the specific products a
company offers than to the benefits and experiences produced by these
products. • Focus only on existing wants, not customer needs.
• The act of obtaining a desired object from someone by offering something in
More than just buying g+s, e.g. church wants membership.
• The set of all actual and potential buyers of g+s.
• Marketing management
• The art and science of choosing target markets and building profitable
relationships with them.
• Find, attract, keep, and grow target customers by creating, delivering, and
communicating superior customer’s value.
• Selecting customers to serve and the methods in serving them
• Customer & demand management
• Value proposition
• The set of benefits or values it promises to deliver to consumers to
satisfy their needs, so they’ll buy the products (instead of other
companies’). • Marketing management orientations
• Consumers will prefer products that are available and highly affordable and that the
org. should focus on improving production and distribution efficiency.
• May lead to marketing myopia.
• Consumers will favor products that offer the most quality, performance, and features
and that the org. should devote its energy to making continuous product
• Focus more on RnD to improve product
• Doesn’t take into account customer’s preference.
• E.g. Mousetrap vs. Rat poison
• Consumers will not buy enough of the firm’s products unless it undertakes a large-
scale selling and promotion effort.
• For unsought goods, e.g. insurance, giving blood.
• To empty inventory, as inventory cost is high.
• Aggressive selling
• Creating sales transactions rather than building customer relationships.
• Sell what the company makes than making what the market wants.
• Assumes that customers who bought the products will like it. If they don’t like it,
they will forget the disappointment and buy it again later.
• Inside-out perspective
Achieving org. goals depends on knowing the needs and wants of target markets
and delivering the desired satisfactions better than competitors do.
• Not to find the right customers for your products, but to find the right products for
• Works well when a clear need exists and customers know what they want.
• In many cases, customers don’t know what they want.
A company’s marketing decisions should consider consumers’ wants, the company’s
requirements, consumers’ L-R interests, and society’s L-R interests.
• Questions consumer S-R