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A+ Notes: Ch 1

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Management (MGM)

Ch 1 Marketing Creating and Capturing Customer ValueWhat is MarketingPG Tide build meaningful customer connectionscant copy how consumers feel about brandmarketingactivities set of institutionsprocesses for creating communicating delivering exchanging offerings that have value for customers clients partnerssocietyfocus customersprofitabilitygoal attract new customers with valuekeep old customers satisfactionWalmart SaveLive Better Disney dream come true Apple Think Differenttake care of customers part of their lifemarket share profits will followold way tellingselling new way satisfy customer needs socially responsible Peter Drucker aim of mkting is to make selling unnecessarymarketing process 1 understand nw 2 customerdriven mkting strategy 3 deliver value 4 establish profitable relnscustomer satisfaction 5 profitscustomer equityUnderstanding the Marketplace and Customer Needs1customer nw demandshuman needsstates of felt deprivationphysical food social belonging affection individual knowledge selfexpressionthe form human needs take as shaped by culture indiv personality mkting wantsprogramsdemandswants backed by resources buying power2market offeringsprod services experiencesmarket offeringssome combination of gs info experiences offered to a mkt to satisfy a nwmarketing myopiamistake of paying more attention to specific prod of co than beneexp produced by these prodfocus only on existing wantsnot on underlying needsif new prod better serves need or less expensivecust same need will want new prodcreate brand experience3Customer Value and Satisfactioncust form expectations of valuesatis of mkt offeringssatis cust will tell others develop loyaltycareful about setting expectations too highlow4Exchanges and Relationshipsexchangeact of obtaining a desired obj from someone by offering something else in returnactions to buildmaintain desirable exch relns w target audience involving gs ideagoal retain customergrow their business with company5Marketsmarketthe set of all actual or potential buyers of a gsactivities incl research development commn distrib pricing servicenot just reaching to customers how can customers reach useach othermarketing sys supplierscocompetitorsintermediariescustomer
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