MKT 311 Chapter Notes - Chapter 1: Root Mean Square, Kroger, Marketing Mix
Wednesday, May 30, 2018
Marketing 311!
Chapter 1!
-Preview
ā¢Marketing is engaging customers and managing proļ¬table customer
relationships !
ā¢Aim is to create value for customers in order to capture value from
customers!
-Nikeās Customer Value-Driven Marketing
ā¢To build image and market share, Nike outspent competitors on big
name endorsements, promo events, and advertisements !
ā¢Nike marketed a way of life - an experience !
ā¢Nike now forges a new kind of brand- customer connection through
several modes of connection!
ā¢Nike delivers customer value beyond the products it makes!
ā¢Successful companies are strongly customer focused and committed
to marketing!
-Passion for understanding and satisfying customer needs !
-1.1: Deļ¬ne marketing and outline the steps in the marketing process
ā¢Marketing deals with customers !
ā¢Marketing: engaging customers and managing proļ¬table customer
relationships !
ā¢Attract through promising superior value !
ā¢Keep and grow by delivering satisfaction!
ā¢Companies want to help you live with their brands!
#1
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Wednesday, May 30, 2018
ā¢If a marketer engages consumers eļ¬ectively, understands their needs,
develops products that provide superior customer value, and prices,
distributes, and promotes them well, these products will sell easily!
ā¢āThe aim of marketing is to make selling unnecessaryā!
ā¢Selling and advertising are only part of the marketing mix !
ā¢Create value in order to capture value!
ā¢The Marketing Process!
-Understand the marketplace and customer needs and wants!
-Design a customer value driven marketing strategy!
-Construct an integrated marketing program that delivers superior
value !
-Engage customers, build proļ¬table relationships and create
customer delight !
-Capture value from customers to create proļ¬ts and customer equity!
-1.2: Explain the importance of understanding the marketplace and
customers and identify the 5 core marketplace concepts
ā¢The ļ¬rst step in the marketing process is making sure the company
fully understands consumers and the marketplace which it operates !
ā¢Core customer marketplace concepts:!
-Needs, wants, and demands!
ā¢Human needs !
ā¢Basic physical needs for food, clothing, warmth and safety social
need for belonging and aļ¬ection, and individual need for
knowledge and self-expression !
ā¢Wants take form from culture and individual personality!
#2
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Wednesday, May 30, 2018
ā¢Given wants and resources, people demand products and services
with beneļ¬ts that add up to the most value and satisfaction !
-Market oļ¬erings !
ā¢Combination of products, services, information, or experiences
oļ¬ered to a market to satisfy needs/wants !
ā¢EX: banking, airlines, hotel, retailing!
ā¢A campaign such as āDont Text, Stop the Wrecksā is a form of
marketing !
ā¢Sellers who pay more attention to speciļ¬c products they oļ¬er
rather than the beneļ¬ts/ experiences suļ¬er from marketing myopia !
-These sellers focus on existing wants and lose sight of
underlying needs !
-Value and satisfaction!
ā¢Customers form expectations about the value and satisfaction
from various markets!
ā¢Satisļ¬ed customers buy again and tell others about good
experiences !
ā¢Marketers must be careful to set the right level of expectation !
-Exchanges and relationships !
ā¢Marketing occurs when people decide to satisfy their needs and
wants through exchange relationships !
ā¢Marketing consists of actions taken to create, maintain, and grow
desirable exchange relationships with target audiences !
ā¢Companies want to build strong relationships by consistently
delivering superior customer value !
#3
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find more resources at oneclass.com
Document Summary
Preview: marketing is engaging customers and managing pro table customer relationships, aim is to create value for customers in order to capture value from customers. Passion for understanding and satisfying customer needs. #1: if a marketer engages consumers e ectively, understands their needs, develops products that provide superior customer value, and prices, distributes, and promotes them well, these products will sell easily. Wednesday, may 30, 2018: the aim of marketing is to make selling unnecessary , selling and advertising are only part of the marketing mix, create value in order to capture value, the marketing process. Understand the marketplace and customer needs and wants. Design a customer value driven marketing strategy. Construct an integrated marketing program that delivers superior value. Engage customers, build pro table relationships and create customer delight. Capture value from customers to create pro ts and customer equity.
