Introduction to Marketing

Master in Marketing and Communications

Module 1

Marketing: Creating and Capturing Customer Value

Module 1- slide 1

Creating and Capturing Customer Value

Topic Outline

• • • • • • • What Is Marketing? Understand the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The Changing Marketing Landscape

What Is Marketing?

Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return

What Is Marketing?

The Marketing Process

Understanding the Marketplace and Customer Needs

Core Concepts

• • • • •

Customer needs, wants, and demands Market offerings Value and satisfaction Exchanges and relationships Markets

Understanding the Marketplace and Customer Needs

Customer Needs, Wants, and Demands

• States of deprivation • Physical—food, clothing, warmth, safety • Social—belonging and affection • Individual—knowledge and self-expression

Needs Wants Demands

• Form that needs take as they are shaped by culture and individual personality

• Wants backed by buying power

Understanding the Marketplace and Customer Needs

• Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want • Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs

Understanding the Marketplace and Customer Needs

Customer Value and Satisfaction Expectations Customers

• Value and satisfaction

Marketers

• Set the right level of expectations • Not too high or low

Understanding the Marketplace and Customer Needs Exchange is the act of obtaining a desired

object from someone by offering something in return

Understanding the Marketplace and Customer Needs

Markets are the set of actual and potential buyers of a...