Marketing Ppt

Chapter 1

“Managing Profitable Customer Relationship”

Q: What is marketing?

Marketing:

“Marketing is the management process responsible for identifying, anticipating and satisfying customer requirement profitably.”

-Simply Put: Marketing is the delivery of customer satisfaction at a profit.

Marketing is a management responsibility; Marketing requires co-ordination, planning, implementation of campaigns and a competent manager(s) with the appropriate skills to ensure success.

Philip Kotler defines marketing as 'satisfying needs and wants through an exchange process'

Within this exchange transaction customers will only exchange what they value (money) if they feel that their needs are being fully satisfied; clearly the greater the benefit provided the higher transactional value an organization can charge.

Marketing is managing profitable customer relationships, it attracts new customers and it retains and grows new customers.

Q: Illustrate the Marketing Process?

The Marketing Process:

Capture value from customers in return

The above model which includes five broader steps of marketing process, in first four steps we discuss that how marketers works on understanding consumer needs, wants and demands, how they deliver value to their customers, according to customer needs marketers make their strategies for their particular product or service and how they build a strong customer relationship which makes their value and image in the market.

* Understand the Market Place and Customer Needs:

In this first step marketers need to understand the customer’s needs wants, market demands and the market place in which they operate. We now examine five core concepts and market place concepts.

Core Marketing Concepts

* Customer Needs Wants and Demands:

Needs: The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. Means that human needs are part of basic human nature like · Physical...