Marketing

Principles of Marketing

Marketing: Managing Profitable Customer Relationships

Learning Objectives

After studying this chapter, you should be able to:

Define marketing and outline the steps in the marketing process

Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts

Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy

Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return

Describe the major trends and forces that are changing the marketing landscape in this age of relationships

Chapter Concepts

What Is Marketing?

Understanding 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 New Marketing Landscape

So, What Is Marketing? Pulling It All Together

What Is Marketing?

Marketing Defined

Marketing is the 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

Understand the marketplace and customer wants and needs

Design a customer-driven marketing strategy

Construct a marketing plan that delivers superior value

Build profitable relationships and create customer satisfaction

Capture value from customers to create profit and customer equity

Understanding the Marketplace

and Customer Needs

Customer Needs, Wants, and Demands

Needs are states of deprivation

Physical—food, clothing, warmth, safety

Social—belonging and affection

Individual—knowledge and self-expression

Understanding the Marketplace

and Customer Needs

Customer Needs, Wants, and Demands

Wants are the form that needs take as they are shaped by...