Marketing

Chapter 1

Marketing: Creating superior customer value

What is marketing?

An organisational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organisation and its stakeholders

e.g. coca cola name campaign

Consumer behavior/values

Brand identity

Profit for the marketers

-Willing market to purchase

-Market sees value in what you’re offering – makes the market want to be a part of it and buy

Consumer: satisfaction of the customers needs wants and demands

The marketing process

Customer is the focal point

Difference between a customer and a consumer:

Customer – a buyer a purchaser of a product or service, patron, client

Consumer – person that uses the product or service

Parents paid for degree: student is the consumer

Step 1: company must fully understand customers and the market place

Marketing is about creating value for customers. So, as the first step in the marketing process, the company must fully understand consumers and the marketplace in which it operates

Virus protection

Better quality

Better service

Compatible to other electronics

Innovation – constantly trying to innovate

Upsale service – geniuses

Value = physical evidence, service scape creates value for a customer – shapes beliefs and perspectives of the brand

- Value evolves and changes constantly

Consumer needs, wants and demands

Need: Felt state of deprivation – water, food, shelter (KFC, Mt. Franklins)

* Social needs: need for affiliation and need for belonging

* Self-actualization needs:

Wants:

Video on needs, wants and demands

What are customers, needs and demands? http://www.youtube.com/watch?v=yli7O46yuGM

Market offerings - Goods, services and experiences

Customer needs and wants are fulfilled through market offerings

Tangible = product, intangible = experience

Customer satisfaction and value

Customer...