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Date Submitted: 11/07/2014 07:06 AM
Marketing Principles
http://www.slideshare.net/moamenibrahim/12-ch-0-1-marketing-managing-profitable-customer-relationship97-2003
Chapter 1:
Marketing: Creating and Capturing Customer Value
Learning objectives
Objective 1 Define marketing and outline the steps in the marketing process
Objective 2 Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts
What is marketing?
The marketing process-
Understanding the marketplace and customer needs-
* Marketing is all about creating value for customers.
* Businesses must fully understand consumers and the marketplace in which it operates.
Customer needs, wants and demands-
A. Need-
States of felt deprivation.
B. Want-
The form human needs take as they are shaped by culture and individual personality.
C. Demands-
Human wants that are backed by buying power.
What is the difference between needs, wants and demands? Give examples
* Needs: State of deprivation e.g food
* Wants- To form human needs take as shaped by culture and individual personality e.g. want a big mac
* Demand- Human wants that are backed by buying power
Market offerings: Goods, services and experiences-
* Customer needs and wants are fulfilled through market offerings
* Marketing offering are “some combination of products, services, information or experiences offered to a market to satisfy a need or want”.
* Marketing offers are not limited to physical products such as services, activities or benefits offered for sale that are intangible and do not result in ownership of anything e.g banking.
* Market offers also include other entities such as persons, place, organisations, information and ideas....