Marketing Chapter 1 Case Study
Chapter 1
Marketing Concept
1-understand the marketplace and customer needs and wants
2-design a customer driven marketing strategy
3-construct an integrated marketing program that delivers super or value
4-build profitable relationship and create customer delight
5-capture value from customers to create profits and customer equity.
Marketing satisfies customers’ needs
Market place + customer needs concepts 1. Needs (physical, social, individual) wants and demands(wants backed by buying power) 2. market offerings (some combination of products, services, information or experiences offered to satisfy a need or want)-Market myopia is sellers mistake of paying more attention to the specific product they offer than to the benefits and experiences produced by these products. 3. value and satisfaction(cant set to expectation too low or high.) 4. exchanges and relationships(act of obtaining a desired object from someone by offering something in return) 5. markets(dry of actual and potential buyers of a product or service)
Marketing management is the art and science of choosing target markets and building profitable relationships with them.
Designing a customer driven strategy
1 selecting customers to serve
2 choosing a value proposition
3 market management orientations
-production concept-holds that consumers will favor products that are available and highly affordable
-product concept- holds that consumers will favor products that offer the most in quality, performance, and innovative features
-Seller concept-typically practiced with unsought goods, blood donations and insurance
-marketing conept- holds that achieving organizational goals depends on knowing the needs and wants of target markets + delivering the desired satisfactions better than competitors do
-Societal marketing concept- questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.
Marketing Concept
1-understand the marketplace and customer needs and wants
2-design a customer driven marketing strategy
3-construct an integrated marketing program that delivers super or value
4-build profitable relationship and create customer delight
5-capture value from customers to create profits and customer equity.
Marketing satisfies customers’ needs
Market place + customer needs concepts 1. Needs (physical, social, individual) wants and demands(wants backed by buying power) 2. market offerings (some combination of products, services, information or experiences offered to satisfy a need or want)-Market myopia is sellers mistake of paying more attention to the specific product they offer than to the benefits and experiences produced by these products. 3. value and satisfaction(cant set to expectation too low or high.) 4. exchanges and relationships(act of obtaining a desired object from someone by offering something in return) 5. markets(dry of actual and potential buyers of a product or service)
Marketing management is the art and science of choosing target markets and building profitable relationships with them.
Designing a customer driven strategy
1 selecting customers to serve
2 choosing a value proposition
3 market management orientations
-production concept-holds that consumers will favor products that are available and highly affordable
-product concept- holds that consumers will favor products that offer the most in quality, performance, and innovative features
-Seller concept-typically practiced with unsought goods, blood donations and insurance
-marketing conept- holds that achieving organizational goals depends on knowing the needs and wants of target markets + delivering the desired satisfactions better than competitors do
-Societal marketing concept- questions whether the pure marketing concept overlooks possible conflicts between consumer short-run wants and consumer long-run welfare.