Marketing book notes
Chapter 1: * Marketing is managing profitable customer relationships. The aim of marketing is to create value for customers and capture value from customers in return * Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customers by promising superior value and to keep the grow current customers by delivering satisfaction * Marketing must be understood not in the old sense of making a sale- “telling and selling” – but in the new sense of satisfying customer needs. If the marketer understands customer needs; develops products that provide superior customer value; and prices distributes, and promotes them effectively , those products will sell easily * Selling and advertising are only part of a larger marketing mix – a set of marketing tools that work together to satisfy customer needs and build customer relationships * Marketing- the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
Understanding the marketplace and customer needs: * 1) needs, wants, and demands * 2) market offering (products, services, and expectations) * 3) value and satisfaction * 4) exchanges and relationships * 5) markets
Customer needs, wants, and demands * The most basic concept underlying marketing is that of human needs. Human needs are states of felt deprivation. They include physical needs- food, clothing, warmth safety. Social needs- for belonging and affection; and individual needs- for knowledge and self expression. * Wants – are the form human needs take as they are shaped by culture and individual personality * Wants are shaped by ones society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become