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Summary principles of marketing chapter 1

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principles of marketing chapter 1 kotler

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  • Hoofdstuk 1
  • November 1, 2021
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  • 2019/2020
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Marketing

Chapter 1

Marketing:
- companies create value for customers
- build strong relationships to capture value from customers
- satisfying customer needs
- ‘the aim of marketing is to make selling unnecessary’



The marketing process:
1. Understand the marketplace / customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers value
4. Build profitable customer relationships and create delight
5. Capture value from customers to create profits and equity


Needs = states of deprivation
 Physical: food, clothing, warmth and safety
 Social: belonging and affection
 Individual: knowledge
Wants = form that needs take as they are shaped by culture and personality
 Food: pizza, fries or bratwurst
Demands = wants backed by buying power


Marketing offerings:
- Combinations of products, services, information or experiences offered to a market
to satisfy a need or want

Marketing myopia:
- Focusing only on existing wants and losing sights of underlying consumer needs

Exchange:
- Every exchange is supposed to produce ‘utility’. It has value for both parties.

Market:
- The set of all actual and potential buyers

Marketing management:
- Choosing target markets  ‘what customers will we serve?’
- Build relationships with customers  ‘how can we serve these customers best?’

Market segmentation:
- Refers to dividing the markets into segments of customers  age, gender etc.

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