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Summary principles of marketing chapter 1
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Summary of chapter 1 Principles of marketing (Kotler)
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MKT chapter 1what is marketing?
Marketing is engaging customers and managing profitable relationships.
New marketing approaches: apps, blogs, online videos and social media.
Marketing is almost everywhere around you.
Marketing defined
Marketing is satisfying costumer needs. The aim of marketing is to make real
selling unnecessary. Marketing is the process by which companies create value
for costumers and build strong relationships with costumers in order to capture
value in return.
The marketing process
see figure 1.1, the marketing process: creating and capturing costumer value
Costumer Needs, Wants and demands
Needs: states of felt deprivation; basics which are really needed (food)
Wants: the form human needs take as they are shaped by culture and individual
personality. (American needs food but wants a hamburger)
Demands: Human needs that are backed by buying power. Wants become
demands.
Market offerings-products services and experiences
market offerings: needs and wants are fulfilled through market offerings. These
are a combination of products, services, information or experiences offered to a
market to satisfy a need or a want.
Marketing myopia: the mistake of paying more attention to the specific product a
company offers than to the benefits and experiences produced by these
products.
Customer value and satisfaction
Costumers think of expectations from the products. If the product satisfy these
expectations the costumers will buy again. Marketers must be carefull with their
expectations. If they are to high buyers will be disappointed. If they are to low,
the ones who buy will be satisfied but they won’t attract enough buyers.
Exchanges and relationships
exchange: the act of obtaining a desired object from someone by offering
something in return. (costumer changes money for a product which satisfies
him)
If the first exchange is successful, there will be a relationship between the buyer
and seller.
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