100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Summary of Principles of Marketing, Global Edition - principles of marketing $7.72   Add to cart

Summary

Summary of Principles of Marketing, Global Edition - principles of marketing

 45 views  0 purchase
  • Course
  • Institution
  • Book

Summary of chapter 1 of principles of marketing, 19th edition. Includes the important terms.

Preview 1 out of 2  pages

  • No
  • Unknown
  • November 2, 2023
  • 2
  • 2023/2024
  • Summary
avatar-seller
Chapter 1
Marketing is engaging customers and managing profitable customer relationships.
The goal = maximize long term profitability by creating value for the customer in order to
capture value from customers in return.

Today’s successful companies share a passion for satisfying customer needs in well-defined target
markets.
Marketing has shifted from ‘telling and selling’ to satisfying customer needs.

Marketing = The set of strategies and activities by which companies acquire and engage customers,
build strong consumer relationships, and create superior customer value in order to capture value from
customers in return.

The marketing process: Creating and capturing customer value.
- Understand the marketplace and customer needs and wants.
- Design a customer value-driven marketing strategy.
- Construct an integrated mix that delivers superior value.
- Engage customers, build profitable relationships, and create customer delight.
- Capture value from customers to create profits and customer equity.
The first four steps in the process focus on creating value for the customers. In the final step, the
company reaps the rewards of its strong customer relationships by capturing value from the
customers.

Needs = States of felt deprivation
Wants = The form human needs take as they are shaped by culture and individual personality
Demands = Human wants that are backed by buying power

Market offerings = some combination of products, services, solutions, and experiences offered to a
market to satisfy a need or a want. For example: banking, a home repair service, or an airline.

Sellers making the mistake of paying more attention to the specific products a company offers than to
the benefits and experiences produced by these products is called marketing myopia. They only
focus on the existing wants and lose sight of underlying customer needs.

Customers form expectations about the value and satisfactions that various market offerings will
deliver and buy accordingly. If marketers set expectations too low, they may satisfy the buyers, but
fail to attract enough buyers. If marketers set the expectations too high, buyers will be disappointed.

Exchange = the act of obtaining a desired object from a person or an organization by offering
something in return.

A market is the set of actual and potential buyers of a product or service. The buyers share a
particular need or want that can be satisfied trough exchange relationships. 32

Managers must decide which customers they want to target and the level, timing, and nature of their
demand. By trying to serve all customers, they may not serve any customers well.
A brands value proposition is the set of benefits or values it promises to deliver to consumers to
satisfy their needs.

The production concept holds that consumers will favor products that are available and highly
affordable. Therefore, the organization should focus on improving production and distribution
efficiency.

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller renske9. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $7.72. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

83100 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$7.72
  • (0)
  Add to cart