Summary of Principles of Marketing, written by Kotler & Armstrong. Summary of the chapters: 1, 2, 3, 4, 5, 7, 9, 10, 12, 14.
Author received a 8,6 with this summary.
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Chapter 1:
Simple definition: Marketing is managing profitable customer relationships. They
want to attract new customers by promising superior value and to keep and grow
current customers by delivering satisfaction.
Define marketing as the process by which companies create value for customers and
build strong customer relationships in order to capture value from customers in
return.
Marketing Process:
Step 1: There are 5 customer and marketplace concepts:
1. Needs, wants and demands:
Needs are states of felt deprivation incl basic physical/social and individual
needs.
Wants are the form human needs take as they are shaped by culture and
individual personality.
Demands are human wants that are backed by buying power.
2. Marketing offerings (products, services and experiences)
Market offerings are some combination of products, services, information, or
experiences offered to a market to satisfy a need or want
Marketing myopia is focusing only on existing wants and losing sight of
underlying consumer needs. (Sellers do this)
3. Customer Value and Satisfaction
4. Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering
something in return.
5. Markets
Is the set of all actual and potential buyers of a product or service.
Step 2: Marketing management can design a customer-driven marketing strategy.
Marketing management is the art and science of choosing target markets and
building profitable relationships with them. Two questions:
1. What customers will we serve? Dividing market into segments of customers
(market segmentation) and selecting which segments it will go after (target mark.)
2. How can we best serve these customers? How it will differentiate and position
itself in the marketplace. A brand’s value proposition is the set of benefits or values it
promises to deliver to consumers to satisfy their needs.
- Marketing management wants to design strategies that will build profitable
relationships with target customers. 5 concepts to design/carry out mark strategies::
1
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