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Summary of Principles of Marketing, Global Edition - principles of marketing
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Summary of chapter 1 of principles of marketing, 19th edition. Includes the important terms.
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Chapter 1Marketing 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.
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