Summary
Marketing Summary Ch 1,2,3,5,6,7 Marketing: An Introduction by Gary Armstrong, Philip Kotler
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Marketing: An Introduction by Gary Armstrong, Philip Kotler Marketing Summary Ch 1,2,3,5,6,7
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Marketing: An Introduction by Gary Armstrong, Philip KotlerMarketing Summary Ch 1,2,3,5,6,7
Marketing is the process by which companies crate value for customers and buld
strong customer relationships in order to capture value from customers in
return.
Model of marketing process
Understand Design a Construct an Build Capture value
the market customer- integrated profitable from
place and driven marketing relationships customers to
customer marketing program that and create create profits
needs and strategy delivers customer and customer
wants superior value delight equity
Customer needs, wants and demands
- Needs basic physical needs for food, clothing, warmth and safety.
- Wants are shaped by culture and personality.
- Demands wants combined with having a lot of money available become
demands that offer the most satisfaction.
Market offerings – products, services and experiences
- Market offerings some combination of products, service, information or
experiences offered to a market to satisfy a need or want.
- Marketing myopia the mistake of paying more attention to the specific
products. And not to the need (of the customer) result of the product.
(hole = result of product = drill)
Exchanges and relationships
- exchanges is the act of obtaining a desired object form someone by
offering something in return.
Markets
- Market is the set of all actual and potential buyers of al product or
service.
Selecting customers to serve
- Market segmentation is dividing the market into segments of customers.
- Target marketing is targeting those market segments you can serve best.
Choosing a value proposition
- Value proposition is what makes you as a customer chose for that
product and not its competitors.
Marketing management orientation
- The production concept holds that customers will favor products that
are available and highly affordable.
, - The product concept holds that customers will favor products that offer
the most quality, performance and features. So they have to keep
improving.
- The selling concept they will have to undertake lage-scale selling and
promotion efforts.
- The marketing concept is achieving organizational goals depends on
knowing the needs and wants of target markets a delivering the desired
satisfactions better than the competitors do.
Starting Focus Means Ends
point
The selling Factory Existing Selling and Profits trough
concept products promoting sales volume
The Market Customer Integrated Profits
marketing needs marketing through
concept customer
satisfaction
Social marketing concept is that company’s marketing decisions should
consider consumers wants the company’s requirements consumers long-run
interests and society’s long-run interests.
Marketing mix tools (the 4 Ps)
- Product need satisfying market offering
- Price how much they will charge
- Place make it available
- Promotion communicate with target customers
Customer relationship management is building and maintaining profitable
customer relationships by delivering superior customer value and satisfaction.
Customer-perceived value is the value that different customers see in a
product.
Customer satisfaction is how much a product preforms the buyers
expectations.
Customer-managed relationships are marketing relationships in which
customers empowered by todays new digital technologies interact with
companies and with each other to shape their relationships with brands.
Consumer-generated marketing is brand exchanges created by consumers
themselves both invited and uninvited by which consumers are playing an
increasing role in shaping their own brand experiences and those of other
consumers.
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