Marketing Chapter 1 Latest 2023 Graded A+

Marketing Chapter 1 Latest 2023 Graded A+ marketing a process where companies create value for customers and build strong relationships types of needs physical social individual physical need food, clothing, safety social need belonging and affection individual need knowledge want form that needs take as they are shaped by culture and individual personality demand wants backed by buying power marketing process understand market place design strategy construct a marketing program build relationships capture customer value market offering combination of products, services, information to satisfy a market need or want marketing myopia focus only on existing wants and losing sight of underlying consumer needs (drill bit example) building blocks for building customer relationships value and satisfaction market set of actual and potential buyers of a product market segmentation dividing markets into segments of customers target marketing which segments to go after brand's value proposition values a company promises to deliver it's customers five alternative concepts under which organizations design and carry out their marketing strategies production product selling marketing societal production concept consumers favor products that are available and affordable product concept consumers favor products with most quality, focus on continuous product improvement selling concept focus on making sales rather than building long term relationships marketing concept customer focus is the path to sales societal marketing contributing to society while delivering value to customers customer driven strategy outline society consumers company marketing mix (four ps) product price promotion place integrated marketing blending the four ps and delivering intedned value to customers customer relationship management managing detailed information about individual customers and carefully managing customer touchpoints to maximize customer loyalty. customer perceived value difference between benefits and cost customer satisfaction extent to which a products perceived performance matches a buyers expectations basic relationship company with many low margin customers (nike and public relation companies) full partnerships few customers and high margins (nike and footlocker) share of customer share they get of the customer's purchasing in their product categories customer equity measure of the future value of the company's customer base four types of customers strangers butterflies true friends barnacles strangers low profitability and loyalty butterflies profitable but not loyal true friends profitable and loyal true believers customers come back regularly and share their experiences with the company barnacles loyal but not profitable