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Summary (Chpt.1) Creating Customer Value and Engagement
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- University Of The Witwatersrand (wits)
(Chpt.1) Creating Customer Value and Engagement Introduction to Principles of Marketing
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Principles of Marketing by ProfessorBurgerQueenCreating Customer Value and Engagement
- Marketing is a process by which companies create value for consumers and build
strong customer relationships, in order to capture value for customers in return
- Needs are states of felt deprivation
- Wants are human needs in a form shaped by culture and individual personality
- Demands are human wants that are backed by buying power
- Market offerings are the products, services, or experiences offered to customers in a
market to meet their needs
- Marketing myopia is a short-sighted and inward approach to marketing that focuses
on the needs of the business rather than those of the customer
- Marketing actions attempt to create, maintain, and grow desirable exchange
relationships
- A market describes actual and potential buyers
- Your company, and its competitors, research the market and interact with consumers
to understand their needs
- They then create and exchange market offerings, messages, and other marketing
content with consumers; either directly, or through intermediaries
- Marketing management refers to the strategies, tools, and methods of analysis used
in promoting a business
- “What customers will we serve?” (target market)
- “How best can we serve them?” (value proposition)
- A brand’s value proposition is the set of benefits or value it promises to deliver to
customers to satisfy their needs
Marketing Strategies
- The selling concept aims to sell what the company makes, rather than making what
the customer wants
- Profits are derived through sales volume
- The marketing concept focuses on satisfying customer needs through means of
integrated marketing
- Profits are derived through customer satisfaction
- The societal marketing concept considers consumer wants, the company’s
requirement, consumer’s long-term interests, and society’s long-run interests
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