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Summary Principles of Marketing Q1
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IBMS 1st year, Basics of Marketing Quarter 1
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By: aygunes31 • 7 year ago
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Content preview
MarketingChapter 1 – Marketing: creating and capturing customer value
• Example of Specsavers directed to target group
o Hassle to buy glasses, makes it easier and more affordable to buy glasses
What is Marketing?
• Deals with customers
• Marketing is managing profitable customer relationships
• Two-fold goal: attract new customers by promising superior value, keep & grow
customers by delivering satisfaction
• Marketing: The process by which companies create value for customers and build
strong customer relationships to capture value from customers in return
• Satisfying customer needs
• The aim of marketing is to make selling unnecessary
• Build customer relationships
• Marketing Process: Understand the marketplace and customer needs and wants
design a customer-driven marketing strategy construct an integrated marketing
programme that delivers superior value build profitable relationships and create
customer delight capture value from customers to create profits and customer
equity
• Marketing is the intermediary between company and customers
• Marketing management: The art and science of choosing target markets and building
profitable relationships with them
• Market segmentation target marketing
• Customer management and demand management
• Value proposition benefits that will be delivered to customer thru product
• Marketing management orientations:
o Production
o Product
o Selling
o Marketing
o Societal marketing
• Production concept
o The idea that consumers will favour products that are available and highly
affordable and that the organisation should therefore focus on improving
production and distribution efficiency
• Product concept
o Products that offer the most quality, performance, features make
continuous product improvements
• Selling concept
o Large-scale selling and promotion effort
• Marketing concept
o Knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do
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