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Marketing lecture 1 (summary)
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TEST BANK for Principles of Marketing 18th Edition by Philip Kotler and Gary Armstrong. Complete Chapters 1-20 A+ Guide ISBN:9780136708582 Newest Version
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Marketing lecture 1Buy Book: principles of marketing global 19th edition
What is marketing?
Adding value to your product.
All customers are different.
Whole business seen from the point of view of its final result (from customers).
Create value from customer in order to extract the value in return for the firm.
Creating growth opportunities.
So, marketing is a process by which companies create value for customers and build
profitable customer relationships.
Satisfaction customer needs:
1. Market definition (which market)
2. Relevance of needs (what influences buying-decision)
Dual value creation:
1. Different options for customers
2. Creating value for customers
3. Creating value for companies.
Five core marketplace concepts:
1. Needs, wants and demands
2. Market offerings (products, services and experiences)
3. Value and satisfaction
4. Exchanges and relationships
5. Markets
1. Needs can be shaped into wants. Wants become demand only if you have the
willingness and ability to actually buy it.
2. Market offer is what you offer to a market. The market is a set of buyers. The best
way to provide maximal service, products and value is to be customer focused
instead of product focused.
3. First impression is important. Satisfied customers will buy again, dissatisfied
customers switch to the concurrent.
4. Exchange is the act of obtaining a desired object from someone by offering
something in return. Marketing actions try to create, maintain and grow desirable
exchange relationship.
5. Market = a set of potential and actual buyers. Consumers market when they:
Search for products
Interact with companies to maintain information
Make purchases
Share their experiences
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