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chapter 1: Marketing: Creating customer
value and engagement
Type Lecture
Marketing is a set of activities aimed at acquiring and engaging customers, building strong
customer relationships, and creating customer value to capture value in return. It is not just sales
or advertising, but a process that focuses on customer needs and wants. Marketing involves
selecting target markets, designing value-driven strategies, and implementing integrated
Description marketing programs. Customer relationship management and capturing value from customers
are also important aspects of marketing. The changing marketplace, including the digital age,
globalization, non-profit marketing, and sustainable marketing, presents new opportunities and
challenges for marketers.
Reviewed
Marketing = a set of activities by which companies acquire and engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return
aka
Marketing → value creation
or
Marketing is the management process of anticipating, identifying and satisfying customer requirements profitably
(according the the Institute of Marketing)
The three goals of marketing:
1. attract new customers (by promising value)
2. keep the existing customers and keep them happy (by delivering the promised value)
3. contribute to business success and drive company profitability (by capturing value)
WHAT IS MARKETING? (going against some common prejudices)
Marketing is NOT sales
chapter 1: Marketing: Creating customer value and engagement 1
, Marketing in NOT advertising
Promotion is just a small part of marketing mix
Marketing is NOT redundant in times of economic crisis
don’t you dare cut your marketing budget, this is one of the first mistakes during times of economic crisis
Procter and Gamble → “Ivory Soap” campaign during the Great Depression (1930s)
Marketing is NOT only for products, but also for services, solutions, experiences, shops, places,
entertainment industry, bands, TV series, non-profits, governmental institutions, people and politicians
Marketing is NOT only for profit
for non-profit organisations
marketing is readily used by local governments,
churches, museums, charities, universities,
political parties, zoos, and public hospitals → all
of which operate without profit as central goal
ST customer wants vs LT customer well-being
(hotels using cards encouraging customers to use
towels more than once)
The high level process:
chapter 1: Marketing: Creating customer value and engagement 2
