You want a pass for your Marketing exam? Than this summary is the solution for you!
It is the perfect summary that will let you pass! It did not took me much effort to pass this course, this was due to that I put some effort into reading and studying this summary! You could easily do this too.
Chapter 1&2 Creating and Capturing Customer Value
What is marketing? The process by which companies create value for customers
and build strong customer relationships in order to capture value in return.
Goals:
- Keep current customers by delivering satisfaction
- Attract new customers by promising superior value
Customer value and satisfaction: customers form expectations about the value that
various market offerings will deliver.
- Set expectations too low – fail to attract enough buyers
- Set expectations too high – buyers can be disappointed
Customer satisfaction: the extent to which the product’s perceived performance
matches a buyer’s expectations.
- Needs
- Wants
- Demands
Market segmentation: Dividing a market into distinct groups of buyers who have
different needs, characteristics, or behaviours, and who might require separate
products or marketing programs.
Market segment: A group of consumers who respond in a similar way to a given set
of marketing efforts.
Market targeting: The process of evaluating each market segment’s attractiveness
and selecting one or more segments to enter.
Positioning: Arranging for a product to occupy a clear, distinctive, and desirable
place relative to competing products in the minds of target consumers.
Differentiation: Actually differentiating the market offering to create superior
costumer value.
Designing a winning marketing strategy:
Target the market - what customers will we serve?
Value proposition – how can we serve these customers best?
Value proposition: The set of benefits or values a company promises to deliver to
consumers to satisfy their needs.
A simple model of marketing process:
, Modern marketing system:
Preparing an intergrated marketing plan and program
Marketing mis tools
o Product
o Price
o Place (distribution)
o Promotion
The firm must blend each marketing mis tool into a
comprehensive integrated marketing program.
Marketing management orientations: Organizations design and vary out their
marketing strategies under five alternate concepts:
Production concept: focus on production and distribution efficiency (highly
available & affordable)
Product concept: product focus (best quality, performance, features)
Selling concepts: focus on selling efforts (unsought goods, i.e. donations)
Marketing concept: customer focus and value
Societal marketing concept: deliver value to customers in a way that
maintains or improves both the consumer’s and society’s well-being.
The changing marketing landscape
- Economic uncertainties
- Growth in digital technology
- Rapid globalization
- Sustainable marketing
- Growth of no-for-profit marketing
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