marketing definition the social and managerial process by which organizations create value for...
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Marketing Definition
The Social and Managerial PROCESS by which Organizations Create VALUE for CUSTOMERS and Build STRONG Customer Relationships in order to Capture VALUE from customers in RETURN.
Exchange The act of OBTAINING a desired
object from someone by offering something in return.
Marketing Mix: Product Price Promotion Placement
Evolution of Marketing
Production Concept (mass production + low prices)
Product Concept (Product Quality) Selling Concept (Promotion + Push) Marketing Concept (Market Needs)
Evolution of Marketing
Production Concept:The idea that consumers will favor products that are AVAILABLE and highly AFFORDABLE.
Evolution of Marketing
Product Concept: The idea that consumers will favor products that offer the most in QUALITY, PERFOERMANCE and FEATURES; therefore, the Organization should DEVOTE its ENERGY to making continuous PRODUCT IMPROVEMENTS.
Evolution of Marketing
Selling Concept:The idea that consumers will NOT buy enough of the firm’s products unless it undertakes a LARGE-SCALE SELLING and PROMOTION EFFORT.
Evolution of Marketing
Marketing Concept:The idea that achieving Organizational GOALS depends on knowing the NEEDS and WANTS of TARGET MARKETS and DELIVERING the desired SATISFACTION better than the COMPETITORS do.
Customer Life-time Value
The VALUE of entire STREAM of PURCHASES that the customer would make over a LIFE-TIME of patronage.
Share of Customer
The PORTION of the customer’s PURCHASING that a company gets in its product categories.
Banks want more “share of wallet” Restaurants want more “share of
stomach” Airlines want more “share of travel”
Some TERMS
De-Marketing Customer Value Customer Satisfaction Societal Marketing Concept
Marketplaces
Marketspaces
Metamarkes
Marketing Process
Create value for customers and Capture value from
customers in return
Understand the
Market Place and Customer
needs and wants
Design a Customer-
Driven Marketing
strategy
Capture value from customers
to create profit and customer
equity
Build profitable
relationships and create
customer delight
Construct an
integrated Marketing
Program that
delivers superior
value
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