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Chapter 1.1 Principles of Marketing

The document discusses marketing and the marketing process. It defines marketing and describes its key aspects like understanding customer needs, wants, and demands. It also talks about how companies can create value for customers through marketing experiences to build strong customer relationships.

Uploaded by

Aashir Aftab
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23 views10 pages

Chapter 1.1 Principles of Marketing

The document discusses marketing and the marketing process. It defines marketing and describes its key aspects like understanding customer needs, wants, and demands. It also talks about how companies can create value for customers through marketing experiences to build strong customer relationships.

Uploaded by

Aashir Aftab
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 1

Marketing:
Creating Customer Value and Engagement
Creating Customer Value and
Engagement
Topic Outline
• What Is Marketing?
• Understanding the Marketplace and Customer Needs
• Designing a Customer-Driven Marketing Strategy
• Preparing an Integrated Marketing Plan and Program
• Building Customer Relationships
• Capturing Value from Customers
• The Changing Marketing Landscape
Definition of Marketing

The American Marketing Association offers


the following formal definition:
Marketing is the activity, set of
institutions, and processes for creating,
communicating, delivering, and exchanging
offerings that have value for customers,
clients, partners, and society at large.
What Is Marketing?
Marketing is a process by which
companies create value for customers
and build strong customer relationships
to capture value from customers in return.
What Is Marketing?

The process by which companies engage


customers, build strong customer
relationships, and create customer value in
order to capture value from customers in
return.
Marketing Process
Understanding the Marketplace
and Customer Needs
Customer Needs, Wants, and Demands

• States of deprivation
• Physical—food, clothing, warmth, safety
Needs • Social—belonging and affection
• Individual—knowledge and self-expression

Wants • Form that needs take as they are shaped by culture


and individual personality

Demands • Wants backed by buying power


Needs, Wants and Demands

• Needs • Wants

• Demand
Understanding the Marketplace
and Customer Needs

• Market offerings are some


combination of products,
services, information, or
experiences offered to a
market to satisfy a need or
want
• Marketing myopia is
focusing only on existing
wants and losing sight of
underlying consumer
needs
Marketing experiences: American Girl
does more than just make and sell high-
end dolls. It creates special experiences
between the dolls and the girls who adore
them.
Understanding the Marketplace
and Customer Needs
Customer Value and Satisfaction
Expectations

Customers
• Value and
satisfaction

Marketers
• Set the right level of
expectations
• Not too high or low

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