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Marketing: is the process which companies create value for customers and build strong customer relationship in order to capture value from customers in return. Marketing is managing profitable customer relationship. Two goals of marketing: - attract new customers by promising superior value. - keep and grow current customers by delivering satisfaction. For Sell it easily: Prices, distributes and promotes THE MARKETING PROCESS: A- Understand the Marketplace and Customer Needs B- Designing a Customer – Driven Marketing Strategy C- Preparing an Integrated Marketing Plan and Program D- Building Customer Relationship E- Capturing Value from Customers A- Understand the Marketplace and Customer Needs 1) Customer Needs, Wants and Demands needs: is states of felt deprivation a- physical need: for food, clothing, warmth and safety b- social need: belonging and affection c- individual need: needs for knowledge and self-expression 2) Market Offerings – Products, services and experiences some combination of products, services, information or experiences offered to a market to satisfy a need or want. Market myopia: the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 3) Customer Value and Satisfaction 4) Exchanges and Relationship Exchange is the act of obtaining a desired object from someone by offering something in return. - a candidate, forinstance, wants vote, a church wants membership, an orchestra wants an audince, and a social action group wants idea acceptance. 5) Markets market is the set of actual and potential buyers of a product. B- Designing a Customer – Driven Marketing Strategy Marketing Management: is the art and science of choosing target markets and building profitable relationships with them. - The Marketing Manager’s aim is to find, attract, keep and grow target customers by creating, delivering and communicating superior customer value. 1- selecting customers to serve 2- choosing a value proposition 3- marketing management orientations a. the production concept b. the product concept c. the selling concept d. the marketing concept e. the social marketing concept C- Preparing an Integrated Marketing Plan and Program Four Ps: Product, Price, Place and Promotion D- Building Customer Relationship Cusomer Relationship Management: is the overall process of building and maintaining profitable customer relationship by delivering superior customer value and satisfaction. Partner Relationship Management: working closely with partners in other company departmens and outside the company to jointly bring greater value to customers. E- Capturing Value from Customers 1. Creating Customer Loyalty and Retention 2. Growing Share of Customer 3. Building Customer Equity Marketing Strategy and the Marketing Mix Marketing strategy: the marketing logic by which the business unit marketing objectives. Market segmentation: dividing a market into distinct groups of buyers who have distinct needs, chareacteristics or behavior and who might require seperate 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. Market Mix: the set of controllable tactical marketing tools (products, price, place and promotion) that the firm blends to produce the response it wants in the target market. 4Ps 4Cs Product Customer solution Price Customer cost Place Convenience Promotion Communication Managing the Marketing Effort Control consists of measuring and evaluating the results of marketing activities and taking corrective action where needed. Marketing Analysis SWOT analysis: an overall evaluation of the company’s strengths (S), weakness (W), opportunities (O), and threats (T). Marketing Implementation The process that turns marketing strategies and plans into marketing actions in order to accomplish strategic marketing objectives. Marketing Control The process of measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that objetives are achieved.
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