Slide 1What is Marketing?Marketing DefinedA Simple Model of the Marketing ProcessSo What Do We Mean by Consumer Needs, Wants, and Demand?This is a NeedThis is a WantBut Not All Wants Represent Real DemandSo what does all this have to do with Marketing?Wait a second, what’s a Market??Slide 11Slide 12Slide 13A Value Proposition Is:Now, what else do Marketing Managers do?The Marketing MixSlide 17Chapter 1Marketing: Creating and Capturing Customer ValueBusiness Administration 332Dr. Mark MoonWhat is Marketing?Simple definition: Marketing is managing profitable customer relationships. Goals of Marketing activity:1. Attract new customers by promising superior value2. Keep and grow current customers by delivering customer satisfaction2Marketing Defined3A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.A Simple Model of the Marketing Process4Understand the marketplace and customer needs and wantsUnderstand the marketplace and customer needs and wantsCapture value from customers to create profits and customer equityCapture value from customers to create profits and customer equityCreate value for customers and build customer relationshipsCapture value from customers in return Construct a marketing program that delivers superior valueConstruct a marketing program that delivers superior valueDesign a customer driven market strategyBuild profitable relationships and create customer delight.So What Do We Mean by Consumer Needs, Wants, and Demand?5This is a Need6•A Need is a _state of felt deprevation•Needs can be:• Physical (food, clothing, shelter, safety)• Social (belonging, affection)• Individual (Knowledge and learning)This is a Want7A Want is a form that a human need takes, as shaped by culture, individual personality, and (very importantly) marketing activity.But Not All Wants Represent Real Demand8DemandWantsBuying PowerSo what does all this have to do with Marketing?Needs and wants are fulfilled through a Marketing OfferSome combination of products, services, information, or experiences offered to a market to satisfy a need or a want.9These are all Marketing Offers, offered to a market, in order to satisfy individual or group needs or wantsWait a second, what’s a Market??A Market is the set of actual or potential buyers of a product or service. These people share a need or want that can be satisfied through an exchange.10In this course, we’ll be describing the tasks of Marketing ManagersMarketing Managers have to address two very fundamental questions before they do anything else:1. What customers will we serve?11This question is answered through the tasks of Segmentation and Targeting12Market Segmentation: Divide the market into segments of customersTargeting:Select the segment to cultivate#1 #2In this course, we’ll be describing the tasks of Marketing ManagersMarketing Managers have to address two very fundamental questions before they do anything else:1. What customers will we serve?2. How can we best serve these customer?13A Value Proposition Is: The set of benefits or values that a company promises to deliver to consumers to satisfy their needs.Think about it this way: What does BMW offer its customers?It’s the ultimate driving machine.14Now, what else do Marketing Managers do?Well, once they’ve decided who the target market is, and what the value proposition should be, they have to figure out how to execute their marketing strategy.They execute this marketing strategy through set of tools known as the Marketing Mix15The Marketing Mix16CustomerNeeds ProductPricePromotionPlace(Distribution)Finally, here are some trends we’ll be touching on throughout the semester17Rapid GlobalizationThe Digital
View Full Document
Unlocking...