Topic 1 Introduction to Marketing (The Marketing Process ( Understand the…
Topic 1 Introduction to Marketing
What is Marketing?
A Management Process
Responsible for identifying, anticipating, and satisfying customer requirements profitably (Chartered Institute of Marketing (CIM))
Set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large (American Marketing Association (AMA))
The Marketing Process
Understand the marketplace, customer needs and wants.
Design a customer driven marketing strategy
Design a marketing program that delivers superior value.
Build profitable customer relationships.
Capture value and create profits.
Designing a Strategy
To create, maintain, and grow desirable exchange relationships
Central to the discipline of marketing
the act of obtaining a desired object from someone by offering something in return
Customer Relationship Management
building and maintaining profitable customer relationships
Customer perceived value: Difference between total customer perceived benefits and customer cost
Customer satisfaction: Extent to which perceived performance matches a buyer’s expectations
Ultimate idea: create loyal customers, mutually beneficial relationships and increase market share