What is MKT ? ✅

Five steps in MKT process

Understanding customer needs

Designing customer-driven MKT strategies

Integrated MKT programs

Building customer rela

Capturing value for the firm

Twofold goal

Promise superior value

Deliver satisfaction

Today's successful organizations have 1 thing in common

Strong market orientation

Focus on their customers, competitors & their profits

Understand & satisfy the needs of customers in well-defined target markets

Sense of satisfying customer needs

Definition: As a process by which MKT organisations engage customers, build strong relationships & create customer value

To capture value from customers in turn

MKT is a social & managerial process by which individuals & organisations obtain what they need & want through creating & exchanging value with others

Five core customer & marketplace concepts

Needs, wants & demands

MKT offerings - goods

Services & experiences

Value & satisfaction

Exchanges & relationships

Markets

Needs

Want

Basic physical needs

Social needs

Individual needs

Human needs shaped by culture & individual personality

Objects satisfy the needs