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