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Summary Principles of Marketing

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Samenvatting Principles of
Marketing

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mariskaheeman




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Marketing

Part 1: Defining marketing and the marketing process

Chapter 1: Marketing: Creating and capturing customer value
Marketing = the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.

Marketing process:
1. Understanding the marketplace and customer needs and wants Step 1 to 4: create value
2. Design a customer-driven marketing strategy for customers and build
3. Construct an integrated marketing program that delivers superior value customer relationships
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity Step 5: capture value
from customers in
1. Understanding the marketplace and customer needs return
Five core customer and marketplace concepts:
1. Needs, wants, and demands
a. Needs = states of felt deprivation (physical, social, individual).
b. Wants = the form human needs take as they are shaped by culture and individual
personality.
c. Demands = human wants that are backed by buying power.
2. Market offerings (products, services, and experiences) = some combination of products,
services, information, or experiences offered by a market to satisfy a need or want.
Marketing myopia = the mistake of paying more attention to the specific products a company
offers than to the benefits and experiences produces by these products.
3. Value and satisfaction
4. Exchanges and relationships
Exchange = the act of obtaining a desired object from someone by offering something in
return.
5. Markets = the set of all actual and potential buyers of a product of service.

Marketing system (shows major environmental forces):

Company

Suppliers Marketing Final consumers
intermediaries
Competitors



2. Designing a customer driven marketing strategy
Marketing management = the art and science of choosing target markets and building profitable
relationships with them.
1. Selecting customers to serve
2. Choosing a value proposition = the set of benefits or values it promises to deliver to
consumers to satisfy their needs.

Marketing management orientations
1. The production concept = the idea that consumers will favor products that are available and
highly affordable; therefore, the organization should focus on improving production and
distribution efficiency




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