Summary Marketing Management for
IBA
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Marketing
Chapter 1 25-01-14
Marketing is the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
The goal of marketing is to attract new customers by promising superior value and to keep and grow
current customers by delivering satisfaction.
‘’If the marketer understands consumer needs; develops products that provide superior customer
value; and prices, distributes, and promotes them effectively, these products will sell easily.
There are five core customer and marketplace concepts: (1) needs, wants, and demands; (2) market
offerings (products, services, and experiences); (3) value and satisfaction; 4) exchanges and
relationships; and (5) markets.
(1) Needs are states of felt deprivation.
Wants are the form human needs take as they are shaped by culture and individual personality.
-> An American needs food but wants a Big Mac.
Demands are human wants that are backed up by buying power.
(2) Market offerings are some combination of products, services, information, or experiences offered
to a market to satisfy a need or want. These are not only limited to physical products, but also
include services.
Marketing myopia is that many sellers make the mistake of paying more attention to the specific
products they offer than to the benefits and experiences produced by these products. They are so
taken with their products that they focus only on existing wants and lose sight of underlying
customer needs.
-> A manufacturer of quarter-inch drill bits may think the customer needs a drill bit, but the customer
really needs a quarter-inch hole. If a new product comes along that serves the customer’s need
better or less expensively, these sellers will have trouble.
(3) Marketers must be careful to set the right level of expectations. If they set expectations too low,
they may satisfy those who buy but fail to attract enough buyers. If they set expectations too high,
buyers will be disappointed. Customer value and customer satisfaction are key building blocks for
developing and managing customer relationships.
(4) Exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing consists of actions taken to create, maintain, and grow desirable exchange relationships
with target audiences involving a product.
(5) A market is the set of all actual and potential buyers of a product or service. Marketing means
managing markets to bring about profitable customer relationships.
In addition to customer relationship management, today’s marketers must also deal effectively with
customer-managed relationships. -> Marketers are also asking about how the customers should
reach them instead of how the marketers should reach the customers.
IBA
written by:
Timo95
The Marketplace to Buy and Sell your Study Material
Buy and sell all your summaries, notes, theses, essays, papers, cases, manuals, researches, and
many more..
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, Stuvia.com - The Marketplace to Buy and Sell your Study Material
Marketing
Chapter 1 25-01-14
Marketing is the process by which companies create value for customers and build strong customer
relationships in order to capture value from customers in return.
The goal of marketing is to attract new customers by promising superior value and to keep and grow
current customers by delivering satisfaction.
‘’If the marketer understands consumer needs; develops products that provide superior customer
value; and prices, distributes, and promotes them effectively, these products will sell easily.
There are five core customer and marketplace concepts: (1) needs, wants, and demands; (2) market
offerings (products, services, and experiences); (3) value and satisfaction; 4) exchanges and
relationships; and (5) markets.
(1) Needs are states of felt deprivation.
Wants are the form human needs take as they are shaped by culture and individual personality.
-> An American needs food but wants a Big Mac.
Demands are human wants that are backed up by buying power.
(2) Market offerings are some combination of products, services, information, or experiences offered
to a market to satisfy a need or want. These are not only limited to physical products, but also
include services.
Marketing myopia is that many sellers make the mistake of paying more attention to the specific
products they offer than to the benefits and experiences produced by these products. They are so
taken with their products that they focus only on existing wants and lose sight of underlying
customer needs.
-> A manufacturer of quarter-inch drill bits may think the customer needs a drill bit, but the customer
really needs a quarter-inch hole. If a new product comes along that serves the customer’s need
better or less expensively, these sellers will have trouble.
(3) Marketers must be careful to set the right level of expectations. If they set expectations too low,
they may satisfy those who buy but fail to attract enough buyers. If they set expectations too high,
buyers will be disappointed. Customer value and customer satisfaction are key building blocks for
developing and managing customer relationships.
(4) Exchange is the act of obtaining a desired object from someone by offering something in return.
Marketing consists of actions taken to create, maintain, and grow desirable exchange relationships
with target audiences involving a product.
(5) A market is the set of all actual and potential buyers of a product or service. Marketing means
managing markets to bring about profitable customer relationships.
In addition to customer relationship management, today’s marketers must also deal effectively with
customer-managed relationships. -> Marketers are also asking about how the customers should
reach them instead of how the marketers should reach the customers.
