Marketing
Chapter 1: Marketing: Creating Customer Value and Engagement
> Simply put, marketing is engaging customers and managing profitable customer relationships. The aim
of marketing is to create value for customers in order to capture value from customers in return.
Facing dramatic technological advances and deep economic, social, and environmental challenges,
today’s customers are reassessing how they engage with brands → Customer relationships and value are
especially important today
- Marketing= engaging customers and managing profitable customer relationships.
= The process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return.
- Two-fold goal: to attract new customers by promising superior value and to keep and
grow current customers by delivering value and satisfaction.
- Evolution of marketing: today’s marketers want to become a part of your life and enrich
your experiences with their brands. They want to help you live their brands.
- Is not just selling & advertising → also: satisfying customer needs. Selling and advertising
are only part of a larger marketing mix—a set of marketing tools that work together to
engage customers, satisfy customer needs, and build customer relationships.
By creating value for c onsumers, they in turn capture value from consumers in the form of sales, profits,
and long-term customer equity.
(1) Step 1: marketers need to understand customer needs and wants and the marketplace in which they
operate.
5 core customer and marketplace concepts:
1. needs, wants, and demands
- Needs= states of felt deprivation (physical, social, individual)
- Wants= The form human needs take as they are shaped by culture and individual personality
(described in terms of objects)
- Demands= Human wants that are backed by buying power.
2. market offerings (products, services, and experiences);
- Market offerings= Some combination of products, services, information, or experiences offered
to a market to satisfy a need or want.
- Many sellers suffer from marketing myopia= The mistake of paying more attention to the
specific products a company offers than to the benefits and experiences produced by these
products.
Chapter 1: Marketing: Creating Customer Value and Engagement
> Simply put, marketing is engaging customers and managing profitable customer relationships. The aim
of marketing is to create value for customers in order to capture value from customers in return.
Facing dramatic technological advances and deep economic, social, and environmental challenges,
today’s customers are reassessing how they engage with brands → Customer relationships and value are
especially important today
- Marketing= engaging customers and managing profitable customer relationships.
= The process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in
return.
- Two-fold goal: to attract new customers by promising superior value and to keep and
grow current customers by delivering value and satisfaction.
- Evolution of marketing: today’s marketers want to become a part of your life and enrich
your experiences with their brands. They want to help you live their brands.
- Is not just selling & advertising → also: satisfying customer needs. Selling and advertising
are only part of a larger marketing mix—a set of marketing tools that work together to
engage customers, satisfy customer needs, and build customer relationships.
By creating value for c onsumers, they in turn capture value from consumers in the form of sales, profits,
and long-term customer equity.
(1) Step 1: marketers need to understand customer needs and wants and the marketplace in which they
operate.
5 core customer and marketplace concepts:
1. needs, wants, and demands
- Needs= states of felt deprivation (physical, social, individual)
- Wants= The form human needs take as they are shaped by culture and individual personality
(described in terms of objects)
- Demands= Human wants that are backed by buying power.
2. market offerings (products, services, and experiences);
- Market offerings= Some combination of products, services, information, or experiences offered
to a market to satisfy a need or want.
- Many sellers suffer from marketing myopia= The mistake of paying more attention to the
specific products a company offers than to the benefits and experiences produced by these
products.
