Chapter 1
Marketing definition
Marketing is the:
- Art and science
- Of finding
- Retaining
- And growing
- Profitable customers
OR
Marketing is the:
- The process
- By which companies create value for customers
- And build strong customer relationships
- In order to capture value from the customer in return
How to provide real customer value:
The marketing process
1. Understand marketplace and customer needs and wants
a. Human need: state of felt deprivation
i. Need for food, clothing, warmth and safety etc
b. Human wants: form that a human need takes when they are shaped by culture and
individual personality
i. Need food but wants rice, pork etc
c. Human demands: Human wants that are backed by buying power
d. Needs, wants and demands are fulfilled by a market offering:
i. Product that is a combination of tangible, services, information or experiental
product components
e. Customer value
i. Difference between benefits from owning or using the product and the cost of
obtaining the product.
ii. Monetary and non-monetary costs
1. Electronic forms of registration, delivery, replace clerks with lobby
ambassador
f. Customer satisfaction
Marketing definition
Marketing is the:
- Art and science
- Of finding
- Retaining
- And growing
- Profitable customers
OR
Marketing is the:
- The process
- By which companies create value for customers
- And build strong customer relationships
- In order to capture value from the customer in return
How to provide real customer value:
The marketing process
1. Understand marketplace and customer needs and wants
a. Human need: state of felt deprivation
i. Need for food, clothing, warmth and safety etc
b. Human wants: form that a human need takes when they are shaped by culture and
individual personality
i. Need food but wants rice, pork etc
c. Human demands: Human wants that are backed by buying power
d. Needs, wants and demands are fulfilled by a market offering:
i. Product that is a combination of tangible, services, information or experiental
product components
e. Customer value
i. Difference between benefits from owning or using the product and the cost of
obtaining the product.
ii. Monetary and non-monetary costs
1. Electronic forms of registration, delivery, replace clerks with lobby
ambassador
f. Customer satisfaction
