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    Chapter 1 MKT 201 Newbook

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    Bakhtiyar Kabir
    The document discusses the core concepts of marketing including defining marketing, the marketing mix, customer relationships and capturing value from customers. It also examines different marketing orientations and how the marketing landscape is changing in the digital age.

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    © All Rights Reserved
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    Chapter 1 MKT 201 Newbook

    Uploaded by

    Bakhtiyar Kabir
    53 views3 pages
    The document discusses the core concepts of marketing including defining marketing, the marketing mix, customer relationships and capturing value from customers. It also examines different marketing orientations and how the marketing landscape is changing in the digital age.

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    chapter 1 mkt 201 newbook

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    The document discusses the core concepts of marketing including defining marketing, the marketing mix, customer relationships and capturing value from customers. It also examines different marketing orientations and how the marketing landscape is changing in the digital age.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    53 views3 pages

    Chapter 1 MKT 201 Newbook

    Uploaded by

    Bakhtiyar Kabir
    The document discusses the core concepts of marketing including defining marketing, the marketing mix, customer relationships and capturing value from customers. It also examines different marketing orientations and how the marketing landscape is changing in the digital age.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    What

     is  Marketing?  
    • Managing  profitable  customer  relationship.  
    • It's  all  around  you  
     
    Marketing  defined  
    • Selling  and  advertising  are  only  the  top  of  the  marketing  iceberg,  a  part  of  the  
    larger  marketing  mix.  
     
    Marketing  Mix:  A  set  of  marketing  tools  that  work  together  to  satisfy  
    customer  needs  and  build  customer  relationships.  
     
    The  process  by  which  companies  create  value  for  customers  and  build  strong  
    customer  relationships  in  order  to  capture  value  from  customers  in  return.  
     
    5  Core  Customer  and  Marketplace  Concepts  
    1.  Needs,  Wants  and  Demands  
     
    • We  all  go  out  and  really  spend  time  with  customers,  just  to  look  at  the  
    differences  in  how  they  think  about  brands  and  what's  important  in  their    
    lives.  
     
    2.  Market  offerings(Products,  services  and  experiences)  
    • Marketing  Myopia:  Companies  are  so  taken  with  their  products  that  they  
    focus  only  on  existing  wants  and  lose  sight  of  underlying  customer  needs.  
     
    3.  Value  and  Satisfaction  
    4.  Exchanges  and  relationships  
    5.  Markets  
     
    Marketing  Management  Orientations  
     
    Production  Concept  
    The  idea  that  consumers  will  favor  products  that  are  available  and  highly  affordable  
    and  that  the  organization  should  therefore  focus  on  improving  production  and  
    distribution  efficiency.  
     
    Product  Concept  
    The  idea  that  consumers  will  favor  products  that  offer  the  most  quality,  
    performance  and  features  and  the  organization  should  therefore  devotes  its  energy  
    to  making  continuous  product  improvements.  
     
     
     
     
     

    Chapter  1;  Copyright:  Mohammed  Sohel  Islam   1  


     
    Selling  Concept  
    • The  idea  that  the  consumers  will  not  buy  enough  of  the  firm's  products  
    unless  it  undertakes  a  large  scale  selling  and  promotion  effort.  
    • Sell  what  you  make  rather  make  what  you  can  sell.  
    • Practiced  with  unsought  goods.  
     
    Marketing  Concept  
    The  marketing  management  philosophy  that  holds  that  achieving  organizational  
    goals  depends  on  knowing  the  needs  and  wants  of  target  markets  and  delivering  the  
    desired  satisfaction  better  than  competitors  do.  
     
    Societal  Marketing  Concept  
    The  idea  that  a  company's  marketing  decision  should  consider  consumers'  wants,  
    the  company's  requirements,  consumers'  long-­‐run  interests,  and  society's  long-­‐run  
    interests.  
     
    Building    Customer  Relationships  
     
    1.  Customer  Relationship  Management  
    The  overall  process  of  building  and  maintaining  profitable  customer  relationship  by  
    delivering  superior  customer  value  and  satisfaction.  
     
    Customer  Satisfaction  
    • The  extend  to  which  a  product's  perceived  performance  matches  a  buyer's  
    expectations.  
    • Most  leading  companies  are  developing  customer  loyalty  and  retention  
    programs.  
    • Develop  stronger  customer  bonds  through  Frequency  marketing  program  
    Club  marketing  program  (H.O.G)  
     
    2.Partner  Relationship  Management    
     
    • Partner  inside  the  company  
     
    "Marketing  is  far  too  important  to  be  left  only  to  the  marketing  department."    
                                       -­‐  David  Packard  
     
    • Marketing  partners  outside  the  company  
     
     
     
     
     
     

    Chapter  1;  Copyright:  Mohammed  Sohel  Islam   2  


     
    Capturing  Value  From  Customers  
     
    1.  Customer  lifetime  value  
    The  value  of  the  entire  stream  of  purchases  that  the  customer  would  make  over  a  
    lifetime  of  patronage.  
     
    2.  Share  of  Customer  
    The  portion  of  the  customer's  purchasing  that  a  company  gets  in  it's  product  
    categories.  
     
    3.  Customer  equity  
    The  total  combined  customer  lifetime  values  of  all  of  the  company's  customers.  
     
    The  Changing  Marketing  Landscape1  
    • The  Digital  Age  
    • Rapid  Globalization  
    • The  Call  for  More  Ethics  and  Social  Responsibility  
    • The  Growth  of  Not-­‐for-­‐Profit  Marketing  

                                                                                                                   
     

    Chapter  1;  Copyright:  Mohammed  Sohel  Islam   3  


     

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