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Principal of Marketing - Part 1

This document outlines the key concepts from the first chapter of a marketing textbook. It defines marketing as engaging customers to manage profitable relationships by promising superior value to attract customers and delivering value and satisfaction to keep them. It also describes the five steps of the marketing process as understanding the marketplace and customer needs, developing a marketing strategy, creating an offering, establishing pricing and distribution, and promoting the offering. The goal of these steps is to satisfy customer needs and capture value in return.

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Andira Putra
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38 views5 pages

Principal of Marketing - Part 1

This document outlines the key concepts from the first chapter of a marketing textbook. It defines marketing as engaging customers to manage profitable relationships by promising superior value to attract customers and delivering value and satisfaction to keep them. It also describes the five steps of the marketing process as understanding the marketplace and customer needs, developing a marketing strategy, creating an offering, establishing pricing and distribution, and promoting the offering. The goal of these steps is to satisfy customer needs and capture value in return.

Uploaded by

Andira Putra
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Part 1

Defining Marketing and the Marketing Process


Chapter 1 – Marketing: Creating Customer Value and Engagement

Chapter 2 – Company and Marketing Strategy: Partnering to Build


Customer Engagement, Value, and Relationships
Chapter 1 – Marketing: Creating Customer Value and Engagement

Objective Outlines

1. Define marketing and outline the steps in the marketing process

2. Explain the importance of understanding the marketplace and customers and identify the five
core of marketplace concepts

3. Identify the key elements of a customer value-driven marketing strategy and discuss the
marketing management orientations that guide marketing strategy

4. Discuss customer relationship management and identify strategies for creating value for
customers and capturing value from customers in return

5. Describe the major trends and forces that are changing the marketing landscape in this age of
relationships
Objective 1: Define marketing and outline the steps in the marketing process

Define Marketing
Simplest Definition

- Marketing is engaging customers and managing profitable customer relationships.

Twofold goal of marketing:

- Attract new customers by promising superior value (attract by promising)


- Keep and grow current customers by delivering value and satisfaction (keep and grow by
delivering and satisfaction)

- Amazon dominates the online marketplace by creating a world-class online buying experience
- Facebook helping users to “connect and share with the people in their lives”
- Starbucks dominates out-of-home coffee market by “creating a culture of warmth and belonging,
where everyone is welcome”

Example
In recent years, marketers have assembled a host of new marketing approaches, from imaginative
websites and smartphone apps to online videos and social media. They reach you directly,
personally, and interactively.

Today, marketing must be understood in the sense of satisfying customer needs.

The products will sell easily, if the marketer:

- Engages customers effectively


- Understands their needs,
- Develops products that provide superior customer value, and
- Prices, distributes, and promotes them well.

So, what is marketing? What’s the definition of it?

Marketing as the process by which companies engage customers, build strong customer
relationships, and create customer value in order to capture value from customers in return.

Main Concept

Marketing is all about value.

Briefly, the steps are engage, manage relationships, create value to them, and you’ll able to capture
value from them in return.

The forms of value from customer are sales, profit, and long-term equity.

Why we must do that? The reason is to satisfy customer needs.

Mini conclusion

The Marketing Process


Five Steps of Marketing Process
Understanding the Marketplace and Customer Needs

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