MARKETING Creating and Capturing Customer Value

Marketing is managing profitable customer relationships. The twofold goal of marketing is to attract new customer by promising superior value and to keep and grow current customers by delivering satisfaction. For example, McDonald’s fulfills its” I’m lovin’ it” motto by being “our customers’ favorite place and way to eat ”the world over largest retailer-and the world” largest company- by delivering on its promise, “safe money. Sound marketing is critical to the success of every organization. Large for-profit firms, such as Google, Target, Procter & Gamble, Toyota, and Microsoft, use marketing. But so do not-for-profit organizations, such as collage, hospitals, museums, symphony orchestras, and even churches. These new approaches do more than just blast out messages to the masses. The reach you directly and personally.

• Marketing Defined

what is marketing ?
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Broadly defined, marketing is  social and organizations obtain what they need and want through creating and exchanging value with others. In a narrower business context, marketing involves building profitable, value laden exchange relationships with customers. Hence, we define marketing as the process by which companies build create value for customers and build strong customer relationships in order to capture value from customer in return.

• The Marketing Process

Create value for customers and build customers relationships

1. Understand the marketplace and customers needs and wants 
2. Design a customer-driven marketing strategy
3. Construct an integrate marketing program that delivers superior value
4. Build profitable relationships and create customers delight.

• Understanding the Marketplace and Customer Needs

We examine five core customer and marketplace concepts:

1. needs, wants, and demands; 
2. market offerings ( product , service, and experiences);
3. value and satisfaction;
4. exchanges and relationships; and
5. markets.

• Customers Needs, wants, and Demands

Human needs are states of felt deprivation. They include basic physical needs for food, clothing, warmth, and expression. Wants are the from human needs take as they are shaped by culture and individual personality. Wants are shaped by one’s society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become demands. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction.