It can be regarded as an “outside-in view”. The marketing concept: the idea that achieving organisational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.
A company must also decide how to serve the targeted audience, by offering a value proposition.
The target audience can be selected by dividing the market into customer segments ( market segmentation) and selecting which segments to go after ( target marketing). The aim is to find, attract, keep and grow the targeted customers by creating and delivering superior customer value. Marketing management is the art and science of choosing target markets and building profitable relationships with them. Marketing involves serving a market of final consumers in the face of competitors.ĭesigning a customer-driven marketing strategy A market is the set of all actual and potential buyers of a product or service.Marketing consists of actions trying to build an exchange relationship with an audience. Exchanges are the acts of obtaining a desired object form someone by offering something in return.Value and satisfaction are key building blocks for customer relationships.The phenomenon of marketing myopia is paying more attention to company products, than to the underlying needs of consumers. These can be physical products, but also services – activities that are essentially intangible. Market offerings are a combinations of products, services and experiences offered to a market to satisfy a need or want.Demands are human wants that are backed by buying power. Wants are the form human needs take as they are shaped by culture and individual personality. Human needs are states of felt deprivation and can include physical, social and individual needs. There are five different core customer and marketplace concepts. Understanding the marketplace and customer needs A five-step model of the marketing process will provide the structure of this chapter. Marketing can be defined as the process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Marketing must be understood in the sense of satisfying customer needs. Simply put, marketing is managing profitable relationships, by attracting new customers by superior value and keeping current customers by delivering satisfaction. "synopsis" may belong to another edition of this title.Back to top Chapter 1: Basic concepts of marketing Emphasizing the great role that technology plays in contemporary marketing, it’s packed with new stories and examples illustrating how companies employ technology to gain competitive advantage-from traditional marketing all-stars such as P&G and McDonald’s to new-age digital competitors such as Apple and Google. The fifteenth edition has been thoroughly revised to reflect the major trends and forces impacting marketing in this era of customer value and high-tech customer relationships. Presenting fundamental marketing information within an innovative customer-value framework, the book helps readers understand how to create value and gain loyal customers. Principles of Marketing helps current and aspiring marketers master today’s key marketing challenge: to create vibrant, interactive communities of consumers who make products and brands a part of their daily lives. Learn how to create value and gain loyal customers. Readers interested in an overview of marketing strategies and techniques.