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Lecture Principles of Marketing - Chapter 1: Marketing: Creating and capturing customer value

In this chapter you will learn: What is Marketing? Understand the marketplace and customer needs, designing a customer-driven marketing strategy, preparing an integrated marketing plan and program, building customer relationships, capturing value from customers, the changing marketing landscape. | Chapter 1 Marketing: Creating and Capturing Customer Value 1 Creating and Capturing Customer Value What Is Marketing? Understand the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The Changing Marketing Landscape Topic Outline 2 What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return 3 Note to Instructor: Discussion Question Ask students for examples of either national or local companies that are excellent at marketing and ask how they reflect the definition given in this slide. What Is Marketing? The Marketing Process This important figure shows marketing in a nutshell! By creating value for customers, marketers capture value from customers in return. This five-step process forms the marketing framework for the rest of the . | Chapter 1 Marketing: Creating and Capturing Customer Value 1 Creating and Capturing Customer Value What Is Marketing? Understand the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The Changing Marketing Landscape Topic Outline 2 What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return 3 Note to Instructor: Discussion Question Ask students for examples of either national or local companies that are excellent at marketing and ask how they reflect the definition given in this slide. What Is Marketing? The Marketing Process This important figure shows marketing in a nutshell! By creating value for customers, marketers capture value from customers in return. This five-step process forms the marketing framework for the rest of the chapter and the remainder of the book. 4 Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands 5 Understanding the Marketplace and Customer Needs Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs 6 Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations 7 Note to Instructor: Ask students what online retailers deliver exceptional value and satisfaction. Discussion Question Why do marketer’s not always understand customer needs? How can they better identify customer needs? Marketer’s often work in a vacuum and do not consider the customer’s needs as much as they should. Future chapters will talk about market research and marketing information, important tools for understanding customer’s needs. Students might be familiar with survey research or