Marketing Management (Ch. 1) PDF

MARKETING MANAGEMENT **Marketing (Def.):** is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. **MARKETING PROCESS:** - Determine needs and wants - Design customer driven marketing strategy -...

MARKETING MANAGEMENT **Marketing (Def.):** is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. **MARKETING PROCESS:** - Determine needs and wants - Design customer driven marketing strategy - Construct marketing program that delivers superior value - Build relationships and delight the customer - Capture value from customer to achieve profits **Understanding the Marketplace** **and Customer Needs** **Wants (Def.)**: Form that needs take as they are shaped by culture and individual personality **Demands (Def.):** Wants backed by buying power **Strategic Planning** **Strategic Planning (Def.)** is the process of developing and maintaining a strategic fit between the organization's goals and capabilities, and its changing marketing opportunities. **Designing a Customer Value-Driven** **Marketing Strategy** **Selecting Customers to Serve:** **Marketing Management (Def.)**: is the art and science of choosing target markets and building profitable relationships with them. - Who are customers will we serve? - How can we best serve these customers? **Choosing a Value Proposition** **Choosing a Value Proposition (Def.)** A brand's value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs. **Marketing Management Orientations** - Production concept - Product concept - Selling concept - Marketing concept - social marketing concept **Production concept (Def.):** Consumers will favor products that are available and highly affordable. Management should focus on improving production and distribution efficiency. **Product concept (Def.):** Consumers favor products that offer the most quality, performance, and features. The focus is on continuous product improvements. **Selling concept (Def.):** Consumers will not buy enough of the firm's products unless the firm undertakes a large-scale selling and promotion effort. **Marketing concept (Def.):** Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors. **Marketing Implementation (Def.):** - Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives. - Addresses who, where, when, and how  **ESSAY**