Marketing Case

Marketing: An activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.

Core marketing concepts:

1. Needs, wants & demands.

2. Market Offerings

3. Value, satisfaction & quality

4. Exchange, transactions & relationships

5. Markets

The Marketing process:

In first four steps, marketing organisations uncover knowledge about consumers, create customer value and build strong customer relationships. In final steps, companies reap the rewards of creating superior customer value.

1. Understand the marketplace and customer, needs and wants.

2. Design a customer-driven marketing strategy.

3. Construct an integrated marketing program that delivers superior value.

4. Build profitable relationships and create customer delight.

5. Capture value from customers to create profits and customer equity.

Market offerings: a product that is some combination of goods, services and experiences that can be offered to a market to satisfy a need or want.

Customer value: the difference between the values the customer gains from owning and using a product and the cost of obtaining the product.

Customer perceived value: the customer evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.

Customer satisfaction: the extent to which a product's perceived performance matches a buyer's expectation.

Market: the set of all actual and potential buyers of a product.

Relationship marketing: the process of creating, maintaining and enhancing strong, value0laden relationships with customers and other stakeholders.

Transactions: a trade between two parties that involve at least two things of value, agreed upon conditions and a time and place of agreement.

Designing a customer- driven marketing strategy

- Selecting customers to serve

- Choosing a value proposition differentiate and position.

Demarketing: Marketing in which the task is to temporarily or permanently reduce demand.

Marketing management: the (APIC) analysis, planning, implementation