Principles of Marketing Chapter 1

1178 Words5 Pages
Chapter 1

1

• Define marketing and outline the steps in the marketing process • Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts • Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. • Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. • Describe the major trends and forces that are changing the market landscape in this age of relationships.

2

1. What Is Marketing?

2. Understand the Marketplace and Customer Needs
5. Building Customer Relationships

3. Designing a
…show more content…
Organization should therefore devote its energy to making continuous product improvements.

22

• Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort

23

• Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do.

24

Starting point Selling concept

Focus

Means

End Profits through sales volume

Factory

Existing products

Selling and promoting

Marketing concept

Market

Customer needs

Integrated marketing

Profits through customer satisfaction
25

• Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests.
26

27

Preparing an Integrated Marketing Plan and Program
28

• The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place. • Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.
29

Building Customer Relationships

30

• The overall process of building and

More about Principles of Marketing Chapter 1

Get Access