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UT / Marketing / MSCM 300 / Why we need to understand the marketplace and customer needs?

Why we need to understand the marketplace and customer needs?

Why we need to understand the marketplace and customer needs?

Description

School: University of Tennessee - Knoxville
Department: Marketing
Course: Marketing/Supply Chain Mgt
Professor: Adam hepworth
Term: Summer 2015
Tags:
Cost: 25
Name: Week 1 Class Notes
Description: Hi my name is Bree and I am a Marketing 300 notetaker! I have attached the notes for the first week of class. Enjoy!!
Uploaded: 08/27/2015
4 Pages 41 Views 6 Unlocks
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Chapter 1: Creating and Capturing Customer Value Monday, August 24, 2015 6:39 PM


Why we need to understand the marketplace and customer needs?



Marketing: managing profitable customer relationships.  

A. The goal of marketing  

a. attract new customers by promising superior value  

b. keep and grow current customers by delivering satisfaction.  

The Marketing Process  

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 a. Customer Equity: total combined customer lifetime values  We also discuss several other topics like Dot product is also called?

Maslow's Hierarchy of Needs (1943)


Are some combination of products services information or experiences offered to a market to satisfy a need or want?



1. Self-actualization

2. Self-esteem

3. Belongingness and love  Don't forget about the age old question of What does a molecular equation show?

4. Safety  

5. Physiological  

Understanding the Marketplace and Customer Needs  

1. Needs, wants, and demands

a. Needs: states of felt deprivation If you want to learn more check out What is the correct progression of the roman orders from the simplest to the most ornate?

b.

Wants: the form human needs take as they are shaped by culture and  individual personality  

c.

Demands: wants backed by buying power; people demand products and  services w/ benefits that add up to the most value and satisfaction

2. Market offerings  


What do companies call a set of benefits that they promise to consumers to satisfy their needs?



a.

A combinations of products, services, information, or experiences offered  to a market to satisfy a need or a want.  Don't forget about the age old question of What is reflected appraisals?

i.

Marketing myopia: the mistake of paying more attention to the  specific products a company offers than to the benefits and  experiences  produced by these products.

3. Value and satisfaction

.

   , , ,     to a market to satisfy a need or a want.  

i.

Marketing myopia: the mistake of paying more attention to the  specific products a company offers than to the benefits and  experiences  produced by these products.

3. Value and satisfaction 4. Exchanges and relationships

a.

Exchange: the act of obtaining a desired object from someone by offering  something in return.  

b.

Companies want to build strong relationships by consistently delivering  superior customer value.  

5. Markets

a.

The set of actual and potential buyers of a product or service; the buyers  have a specific need or want that can be satisfied through exchange  relationships.

Historical vs. Modern Marketing  

Historical: Organization ---->  consumer

Modern Day: Organization <----> consumer  

Marketing Management: The art of science  of choosing target markets and building  profitable relationships with them.  If you want to learn more check out Do all states require a registered agent?

Market segmentation: dividing the market into segments of customers  Target Marketing: selecting which segments it will go after  

- How will it differentiate and position itself in the marketplace?  

-

Value proposition: the set of benefits or values it promises to deliver  to  consumers to satisfy their needs

▪ How a product is differentiated and positioned  

Production concept: consumers will favor products that are available and highly  affordable.  

- Management should focus on improving production and distribution efficiency.  Product concept: consumers will favor products that offer the most in quality,  performance, and innovative features.  

- Marketing strategy focuses on making continuous product improvements.  Selling Concept: consumers will not buy enough of the firm's products unless it  undertakes a large-scale selling and promotion effort.

Marketing concept: achieving organizational goals depends on knowing the needs and  wants of target markets and delivering the desired satisfactions better than  competitors do.  We also discuss several other topics like What do myths mean?

Societal Marketing concept: questions whether the pure marketing concept overlooks  --

undertakes a large-scale selling and promotion effort.

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

Societal Marketing concept: questions whether the pure marketing concept overlooks  possible conflicts between consumer short-run wants and consumer long-run welfare.  

Customer Relationship Management: the overall process of building and  maintaining profitable customer relationships by delivering superior customer  value and satisfaction

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

Customer satisfaction: depends on the product's perceived performance  relative to a buyer's expectations.  

New Marketing!!  

Customer- engagement marketing: fostering direct and continuous customer  involvement in shaping brand conversations, brand experiences, and brand  community.  

Consumer-generated marketing: consumers themselves are playing a bigger  role in shaping their own brand experiences and those of others.  

Partner relationship management- means working closely with others inside and  outside the company to jointly bring more value to customers.  

Mobile, Digital, and social media marketing

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