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Chapter 1 Notes: Marketing- Creating and Capturing Customer Value

by: Morgan Brown

Chapter 1 Notes: Marketing- Creating and Capturing Customer Value BUAD 332 001

Marketplace > University of Tennessee - Knoxville > Business Administration > BUAD 332 001 > Chapter 1 Notes Marketing Creating and Capturing Customer Value
Morgan Brown
CBM I: Demand Management
Mark A Moon (P)

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CBM I: Demand Management
Mark A Moon (P)
Class Notes
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This 17 page Class Notes was uploaded by Morgan Brown on Tuesday September 1, 2015. The Class Notes belongs to BUAD 332 001 at University of Tennessee - Knoxville taught by Mark A Moon (P) in Summer 2015. Since its upload, it has received 7 views. For similar materials see CBM I: Demand Management in Business Administration at University of Tennessee - Knoxville.

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Date Created: 09/01/15
Chapter 1 Marketing Creating and Capturing Customer Value Business Administration 332 Dr Mark Moon What is Marketing 0 Simple definition Marketing is a managing profitable customer relationships building relationships with profitable customers to the point where they continue to keep customers and also bring in customers not advertising sales 0 Goals of Marketing activity 1 Attract new customers by promising superior value want they need and want better than competitor 2 Keep and grow current customers by delivering customer satisfaction cheaper to keep a customer than get a new one it pays to keep your customers happy A quotstate of felt deprivation is the textbook de nition of a need Capture new customers Marketing Defined A social and managerial process by which individuals and groups obtain what they 39 lhdNantthrough Qjahclexoheuu ruz l JCl value with Takes 5 lines before you get to anything about pro ts not just about profits about people Nobody buys products bought a solution to a problem buy things that help them satisfy their needs and wants A Simple Model of the Marketing Process Create value for customers and build customer relationships Understand the Desi Construct a gnlng a marketplace and customer driven mzikimigmgram customer needs marketing strategy I and wants superior va ue Capture value from customers in return Designing like a roadmap make some big decisions strategy for being successful Constructing execute design products create advertisements What do customers do in return Money but hopefully customer equity Customer equity if marketers do a great job you end up with customer equity feel loyal towards certain brands So What Do We Mean by Consumer Needs Wants and Demand This is a Need A Need is a state of felt deprivation Needs can be Physical food clothing shelter safety Social belonging affection Individual learning knowledge self expression Piece of white toast This is a Want A Want is a form that a human need takes as shaped by culture individual personality and very importantly marketing activity Chocolate pie While white toast might satisfy my hunger need I might really want a peace of the chocolate pie But Not All Wants Represent Real Demand Wants Buying Power Nice ass car E A mere 107000 1 So what does all this have to do with Marketing 0 Needs and wants are fulfilled through a Marketing Offer 0 Some combination of products services information or experiences offered to a market to satisfy a need or a want re all Marketing Offers offered to a ma dividual or grou Nice golf club WalMart golf club nice car Challege for marketers what are the needs and wants of our customers how do we satisfy those needs better than our competitors That s how we win George came into some money Now has financial resources to purchase new set of skiis hes been dreaming about For george those skis went from being a want to a demand Wait a second what s a Market 0 A Market is the set of actual or potential buyers of product or service 0 These people share a need or want that can be satisfied through an exchange v r t i 39 a Market group of people who have one thing in common they have a need or want that can be satis ed by some sort of exchage pr product or dservce 10 In this course we ll be describing the tasks of Marketing Managers 0 Marketing Managers have to address two very fundamental questions before they do anything else 1 What customers will we serve Which is the same as asking Who is in our target market 11 This question is answered through the tasks of Segmentation and Targeting Markets are heterogeneous they are different segmentation create a big market that is naturally hetero and turn it into smaller groups that are homogenous Critical decision who is our targel customer Drives everything we do 12 In this course we ll be describing the tasks of Marketing Managers 0 Marketing Managers have to address two very fundamental questions before they do anything else 1 What customers will we serve 2 How can we best serve these customer Which is the same as asking What is our value proposition 13 A Value Proposition Is 0 The set of benefits or values that a company promises to deliver to consumers to satisfy their needs 0 Think about it this way 0 What does BMW offer its customer The ultimate driving machine performance Mercedes more prestigious Lexus lux 0 What is it that your are offereing this customer that is diffeent than your competitior 14 Now what else do Marketing Managers do 0 Well once they ve decided who the target market is and what the value proposition should be they have to figure out how to execute their marketing strategy What do we do day by day to target those people to become profiable 0 They execute this marketing strategy through set of tools known as the Marketing Mix Once marketing managers choose their markeing stat they then have to contruct a marketing program that conssits of markeying mix elements caled the of makreting 4 P s The Marketing Mix Product Pnce Customer Needs Place distribution Promotion Things marketers do everyday to execute their strategy who is in center Customer center of the universe customer 16 Finally here are some trends we ll be touching on throughout the semester 17


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