Resources:

Marketing an Introduction / Gary Amstrong, Philip Kotler

Marketing in a Changing World: Creating Customer Value and Satisfaction

• Marketing, more than any other business function, deal with customers.

• Creating customer value and satisfaction is at the very heart of modern marketing thinking.

• Simplest definition: Marketing is the delivery of customer satisfaction at a profit.

What is Marketing?

• The twofold goal of marketing is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.

• Today marketing must be understood not in the old sense of making a sale – “telling and selling” – but in the new sense of satisfying customer needs.

What is Marketing? (cont.)

• Marketing is the business function that identifies customer needs and wants, determines which target markets the organization can serve best, and designs appropriate products, services and programs to serve these markets.

What is Marketing? (cont.)

What is Marketing? (cont.)

• Marketing Management is the analysis, planning, implementation, and control of programs designed to create, build and maintain beneficial exchanges with target buyers for the purpose of achieving organizational objectives.

• Marketing Management involves managing demand (Demand Management), which in turn involves managing Customer Relationships.

Marketing Management

• The Production Concept – holds that consumers will favor products that are available and highly affordable.

• The Product Concept – holds that consumers will favor products that offer the most quality, performance and innovative features.

• The Selling Concept – holds that consumers will not buy enough of the organization’s products unless it undertakes a large-scale selling and promotion effort.

Marketing Management Philosophies

• The Marketing Concept – holds that achieving organizational goals depends on determining the needs and wants of target markets and delivering the desired satisfaction more effectively and efficiently than competitors do.

• The Societal Marketing Concept – holds that the organizational should determine the needs, wants and interests. It should than deliver superior value to customers in a way that maintains or improves the consumer’s and the society’s well-being.

Marketing Management Philosophies