Marketing is the management of f…

What exactly is marketing?

1. Marketing is concerned with the management of profitable customer relationships.

2. Marketing has two objectives: attracting new customers through superior value and retaining and Fang GU through satisfaction.

3. Marketing is defined as the process by which a business creates value and establishes strong customer relationships in order to extract value from customers.

4. Marketing process model in five steps.

Step 1: Research the market and customer requirements.

Step 2: Create a customer-focused marketing strategy.

Step 3: Create high-value integrated marketing programs.

Step 4: Establish profitable relationships and delight customers.

Create value and relationships with customers.

Step 5: Capture customer value to generate profit and customer equity.

This, in turn, captures customer value.

5. Recognize the significance of customer and market positioning and identify five market concepts.

Physical requirements, safety requirements, social requirements, respect requirements, and self-actualization requirements

Wants are different types of human needs that are influenced by culture and personal characteristics.

Wants become needs when they are governed by purchasing power.

A company meets this need by offering a value proposition and a set of benefits to the customer.

This value proposition is realized by providing the marketplace with customer value and satisfaction, ultimately leading to a long-term transactional relationship with the customer.

6. Identify the components of a consumer-oriented marketing strategy.

1) Market segmentation; the company must first decide who it will serve, which entails categorizing the consumer into several groups.

2) Identify target markets and segments for the company to cultivate

3) Market positioning and highlighting: the company must decide how to serve these target customers.

Marketing executives can choose from one of five competitive market positioning options.

1) Production concept: management’s task is to improve production efficiency and reduce costs.

2) Product concept: consumers prefer products that are high in quality, efficacy, and innovation.

(3) Sales concept: Unless the company makes large-scale sales and promotional efforts, consumers will not buy enough of the company’s products.

(4) Marketing concept: the ability to achieve organizational goals is dependent on the ability to identify the needs and desires of the target market and to deliver value more effectively and efficiently than competitors.

(5) The concept of social marketing: Cultivating customer satisfaction and long-term social welfare are critical to achieving company goals and fulfilling corporate responsibility.

Management of Customer Relationships

The process of establishing and maintaining profitable customer relationships by communicating exceptional customer value and satisfaction.

Good customer relations necessitate close collaboration with internal and external marketing partners, as well as a focus on partner relationship management.

Today, all suppliers are taking advantage of new opportunities to build relationships with consumers, market partners, and the rest of the world.