Marketing;

what is marketing or define marketing:

marketing is engaging customer and managing profitable customer relationships. the
two-fold goal of marketing is - to attract new customers - by promising superior value
- to keep and grow current customers - by delivering value and services.in case of
easily sealing a product,

1. the marketers should engage customers effectively,

2. understands their needs,
3. develops products that provide superior customer value and prices,
4.distributes and promotes then well.

in fact , the management guru said- " the aim of marketing is to make selling
unnecessary."So, marketing is the process by which companies engage customers,
build strong customer relationships, and create customer value in order to capture
value from customer in return.
in short: Marketing is engaging customer and managing profitable customer
relationships. In broader understanding, marketing is the process by which companies
engage customers, build strong customer relationships, and create customer value in
order to capture value from customer in return.the two fold goal of marketing is - to
attract new customers - by promising superior value
- to keep and grow current customers - by delivering value and services. The
management guru said- " the aim of marketing is to make selling unnecessary."
what is the marketing process for creating and capturing customer value? • Write
down the marketing process.
process- 30 page bookin this 5 step model of the marketing process, in the first 4
steps, companies works to understand customers, create customer value, and vuild
strong customer relationships. in the final step, companies reap the reward of creating
superior customers in to form of sales, profit, and long-term customer equity.
Step-01: understanding the marketplace and customer needs:
⁃ Research and observe customers and marketplace
⁃ Manage marketing information and customer data.
5core customer and marketplace concept:
1. needs, wants and demands:
2. Market offerings (products, services, and experiences)
3. value satisfaction
4. exchanges and relationships
5. markets

EXPLANATION:
1. needs, wants and demands:• NEEDS: needs are states of felt deprivation. they
include:
Physical needs- for food, clothing, warmth, safety social needs- belonging and
affectionindividual needs- knowledge and self-expression
these are basic part of human makeup, marketers didnt create these.
• WANTS: are the form of humen needs as they are shaped by culture and individual
personality. it is shaped by one' society and are described in terms of the objevt that
will satisfy those needs. • DEMAND: when backed by buying power, wants become
demands. from people's wants and
resouces, demand products and services with benefits that add up to the most value
and satisfaction.
to learn about these thing companies conduct- customer research, analyse mountains
of customer data, and observe customers as they shop and interact, online and
offline.all level of people in company- stay close to customers.

2.Market offerings (products, services, and experiences)• MARKET

OFFERINGS:Some combination of products, services, information, or experiences
offered to a market to satisfy a need or want.they include-physical products ,services-
activities or benefits offered for sale-- banking, airline, hotelother entities- persons,
places , organizations, information, ideas
• 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.PROBLEMS: These sales will have trouble if a new product comes along that
serves the customer's need better or less expensively. The customer will have the
same need but will want the new product.SOLUTION: Smart marketers look beyond
the attributes of the products and services they sell. By arranging several services and
products, they can create brand experiences for consumers.

3.CUSTOMER VALUE AND SATISFACTION:Customers form expectations about the

value and satisfaction that various market offerings will deliver and buy accordingly.
• Satisfied customers buy again and tell others about their good experiences.
• Dissatisfied customers often switch to competitors and disparage the product to
others. Solution: Marketers must be careful to set the right level of expectations.
• If they set expectations too low, they may satisfy those who buy but fail to
attract enough buyers.
• If they set expectations too high, buyers will be disappointed Importance:
Customer value and customer satisfaction are key building blocks for developing and
managing customer relationships. Because,
• Satisfied customers buy again and tell others about their good experiences.
• Dissatisfied customers often switch to competitors and disparage the product to
others. -Also, Marketers must be careful to set the right level of expectations. because
,
• If Marketers set expectations too low, they may satisfy those who buy but fail to
attract enough buyers.
• If they set expectations too high, buyers will be disappointed

4. Exchanges and Relationships

Exchange is the act of obtaining a desired object from someone by offering something
in return. Marketing consists of actions taken to create, maintain, and grow desirable
exchange relationships with target audiences involving a product, service, idea, or
other object.

5. MARKETS:
The set of all actual and potential buyers of a product or service.Marketing means
managing markets to bring about profitable customer relationships. For this,
Sellers must
• search for and engage buyers, (consumer research)
• identify their needs, (consumer research)
• design good market offerings, (product development)
• set prices for them, (pricing)
• promote them,
• store and deliver them. Activities such as consumer research, product
development, communication, distribution, pricing, and service are core marketing
activities. Outstanding marketing companies go to great lengths to learn about and
understand their customers’ needs, wants, and de- mands. This understanding helps
them to design want-satisfying market offerings and build value-laden customer
relationships by which they can capture customer lifetime value and greater share of
customer. The result is increased long-term customer equity for the firm. STEP 02 -
DESIGNING A CUSTOMER VALUE-DRIVEN MARKETING STRATEGY AND PLAN:
Marketing management is the art and science of choosing target markets and
building profitable relationships with them.The marketing manager’s aim is to engage,
keep, and grow target customers by creating, delivering, and communicating superior
customer value. To design a winning marketing strategy, the marketing manager must
answer two important questions:
• What customers will we serve (what’s our target market)?
• How can we serve these customers best (what’s our value proposition)? Key
Elements:1.Selecting Customers to Serve: The company first decide whom it will
serve by dividing the market into segments of customers (market segmentation) and
selecting which segments it will go after (target marketing).marketing managers must
decide which customers they want to target and on the level, timing, and nature of their
demand. That's why, marketing management is customer management and demand
management. 2.Choosing a Value Proposition: The company must also decide how it
will serve targeted customers—how it will differentiate and position itself in the
marketplace that give them the greatest advantage in their target markets. A brand’s
value proposition is the set of benefits or values it promises to deliver to consumers to
satisfy their needs. 3.Marketing Management Orientations: Marketing management
wants to design strategies that will engage target customers and build profitable
relationships with them.There are five alternative concepts under which organisations
design and carry out their marketing strategies:

1. Production Concept: The idea that consumers will favor products that are
available and highly affordable; therefore, the organization should focus on improving
production and distribution efficiency.
2. Product Concept: The idea that consumers will favor products that offer the
most quality, performance, and features; therefore, the organization should devote its
energy to making continuous product improvements.
3. Selling Concept: The idea that consumers will not buy enough of the firm’s
products unless the firm undertakes a large-scale selling and promotion effort.
4. Marketing Concept: A philosophy in which achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired
satisfactions better than competitors do.
5. Societal marketing Concept: The idea that a company’s marketing decisions
should consider consumers’ wants, the company’s requirements, consumers’ long-run
interests, and society’s long-run interests.
Book- charts

STEP 03 - PREPARING AN INTEGRATED MARKETING PLAN AND PROGRAM

Integrated marketing program is a comprehensive plan that communicates and
delivers the intended value to chosen customers. The marketing programs builds
customers relationships by transforming the marketing strategy into action. It consist of
firms marketing mix.The marketing mix is the set of tools (four Ps) the firm uses to
implement its marketing strategy. It includes
• product- need-satisfying market offering
• price- how much it will charge for the offering
• promotion- how it will make the offering available to target consumers
• place- engage target consumers, communicate about the offering, and
persuade consumers of the offer’s meritsThe firm must blend each marketing mix tool
into a comprehensive integrated marketing program that communicates and delivers
the intended value to chosen customers. STEP 04 - ENGAGING CUSTOMERS AND
MANAGING CUSTOMER RELATIONSHIPS : Customer Relationship Management:
The overall process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction. It deals with all aspects of (
strategies for creating customer value and capturing value from customers)
• Acquiring- A customer buys from the firm that offers the highest 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. So , to create customer value, a
company must satisfy customers which means- the product’s perceived performance
should be relative to a buyer’s expectations.
It can be done by several ways:
1. by promising only what they can deliver and then delivering more than they
promise.
2. very low pringing on good-quality products
3. increasing services
4. developing offering that can solve customer problems better
5. ensure products or services meet high standards and exceed customer
expectations. Because, If the product’s performance falls short of expectations, the
customer is dissatisfied. If performance matches expectations, the customer is
satisfied. If performance exceeds
• Customer engagement- Customer-engagement marketing Making the brand
a meaningful part of consumers’ conversations and lives by fostering direct and
continuous customer involvement in shaping brand conversations, experiences, and
community.
Consumer-generated marketing: Brand exchanges created by consumers
themselves—both invited and uninvited— by which consumers are playing an
increasing role in shaping their own brand experiences and those of other consumers.
expectations, the customer is highly satisfied or delighted
2. partner relationship management: Working closely with partners in other company
departments and outside the company to jointly bring greater value to customers.
Customer-engagement marketing aims to make a brand a meaningful part of
consumers’ conversations and lives through direct and continuous customer
involvement in shaping brand conversations, experiences, and community. The aim of
customer relationship management and customer engagement is to produce high
customer equity, the total combined customer lifetime values of all of the company’s
customers
the aim of customer relationship management is to create not only customer
satisfaction but also customer delightThe ultimate aim of customer relationship
management is to produce high customer equity.
• Growing customers- CAPTURING VALUE FORM CUSTOMERS:Capturing
value in return in the form of sales, market share, and profits. By creating superior
customer value, the firm creates satisfied customers who stay loyal and buy more.
This, in turn, means greater long-run returns for the firm.
(importance of creating customer value)
• Creating customer loyalty and retention: the outcomes of creating customer value:
Good customer relationship management creates customer satisfaction. In turn,
satisfied customers remain loyal and talk favorably to others about the company and
its products.
Customer lifetime value
The value of the entire stream of purchases a customer makes over a lifetime of
patronage.
• Growing share of customer:
good cus- tomer relationship management can help marketers increase their share of
customer— the share they get of the customer’s purchasing in their product
categories.
o increase share of customer, firms can offer greater variety to current customers. Or
they can create programs to cross-sell and up-sell to market more products and
services to existing customers.
• Building customer equity: Customer equity is the total combined customer lifetime
values of all of the company’s current and potential customers. As such, it’s a measure
of the future value of the company’s customer base. Clearly, the more loyal the firm’s
profitable customers, the higher its customer equity. Customer equity may be a better
measure of a firm’s performance than current sales or market share. Whereas sales
and market share reflect the past, customer equity suggests the future.
THE CHANGING MARKETING LANDSCAPE:
major trends and forces that are changing the market- ing landscape and challenging
marketing strategy:1. The Digital Age: Online, Mobile, and Social Media Marketing:
Digital and social media marketing
involves using digital marketing tools such as websites, social media, mobile ads and
apps, online video, email, blogs, and other digital platforms to engage consumers
anywhere, anytime via their degital devices - computers, smartphones, tablets,
internet- ready TVs, and other digital devices.
Every company is reaching out to customers with multiple websites, newsy tweets and
Facebook pages, viral ads and videos posted on YouTube, rich-media emails, and
mobile apps that solve consumer problems and help them shop.Social media
marketing:
Online social media provide a digital home where people can connect and share im-
portant information and moments in their lives. As a result, they offer an ideal platform
for real-time marketing, by which marketers can engage consumers in the moment by
linking brands to important trending topics, real-world events, causes, personal
occasions, or other important happenings in consumers’ lives.
Mobile Marketing: Mobile marketing is a rapidly growing digital platform that
leverages smartphones to engage customers directly, offering personalized
experiences throughout the buying process.

2. The Changing Economic environment: The changing economic environment

has led consumers to prioritize value and practicality in their spending habits. Despite
economic recovery, there is a renewed emphasis on frugality and mindful
consumption. This shift has influenced marketing strategies across industries, with
companies focusing on value propositions that align with consumers' preferences for
durability and cost-effectiveness. Marketers are cautious about price cuts, aiming
instead to maintain brand value and customer trust in uncertain economic times.
3. The Growth of not-for profit marketing: The growth of not-for-profit marketing
has become significant in recent years, with organizations such as colleges, hospitals,
museums, and charitable foundations integrating marketing strategies to attract
support and membership. These entities employ marketing to raise funds, increase
awareness of their missions, and engage with stakeholders effectively. Government
agencies also utilize marketing to promote public initiatives and encourage behavior
change on social issues. Overall, not-for-profit marketing has evolved to play a crucial
role in securing resources and advancing organizational goals in a competitive
landscape.
4. Rapid Globalization: Rapid globalization has transformed the business
landscape, compelling companies of all sizes to engage with global markets and
competitors. It involves not only selling products internationally but also sourcing
supplies globally and adapting offerings to meet diverse market needs. This global
perspective requires managers to assess industry dynamics, competitors, and
opportunities on a global scale, prompting strategic questions about the differences
between global and domestic marketing, the impact of global forces on business, and
the feasibility of expanding into international markets.
5. Sustainable Marketing—The Call for More Environmental and Social
Responsibility: Sustainable marketing involves integrating environmental and social
responsibility into business strategies and operations. It requires marketers to consider
the impact of their decisions on society and the environment, aiming to deliver value in
ways that support long-term ecological balance and societal well-being. Emphasizing
ethical practices and transparency, sustainable marketing seeks to meet current
consumer expectations for products and services that are produced and marketed
with respect for environmental sustainability and social equity. This approach not only
addresses immediate customer demands but also prepares businesses to navigate
increasingly stringent regulatory environments and societal expectations regarding
corporate behavior.