Professional Documents
Culture Documents
Simple Definition:
Marketing is managing profitable
customer relationships.
Goals:
1. Attract new customers by promising
superior value.
2. Keep and grow current customers by
delivering satisfaction.
Prentice Hall, Inc. Copyright 2007 1-4
Marketing Defined
Need:
State of felt deprivation including
physical, social, and individual needs.
– Physical needs:
• Food, clothing, shelter, safety
– Social needs:
• Belonging, affection
– Individual needs:
• Learning, knowledge, self-expression
Wants:
Form that a human need takes, as
shaped by culture and individual
personality.
Brand Experiences:
“. . . dazzle their senses, touch their hearts,
stimulate their minds.”
Prentice Hall, Inc. Copyright 2007 1-10
Marketing Myopia
Exchange: Transaction:
– Act of obtaining – A trade of
a desired object values between
from someone two parties.
by offering – One party gives
something in X to another
party and gets Y
return. in return. Can
include cash,
credit, or check.
Market Segmentation:
– Divide the market into segments of
customers
Target Marketing:
– Select the segment to cultivate
Demand
Management Demarketing
– Finding and – Temporarily or
increasing permanently
demand, also reducing the
changing or number of
reducing customers or
demand, as in shifting their
demarketing. demand.
Production Concept
Product Concept
Selling Concept
Marketing Concept
Societal Marketing Concept
Customer Share of
Lifetime Value Customer
– The entire – The share a
stream of company gets
purchases that of the customers
the customer purchasing in
would make their product
over a lifetime categories.
of patronage.
Rapid Globalization
Ethics and Social Responsibility
Not-for-Profit Marketing
New World of Marketing Relationships