Marketing product’s perceived performance matches a buyer’s expectations.

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Marketing

The process by which companies create

value for customers and build strong

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customer relationships in order to capture

value
from customers in return.

Five steps of marketing process

1.   
Undrstandting
consumer

Needs

Lack of any thing.

Wants

The form human needs take as they

are shaped by culture and individual

personality.

Demands

Human wants that are backed by purchasing

power.

Needs+purchasing
power=Demands

MARKET

Set
of actual and potentional customar

Market
offerings

Market is the combination of products, services,

information, or experiences which is offered to a

market for satisfy a need or want

 

2.   
Create
customer value

 

. 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.

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.

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.

Marketing concept

A philosophy in which achieving

organizational goals depends on understand

the needs and wants of target markets

and delivering the desired satisfactions

better
than competitors do.

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.

 

3.   
Preparing
an integrated marketing plan and program

Marketing
max tools classified into four groups such is called four P,s of marketing

·        
Product

·        
Price

·        
Place

·        
Promotion

 

 

4.   
Build
Profitable customer relationship

Customer relationship

management

The overall process of building and

maintaining profitable customer

relationships by delivering superior

customer
value and satisfaction.

Customer-perceived value

The customer’s evaluation of the

difference between all the benefits and all

the costs of a marketing offer relative to

those
of competing offers.

Customer satisfaction

Customer satisfaction depends on product’s perceived

performance matches a buyer’s

expectations.

Customer
expectations > product performance = customer dissatisfaid

Customer
expectations = product performance= satisfaid

 

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

consumer sharing experience about the product .

 

Partner relationship management

Working closely with partners in other

company departments and outside the

company to jointly bring more value to

customers.

Customer lifetime value

It maen cutomer will purchases life time our product.

 

Customer equity

How much purchases will be don in has life time.

 

Digital and social media

marketing

Using digital marketing tools such as

Web sites, social media, mobile apps

and ads, online video, e-mail, and blogs

that engage consumers anywhere, at any

time, via their digital devices.

5.   
Capturing value from customers

Fim

Final process of marketing is Bullid profitable relationship with
customer and satisfaid customer needs and wants by delivering superior value
and capturing value in return in the from of sales,market share and profits.

Categories: Management

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