'Kotler Principles of Marketing Essay\r'

' target 1: Define trade and outline the steps in the merchandise mathematical physical process. target ara 2: Explain the importance of understanding the provender commercialize and clients and send the five bone marrow marketplace concepts. Objective 3: Identify the fundamental elements of a customer-driven trade system and discuss the market management orientations that get hold of merchandise strategy. Objective 4: Discuss customer relationship management and identify strategies for creating honour for customers and capturing rank from customers in return. Objective 5: Describe the major(ip) trends and forces that are changing the marketing landscape in this age of relationships.\r\nObjective 1: Define marketing and outline the steps in the marketing process.\r\n merchandise is managing profitable customer relationships.\r\nOr:\r\nMarketing is the process by which companies create measure for customers and build watertight customer relationships in order to capture harbor from customers in return.\r\nSteps in the marketing process:\r\n1. Understanding customer urgencys\r\n2. Designing customer-driven marketing strategies\r\n3. Designing integrated marketing programs\r\n4. Building customer relationships\r\n5. Capturing value for the firm\r\nFigure 1.1 from page 27Create value for customers and build ‘’relationships final step\r\nObjective 2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.\r\nFive core customer and marketplace concepts:\r\n1. Needs, wants, and demands\r\nNeeds: Physical need like food, clothing, warmth and safety\r\nWants: Human demand shaped by culture: Americans need food (Big Mac) Demands: When wants are backed by buying ply they become demands\r\n2. Market offerings ( proceedss, services, and experiences)\r\nConsumers’ needs and wants are accomplish through market offerings; Think of products, services or experiences (suc h as information) Marketing myopia is focusing likewise much on the specific products a telephoner offers than to the benefits and experiences produced by these products. Example: Railroads assumed themselves to be in the force business rather than in the theodolite business.\r\nPassengers and freight transport in general grew, yet they choose for cars, trucks, airplanes, etc. making railroad transportation declining. The reason they defined their industry incorrectly was that they were railroad oriented instead of transportation oriented; they were product oriented instead of customer oriented.\r\n3. Value and felicity\r\nCustomer value and satisfaction are key blocks for developing and managing customer relationships. The customer is looking for value and satisfaction and will buy accordingly to the phoner that offers the best. Expectations shouldn’t be too high or too low.\r\n4. Exchanges and relationships\r\nExchange is the act of OBTAINING a desired object from someone by OFFERING something IN RETURN. Examples are [Political candidate: votes] [Church: members] [orchestra: audience].\r\n5. Market\r\nA market is the set of all ACTUAL and POTENTIAL buyers of a product or service. All below are influenced by major environmental forces.\r\nObjective 3: Identify the key elements of a customer-driven marketing\r\nstrategy and discuss the marketing management orientations that guide marketing strategy.\r\nâ€\r\n'