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What is Marketing?: 

What is Marketing? - A set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholder.

Meaning?: 

Meaning? Processes – traditionally refers to 4Ps, now include after sales supports, customer services. Creating and Delivering value – address customer needs and wants, and create high customer satisfaction. In business, do it in a way that is mutually beneficial in the long run (so focus on long-term profits instead of short-term profits).

Importance of customer satisfaction: 

Importance of customer satisfaction It is important to consistently deliver product and service that create values for customers. Brand equity and customer loyalty are built in this way.

Scope of Marketing: 

Scope of Marketing Marketing means adopting a customer focus for the organization; keeping the customer’s needs in mind all the time. It may not always mean making an immediate sale. What is Marketing?

It’s All About Satisfaction: 

It’s All About Satisfaction The ultimate goal is customer satisfaction , which leads to long-term profitability and success Whenever things of value are being exchanged , marketing principles apply: consider exactly what is being exchanged (it’s “give” and “get”) Marketing today is applied to virtually all aspects of a company’s operation that has the potential to influence customer satisfaction Marketing principles apply in all organizations

…and Creating Value: 

…and Creating Value Successful marketing involves meeting or exceeding customer expectations When expectations are exceeded, customer satisfaction or delight results Marketing is very much about adding value through a broadly-defined value proposition Value may be created by marketers in many different ways: value is not only about price

Marketing Everywhere!: 

Marketing Everywhere! Understanding marketing helps you when: You buy a new pair of shoes, or go to the grocery store. You open a new bank account. You apply for a job. You watch television. ….. What is Marketing?

The Marketing Mix: 

The Marketing Mix The conventional view of the marketing mix consisted of four components: product, price, distribution and promotion . Generally acknowledged that this is too narrow today; now includes service, processes, technology. Marketers today are focused on virtually all aspects of the firm’s operations that have the potential to affect the relationship with customers.

The Focus of Marketing: 

The Focus of Marketing Marketing involves the exchange of things of value with various target groups. Much of marketing’s focus today is on the creation of value for customers; those who are best at creating value earn customer loyalty. Ultimately, successful marketers develop a close relationship with customers and others. This is a long-term strategy that guarantees the future success of the company.

Drivers of Customer Satisfaction: 

Drivers of Customer Satisfaction Many aspects of the firm’s value proposition contribute to customer satisfaction: The emotional connection with customers Interaction with the firm and it employees The technical performance of the firm Support services and systems The core product or service offered Ability to add value and to differentiate as a firm focuses more on the top levels

Marketers and Markets: 

Marketers and Markets Marketers are focused on stimulating exchanges with customers who make up markets – B2C or B2B. The market is comprised of people who play a series of roles: decision makers, consumers, purchasers, and influencers. It is essential that marketers have a detailed understanding of consumers, their needs and wants . Much happens before and after the sale to affect customer satisfaction

Evolution of Marketing Thinking: 

Evolution of Marketing Thinking Marketing has evolved through five stages: in the product-focus stage , emphasis is on producing more and better products at the sales-orientation stage , focus shift to selling, moving product from warehouse to customer at the customer-interest stage , emphasis shifts to the customer and the satisfaction of needs the customer-service stage places emphasis on customer service as well as good products the customer-relationship stage sees a much longer-term focus on building relationships with customers

Figure 1-6: Marketing Thinking Drives the Value Proposition: 

Figure 1-6: Marketing Thinking Drives the Value Proposition

Customer-Relationship Thinking: 

Customer-Relationship Thinking The customer-relationship view of marketing requires some new thinking: It is very much a long-term strategy Requires that management take the customer’s view The value proposition must be defined very broadly Different measures of success are needed

The New View of Marketing: 

The New View of Marketing The marketing emphasis today is on keeping existing customers as well as getting new ones Four principles guide marketing: retention : keeping them coming back referrals : encourage them to recommend us relationships : build an emotional connection recovery : solve problems as they arise

The Modern Marketing Concept: 

The Modern Marketing Concept All planning and operations are designed to create long-term customer satisfaction: “everyone in the firm is involved in marketing” All of the marketing activities of the organization should be consistently designed and delivered, and should be coordinated across departments All of the organization’s planning and operations are customer-oriented, meeting customer needs and achieving profitability All activities are focused on the long-term and designed to create an emotional connection with customers