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Chapter One Managing Profitable Customer Relationship: What Is Marketing?
Chapter One Managing Profitable Customer Relationship: What Is Marketing?
Chapter One Managing Profitable Customer Relationship: What Is Marketing?
Chapter one
Managing profitable customer
relationship
What is marketing?
Marketing is managing profitable customer relationship.
Marketing is the process by which companies create value for
customers and build strong customer relationships in order to
capture value from customers in return.
Marketing is social and managerial process by which individual
and organization obtain what they need and want through creating
and exchanging values with others
The twofold goal of marketing is to:
1. attract new customers by promising superior value
2. keep and grow current customer by delivering
satisfaction
Marketing process :
Wants are the form human needs take as they are shaped by
culture and individual personality. An American needs food but
wants a Big Mac, french fries, and a soft drink. Wants are shaped by
one’s society and are described in terms of objects that will satisfy
those needs.
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5.markets:
A market is the set of actual and potential buyers of a product or
service. These buyers share a particular need or want that can be
satisfied through exchange relationships.
4. Marketing concept
The marketing concept holds that achieving organizational goals
depends on knowing the needs and wants of target markets and
delivering the desired satisfactions better than competitors do.
Under the marketing concept, customer focus and value
are the paths to sales and profits. Instead of a product-
centered “make and sell” philosophy, the marketing
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concept is a customer-centered “sense and respond”
philosophy.
The job is not to find the right customers for your product
but to find the right products for your customers.
• supply chain
The supply chain describes a longer channel, stretching from raw
materials to components to final products that are carried to final
buyers. For example, the supply chain for PCs consists of suppliers
of computer chips and other components, the computer
manufacturer, and the distributors, retailers, and others who sell
the computers.