Part 1: DEFINING MARKETING AND THE MARKETING PROCESS

Creating Customer Value and Engagement

● The aim of marketing is to create value to the customers in order to catch value from the
customer
● There are 5 Steps to the marketing process
● Marketing engages with customers and attracts customers as well as managing
customer relations

Marketing Defined
What is marketing? Many people think of marketing as only selling and advertising.
We are bombarded every day with TV commercials, catalogs, spiels from salespeople,
and online pitches. However, selling and advertising are only the tip of the marketing
iceberg.
Today, marketing must be understood not in the old sense of making a sale—“telling
and selling”—but in the new sense of satisfying customer needs. If the marketer
engages
consumers effectively, understands their needs, develops products that provide superior
customer value, and prices, distributes, and promotes them well, these products will sell
easily.
5 Steps of Marketing
1. Understand the market place and customer needs and wants
2. Design a custom value - marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Engage customers, build profitable relationships and customer delight
5. Capture value from customers to create profits and customer equity

As a first step, marketers need to understand customer needs and wants and the marketplace
in which they operate. We examine five core customer and marketplace concepts: (1) needs,
wants, and demands; (2) market offerings (products, services, and experiences); (3) value
and satisfaction; (4) exchanges and relationships; and (5) markets
Company and Marketing Strategy: Partnering to Build Customer Engagement, Value, and
Relationships
Part 2: UNDERSTANDING THE MARKETPLACE AND CONSUMER VALUE

A company’s marketing environment consists of the actors and forces outside

marketing that affect marketing management’s ability to build and maintain successful
relationships with target customers.

Developing Strategies for Growth and Downsizing

Beyond evaluating current businesses, designing the business portfolio involves find-
ing businesses and products the company should consider in the future. Companies need
growth if they are to compete more effectively, satisfy their stakeholders, and attract top
talent. At the same time, a firm must be careful not to make growth itself an objective. The
company’s objective must be to manage “profitable growth.”
Marketing has the main responsibility for achieving profitable growth for the com-
pany. Marketing needs to identify, evaluate, and select market opportunities and lay down
strategies for capturing them.
Chapter 3: DESIGNING A CUSTOMER VALUE-DRIVEN STRATEGY AND MIX

● Market Strategy
● Market Segmentation
● Market Targeting
● Deferiation and Positioning
PART 4: EXTENDING MARKETING

Question

What is the difference between market strategy and market plan.

In short, strategy is the act of making an integrated set of choices,

which positions the organization to win; while planning is the act of
laying out projects with timelines, deliverables, budgets, and
responsibilities.