Marketing, creating customer value and engagement

Question 1

What is marketing about?

Answer 1

Marketing is about customers.

• Organisations do best by focusing upon customers.
• It is all about sensing, serving and satisfying the needs of customers in well-defined target markets.
• B2C, B2B, C2C

Question 2

Define marketing

Answer 2

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.

Question 3

Name the five steps in the marketing process

Answer 3

1. Understanding the marketplace and customer needs and wants.
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing programme that delivers superior value.
4. Build profitable relationships and create customer delight.
5. Capture value from customers to create profits and customer equity

Question 4

Define customer needs, wants and demands

Answer 4

1. Needs: states of felt deprivation.
2. Wants: the form human needs take as shaped by culture and individual personality.
3. Demands: human wants that are backed by buying power.

Question 5

Define customer value

Answer 5

The marketing-oriented companies aim to create customer value in order to attract and retain customers.

Question 6

Define satisfaction

Answer 6

Consumers make buying choices based upon their perceptions of value that various marketing offerings can deliver to them

Question 7

Define value proposition

Answer 7

The set of benefits or values a company promises to deliver to consumers to satisfy their needs

Question 8

Explain and define marketing management

Answer 8

• Defined as an art and science
• Choosing target markets and attempting to build profitable relationships with them
• Managing customer demand and customer relationships
• Different approaches to the marketing function evolved over time

Question 9

Explain the marketing management orientations

Answer 9

1. The production concept
2. The product concept
3. The selling concept
4. The marketing concept
5. The societal marketing concept
6. 1 Consumer => satisfaction
7. 2 Company => profit
8. 3 Society => human welfare