Kotler Principles of Marketing Essay

neutral 1 Define trade and outline the steps in the merchandise process. Objective 2 Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts. Objective 3 Identify the key elements of a customer-driven trade strategy and discuss the merchandise circumspection orientations that guide marketing strategy. Objective 4 Discuss customer relationship management and identify strategies for creating take to be for customers and capturing value from customers in return. Objective 5 Describe the major trends and forces that are changing the marketing embellish in this age of relationships.Objective 1 Define marketing and outline the steps in the marketing process.Marketing is managing profitable customer relationships.OrMarketing is the process by which companies create value for customers and skeleton strong customer relationships in order to capture value from customers in return.Steps in the marketing process1. Understan ding customer needs2. Designing customer-driven marketing strategies3. Designing integrated marketing programs4. build customer relationships5. Capturing value for the firmFigure 1.1 from page 27Create value for customers and build relationships final stepObjective 2 Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts. five core customer and marketplace concepts1. Needs, wants, and demandsNeeds Physical need like food, clothing, warmth and safetyWants compassionate needs shaped by culture Americans need food (Big Mac) Demands When wants are backed by buying power they become demands2. Market offerings (products, run, and experiences)Consumers needs and wants are fulfilled through market offerings Think of products, services or experiences (such as information) Marketing myopia is focusing too much on the specific products a company offers than to the benefits and experiences produced by these products. Example Rail roads assumed themselves to be in the pressure business rather than in the transportation business.Passengers and freight transportation in general grew, but they choose for cars, trucks, airplanes, etc. making railroad transportation declining. The reason they defined their industry incorrectly was that they were railroad orient instead of transportation oriented they were product oriented instead of customer oriented.3. Value and satisfactionCustomer value and satisfaction are key blocks for developing and managing customer relationships. The customer is looking for value and satisfaction and will buy consequently to the company that offers the best. Expectations shouldnt be too high or too low.4. Exchanges and relationshipsExchange is the act of OBTAINING a desired object from someone by OFFERING something IN RETURN. Examples are Political candidate votes Church members orchestra audience.5. MarketA market is the set of all ACTUAL and POTENTIAL buyers of a product or service. All to a lower place are influenced by major environmental forces.Objective 3 Identify the key elements of a customer-driven marketingstrategy and discuss the marketing management orientations that guide marketing strategy.