《Lesson_1_Defining_marketing_and_the_marketing_process》.pdf

Marketing (MRKT220) Chapter 1: Defining marketing and the marketing process 1.1 What is marketing? 1.11 Marketing Defined Key Words in Definition:  a social and managerial process;  the purpose of the process is to satisfy needs and wants;  the format is creating and exchanging;  the content of exchange is products (or services) and value ($);  the reason individuals choose the products (or services) is the relatively high worth of value of the products / services. 1.12 The Marketing Process  The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Five-step Model of the Marketing Process: 1) Understand the marketplace and customer needs and wants Create value 2) Design a customer-driven marketing strategy for customers 3) Construct an integrated marketing program that delivers superior value and build 4) Build profitable relationships and create customer delight customer relationships Capture value 5) Capture value from customers to create profits and customer equity from customers in return 1.2 U