favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency (Lenovo, Walmart) Orientations - The 30,000-foot view of Marketing
favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvements. (better mousetrap - Apple?) Orientations - The 30,000-foot view of Marketing
not buy enough of the firm's products unless it undertakes a large-scale selling and promotion effort (insurance, blood donations) Orientations - The 30,000-foot view of Marketing
achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do Orientations - The 30,000-foot view of Marketing
company's marketing decisions should consider consumers' wants, the company's requirements, consumers' long-run interests, and society's long-run interests Orientations - The 30,000-foot view of Marketing
needs 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Building profitable relationships and create customer delight 5. Capture Value from customers to create profits and customer equity
- States of felt deprivation • Wants - Form of human needs as shaped by culture and individual personality • Demands - Human wants that are backed by buying power Customer Needs, Wants and Demands
offerings - Some combination of products, services, information, or experiences offered to satisfy a need or want • Marketing myopia - The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products Market Offerings - Products Services and Experiences
- The act of obtaining a desired object from someone by offering something in return • Market - The set of all actual and potential buyers of a product or service Exchanges and Relationships
orientation understood, we can develop our company and marketing strategies as our answers to the two important questions of Marketing Management: 1. What customers will we serve?
customer's evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers • Customer satisfaction - The extent to which a product's perceived performance matches a buyer's expectations Relationship Building Blocks
The value of the entire stream of purchases that the customer would make over a lifetime of patronage. • Share of customer - The portion of the customer's purchasing that a company gets in its product categories.