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* * * * * * * * * * * * * * * * * Marketing: Managing Profitable Customer Relationships 1 What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return What is marketing again? Wavy’s prefered definition(13E): A social and managerial process by which individuals and organizations obtain what they need and want (and demand) through creating and exchanging value with others. Understanding the Marketplaceand Customer Needs Customer Needs, Wants, and Demands Needs are states of deprivation Physical—food, clothing, warmth, safety Social—belonging and affection Individual—knowledge and self-expression Understanding the Marketplaceand Customer Needs Customer Needs, Wants, and Demands Wants are the form that needs take as they are shaped by culture and individual personality Demands are wants backed by buying power Understanding the Marketplaceand Customer Needs Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Market Offerings—Product, Services, and Experiences Understanding the Marketplaceand Customer Needs Customer Value and Satisfaction Customer perceived value is the difference between total customer value and total customer cost Customer satisfaction is the extent to which a product’s perceived performance matches a buyer’s expectations Understanding the Marketplaceand Customer Needs Exchange is the act of obtaining a desired object from someone by offering something in return Marketers want to build and maintain strong relationships by consistently delivering superior customer value Exchanges and Relationships Understanding the Marketplaceand Customer Needs Markets are the set of actual and potential buyers of a product ( Wavy’s reminding: 3 types of market; marketplace VS marketspace ) Marketing system consists of all of the actors (suppliers, co
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