Marketing
What is marketing…?
Marketing is the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offering that
have value for customers, clients, and society at large.
(AMA, 2013)
Marketing is the process by which companies engage customers,
build strong customer relationships, and create customer value in
order to capture value from customers in return.
What is the purpose of marketing…?
Capturing Customer Value
Needs
Wants
Demands
Experiences, Offering, and Marketing Myopia
•It is critical to understand that when addressing customer
needs, wants, and demands, there are many different
dimensions to keep in minds:
•The offering
•The experience
•The service
•Ignoring these different factors and focusing only on the
physical products leads to “Marketing Myopia”.
Customer Value and Satisfaction
The satisfaction of the customer is usually based on the following
concept: Satisfaction = Reality – Expectation
There is a very careful balance that a marketer must constantly
try to find.
Marketers must balance between setting high expectations and
reasonable expectations to deliver the highest possible
customer value
Marketplace Relationship
•Exchange Goods
