15 pages
Word Count
842 words
Widyatama University
Course Code
Magister Management

Marketing Definition

January 9, 2020
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
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
Exchange Services
Exchanging Value
Exchanging Relationships
Making A Marketing Strategy Based On Customer Value
Why Value Based Strategy….?
Ultimately, value is the key element in any marketing strategy. The
only reason customers will buy from you is because they think you
can provide them with value.
To provide customers with the value they need, you must apply the
concept of “Marketing Management” ……. which is the art and
science in implementing marketing.
Marketing management is concerned with to main questions:
Who will we serve?
What will we serve them?
Who will we serve..?
Segmentation & Targeting
Market Segmentation
Dividing the market into various pieces.
Market segments should be homogeneous within groups and
heterogeneous between groups.