Chapter 1 !full! - Principles Of Marketing By Philip Kotler Ppt

To design a winning strategy, a marketing manager must answer two simple questions: What customers will we serve (what’s our )?

By understanding these key concepts, business professionals can develop a solid foundation in marketing and make informed decisions about marketing strategies and tactics.

Marketing consists of actions taken to build and maintain desirable exchange relationships.

: Keeping customers loyal costs less than acquiring new ones. principles of marketing by philip kotler ppt chapter 1

Good customer relationship management creates customer satisfaction. In turn, satisfied customers remain loyal and talk favorably to others about the company and its products.

"The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return."

Kotler outlines a simple cycle that every successful marketer follows: To design a winning strategy, a marketing manager

The total combined customer lifetime values of all the company's current and potential customers. Summary for PPT/Study Notes Description Goal Create value for customers, capture value in return. Needs Basic requirements (Physical, social, individual). Wants Needs shaped by culture and personality. 4 Ps Product, Price, Place, Promotion. CRM Customer Relationship Management (Building loyalty). Societal Marketing

Human wants that are backed by buying power. When a consumer has the desire and the financial means, wants become demands.

The 5-Step Marketing Process Model (The Kotler Framework) Slide 7: Conclusion & Key Takeaways : Keeping customers loyal costs less than acquiring new ones

Engage customers and build lasting satisfaction.

Customers form expectations about the value and satisfaction that various market offerings will deliver.

Customer-driven; highly responsive but requires deep research.

These are combinations of products, services, information, or experiences offered to a market to satisfy a need or want. It is crucial for marketers to avoid —paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. 4. Designing a Customer-Driven Marketing Strategy