Marketing for Customer Value and Engagement (Grade A)

Summary:

Chapter 1 of BMKT300: Marketing Theory and Principles introduces the concept of marketing and its importance in creating customer value and engagement. The learning objectives of this chapter include defining marketing and outlining the steps in the marketing process.

Marketing is described as a business function that deals with customers and focuses on engaging customers and managing profitable customer relationships. The two main marketing goals are attracting new customers through superior value and retaining and growing existing customers through delivering value and satisfaction.

The chapter emphasizes that marketing is not limited to selling and advertising but encompasses a broader scope. Good marketing is essential for the success of both for-profit and not-for-profit organizations. It is present in various aspects of daily life and involves understanding customer needs and providing products, services, and experiences that satisfy those needs.

The marketing process is outlined, highlighting the steps companies take to understand consumers, create customer value, build strong customer relationships, and capture customer value through sales, profits, and long-term customer equity.

In the second part of Chapter 1, the focus shifts to understanding the marketplace and customer needs. Core concepts such as customer needs, wants, demands, market offerings, customer value and satisfaction, exchanges and relationships, and markets are discussed in detail. The importance of understanding customer expectations and delivering superior value and satisfaction is emphasized.

Furthermore, the chapter explores different marketing management orientations, including the production concept, product concept, selling concept, marketing concept, and societal marketing concept. Each orientation offers a different perspective on how organizations should design marketing strategies to build profitable relationships with target consumers.

Excerpt:

Marketing for Customer Value and Engagement

School of Business
Department of Marketing
BMKT300 – Marketing Theory and Principles
Chapter 1 | Part 1
Marketing – Creating Customer Value and Engagement

Objectives:
• Define marketing.
• Outline the steps in the marketing process.

What is Marketing?
• Marketing, more than any other business function, deals with customers.
• Marketing is engaging customers and managing profitable customer relationships.
• The two goals of Marketing are:
1. To attract new customers by promising superior value.
2. To keep and grow current customers by delivering value and
satisfaction.