MKT420 Chapter 1
MKT420 Chapter 1
MKT420 Chapter 1
UNDERSTANDING THE
Designing a Customer Value-
MARKERTPLACE AND
Driven Marketing Strategy
CUSTOMER NEEDS Designing a Customer Value-
Production concept: Consumers will favor products that are
A market is the set of actual and Driven Marketing Strategy available and highly affordable.
Product concept: Consumers favor products that offer the most
potential buyers of a product or Marketing management is the art and science quality, performance, and features.
service. These buyers share a of choosing target marketsand building Selling concept: Consumers will not buy enough of the firm’s
particular need or want that can be profitable relationships with them. products unless the firm undertakes a large-scale selling and
satisfied through exchange A brand’s value proposition is the set of promotion effort.
benefits or values it promises to deliver to Marketing concept: Know the needs and wants of the target
relationships. markets and deliver the desired satisfactions better than
customers to satisfy their needs.
competitors.
Societal marketing: The company’s marketing decisions should
consider consumers’ wants, the company’s requirements, consumers’
long-run interests, and society’s long-run interests.
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