According to 'Introduction to Marketing Management' by Osman Safdar Sarwani, the two fold goal of marketing is to attract new customers by promising superior value while also keeping current customers by delivering satisfaction.
'Introduction to Marketing Management' is available to read in full by visiting www.scribd.com/doc/5357785/Introduction-to-Marketing-Managem
Marketing is the process used to determine what products and/or services might be of interest to customers and the strategy to use in sales, communication and business development. It is an integrated process, whereby companies aim to build strong customer relationships, creating value for their customers and for themselves.
Large multinational firms such as Coca-Cola, Toyota and Microsoft spend millions of dollars each year on marketing, but even smaller local or non-profit organizations will tend to adopt some form of marketing strategy in order to help achieve their goals.
Companies will try to develop a marketing strategy that allows them to concentrate their limited resources on the greatest opportunities in order to increase sales and achieve a sustainable competitive advantage.
Sarwani outlines a five step model of the marketing process:
• Understand the marketplace and the wants and needs of the customer. When wants are backed up by buying power, they become demand.
• Design a customer driven marketing strategy. This is the art of choosing target markets and build a profitable relationship with this particular market
• Construct a marketing program that delivers superior value
• Build profitable relationships and create customer delight. Obtain a desired object from someone by offering them something in return.
• Capture value from customers to create profits and customer quality
The first four steps help to create value for customers and build relationships with them. Then in the fifth and final step, the company captures value from the customers in return for this.
'Introduction to Marketing Management' is available to read in full by visiting www.scribd.com/doc/5357785/Introduction-to-Marketing-Managem
Marketing is the process used to determine what products and/or services might be of interest to customers and the strategy to use in sales, communication and business development. It is an integrated process, whereby companies aim to build strong customer relationships, creating value for their customers and for themselves.
Large multinational firms such as Coca-Cola, Toyota and Microsoft spend millions of dollars each year on marketing, but even smaller local or non-profit organizations will tend to adopt some form of marketing strategy in order to help achieve their goals.
Companies will try to develop a marketing strategy that allows them to concentrate their limited resources on the greatest opportunities in order to increase sales and achieve a sustainable competitive advantage.
Sarwani outlines a five step model of the marketing process:
• Understand the marketplace and the wants and needs of the customer. When wants are backed up by buying power, they become demand.
• Design a customer driven marketing strategy. This is the art of choosing target markets and build a profitable relationship with this particular market
• Construct a marketing program that delivers superior value
• Build profitable relationships and create customer delight. Obtain a desired object from someone by offering them something in return.
• Capture value from customers to create profits and customer quality
The first four steps help to create value for customers and build relationships with them. Then in the fifth and final step, the company captures value from the customers in return for this.
