Different definitions of marketing and the marketing process steps

1. 1

2. What is Marketing?
 There are more than one definition for marketing.
 The simplest one is:
“Marketing is managing profitable customer relationships”
o To attract new customers. (By promising superior value).
o To keep current customers. (By delivering satisfaction).
 Marketing is not only selling and advertising.
 Selling and advertising are only the tip of the marketing iceberg.
 There is an old concept which is “telling & selling”, the new sense of marketing is “satisfying
customer needs”.
 If marketer understand customer needs, develops products that provide superior customer value,
prices, distributers and promote them effectively, these product will sell easily.
 Another definition
“Marketing is a social and managerial process by which individuals and organizations obtain what
they need and want through creating and exchanging values with others”

3. What is Marketing?
 In a narrow business context:
“Marketing involve building profitable value-laden
exchange relationships with customers”
 But the most accurate definition and the final one is:
“Marketing is the process by which companies
create value for customers and build strong
customer relationships in order to capture value
from customers in return”

4. First Step
•Understand
the market
and
customer
needs and
wants.
Second Step
•Design a
customer
driven
marketing
strategy.
Third Step
•Construct an
integrated
marketing
program that
deliver value.
Fourth Step
•Build profitable
relationships
and create
customer
delight.
Fifth Step
•Capture value
from customers
to create profit
and equity.
The Marketing Process
 In the first 4 steps, companies work for understand customers, create customer value and build
strong customer relationships.
 In the final step, companies reap the rewards of creating superior customer value.
Company Customer
Value for customer (Product, Service)
Value from customer (Sales, Profits, Long-term customer equity)