The document summarizes key concepts in marketing including: 1) Defining marketing and outlining the marketing process of creating value for customers and capturing value from customers in return. 2) Examining core customer and marketplace concepts like needs, wants, demands, market offerings, and customer value and satisfaction. 3) Discussing elements of a customer-driven marketing strategy including market segmentation, targeting, and determining a value proposition.

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2. Chapter 1 02/17/11 00:33

6. The Marketing Process 02/17/11 00:33 Create value for the customer and build customer relationship Capture value from customer in return

7. 02/17/11 00:33 The Marketing Process

9. Maslow’s Hierarchy of Needs 02/17/11 00:33

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27. The Selling And Marketing Concept Contrasted The selling concept “ Inside-out” Starting point Focus Means Ends The marketing concept “ Outside-in” Make and sell Sense and respond Hunting Finding the right customer for your product Gardening Find the right product for your customers

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34. Customer Rule Everyone is committed to Rock Rule

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44. Marketing Process 02/17/11 00:33 Research customer and the market place Managing marketing information and customer data Select customer to serve: market segmentation and targeting Decide on value proposition: differentiation and positioning Product and service design: building a strong brand Price Create real value Distribution manage demand and supply chain Promotion Communicating the value Customer relationship management: build strong relationship with chosen customers Partner relationship management : build a strong relationship with marketing partners Create satisfied loyal customer Capture customer life time value Increase share of market and share of customer