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Principles of Marketing – Chapter 1: What Is Marketing | Philip Kotler - YouTube
Channel: The Marketing Strategist
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welcome to chapter one in this video
series on the principles of marketing
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in this video we will discuss what is marketing
and creating customer value and engagement
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let's get started creating customer value and
engagement for real world examples look no further
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than amazon.com for a company with a passion
for customer engagement value and relationships
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their dedication makes them the world's largest
online retailer they are a model for other
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companies that focus on delivering exceptional
customer value this chapter will review five
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learning objectives objective one define marketing
and outline the steps in the marketing process
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objective two discuss the importance of
understanding the marketplace and customers
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and identify five core marketplace concepts
objective three identify the key elements of
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a customer driven marketing strategy and discuss
marketing management orientations that guide the
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marketing strategy objective 4 discuss customer
relationship management and identify strategies
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for creating value for customers and capturing
value for customers in return and objective five
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describe the major trends and forces that are
changing the marketing landscape in this age of
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relationships the following slides will review
these objectives in more detail objective one
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define marketing and outline the steps in the
marketing process what exactly is marketing
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marketing is a process where companies
create value for customers and build strong
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customer relationships in order to capture value
from customers in return marketing attracts new
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customers by promising superior value and grows
a customer base for delivering satisfaction
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the steps for the marketing process include
understanding the marketplace and customer needs
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design a marketing strategy construct an
integrated marketing program build profitable
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relationships and capture value from customers
to create profits and customer equity in summary
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marketing creates value for and captures value
from customers learning objective two identify
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the five core marketplace concepts that leads to
understanding the marketplace and customer needs
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needs are defined as states of deprivation
wants are the forms that needs take
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and demands are wants that are backed by buying
power market offerings are a combination of
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products services information or experiences
offered to a market to satisfy a need or want
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while marketing myopia focuses on existing wants
and losing sight of underlying consumer needs
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customers and marketers customers continually
seek value and satisfaction in the marketplace
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while marketers are responsible for
setting the right level of expectations
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exchanges and relationships an exchange is an
act of obtaining a desired object from someone
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by offering something in return marketing actions
try to create maintain and grow desirable exchange
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relationships this figure shows the process of how
a product in the marketplace gets to the consumer
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each party in a modern marketing system adds
value to the next level and is affected by major
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forces marketing means managing markets to
bring about profitable customer relationships
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outstanding marketing companies go to great
lengths to learn about their customers
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the five core marketplace concepts are customer
needs wants and demands market offerings such as
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products services and experiences customer value
and satisfaction exchanges and relationships and
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markets learning objective three identify the key
elements of a customer driven marketing strategy
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and discuss the marketing management orientations
that guide that strategy this includes designing
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a customer value driven marketing strategy and
preparing an integrated marketing plan and program
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marketing management is the art and
science of choosing target markets
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and building profitable relationships with them
two primary questions that merit discussion are
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what customers will we serve and how can we best
serve them selecting customers to serve reviews
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two key elements market segmentation which
divides the markets into segments of customers
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and target marketing which refers to which
segments that are chosen to pursue choosing
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a value proposition a brand's value proposition is
a set of benefits or values it promises to deliver
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to customers to satisfy their needs there
are five different concepts associated with
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marketing management orientations
production concept product concept
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selling concept marketing concept and societal
marketing concept as shown in the diagram
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in the production concept consumers will
favor products that are both available
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and highly affordable in the product
concept consumers favor products that
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offer the most quality performance and features
additional emphasis is placed on continuous
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product improvements in the selling concept
consumers will not buy enough of the firm's
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products unless the firm undertakes a large-scale
selling and promotional effort in the marketing
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concept you must know the needs and wants of the
target markets and deliver satisfaction better
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than your competitors in societal marketing the
company's marketing decisions must consider the
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consumer's wants the company's requirements the
consumer's long-run interests and society's long
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run interests this figure contrasts the selling
concept and the marketing concept the selling
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concept takes an inside out perspective it focuses
on the factory and existing products and calls for
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heavy selling and promotion to obtain profits the
marketing concept takes an outside in perspective
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it starts with a well-defined market focuses on
customer needs and integrates marketing activities
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that affect customers it generates profits by
creating relationships with the right customers
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this figure shows how companies should
balance three concepts and setting strategies
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company profits consumer wants and society's
interests preparing an integrated marketing
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plan includes a marketing mix which is a set
of tools used to implement a marketing strategy
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this is often called the four ps
product price promotion and place
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an integrated marketing plan communicates and
delivers the intended value to selected customers
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learning objective 3 summary creating value
and engagement plays a critical role designing
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a customer driven marketing strategy that selects
your customers chooses your value proposition and
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develops your marketing management orientations
it is also important to prepare an integrated
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marketing plan and platform learning objective 4
develop your customer relationship management plan
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and identify strategies for creating value for
customers and capturing value from customers
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in return customer relationship management or crm
is the overall process of building and maintaining
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profitable customer relationships by delivering
superior customer value and satisfaction
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the crm building blocks include customer perceived
value and customer satisfaction customer perceived
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value is the difference between total customer
perceived benefits and customer cost customer
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satisfaction is the extent to which perceived
performance matches a buyer's expectations
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there are three customer
relationship levels and tools
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basic relationships which are low margin
customers full partnerships which are high
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level customers and frequency marketing
programs which reward customers
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customer engagement marketing makes the brand a
meaningful part of consumers conversations and
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lives by building direct and continuous customer
involvement in shaping brand conversations
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experiences and community engaging customers
social media is a great way to attract customer
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attention this advertisement is an example of the
hertz rent-a-car share it up social media campaign
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consumer generated marketing is when brand
exchanges created by consumers both invited
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and uninvited by which consumers are playing an
increasing role in shaping their brand experiences
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and those of other consumers an example of social
engagement is the life is good campaign it starts
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with a deeply felt engagement worthy sense
of purpose in spreading the power of optimism
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partner relationship management involves working
closely with partners in other company departments
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and outside the company to jointly bring value to
customers creating customer loyalty and retention
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is the value of an entire stream of purchases that
the customer makes over a lifetime of patronage
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capturing customer value the share of a customer
is a portion of the customer's purchasing
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that a company receives in its product
categories building customer equity is
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the total combined customer lifetime
values of all the company's customers
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this figure illustrates how companies can build
the right relationships with the right customers
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there are four customer relationship groups
strangers who are customers with low potential
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profitability butterflies who are potentially
profitable but not loyal true friends who are
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profitable and loyal and barnacles who
are highly loyal but not very profitable
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objective force summary marketing helps to
identify strategies for creating customer value
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for customers and capturing value from customers
in return building customer relationships includes
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customer relationship management engaging
customers and partner relationship management
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capturing value from customers involves creating
customer value and retention growing customer
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shares and building customer equity learning
objective 5 describe the major trends and forces
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that are changing the marketing landscape in this
age of relationships it is all about the changing
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marketing landscape digital and social media
marketing involves using digital marketing tools
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such as websites social media mobile
ads and apps online videos email and
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blogs that engage consumers anywhere
at any time via their digital devices
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social media provides exciting opportunities
to extend customer engagement and get people
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talking about a brand mobile marketing is perhaps
the fastest growing digital marketing platform
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the changing marketing landscape involves
not-for-profit marketing growth rapid
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globalization and competition and sustainable
marketing objective 5 summary dramatic changes
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are occurring in the marketing arena the digital
age has created exciting new ways to learn about
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and relate to customers as a result advances in
digital and social media have taken the marketing
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world by storm online mobile and social media
marketing offer exciting new opportunities to
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target customers more selectively and engage
them more deeply the key is to blend the new
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digital approaches with traditional marketing
to create a smooth integrated marketing strategy
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in summary this chart represents how far
we've come in understanding marketing
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principles in chapter one now that we've
discussed all the steps in the process
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this graph represents an expanded model
that will help you put it all together
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thank you for reviewing this video check out
the other videos in this marketing series
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