Philip Kotler, often called the "father of modern marketing," outlines these foundational concepts in Chapter 1 of Principles of Marketing .
: Deciding how it will make the offering available to target consumers.
States of felt deprivation. They are physical (food, clothing), social (belonging), and individual (knowledge, self-expression). These are not created by marketers; they are part of human biology.
The set of benefits or values a company promises to deliver.
Marketing is the process of creating, communicating, and delivering value to customers.It focuses on managing profitable customer relationships.The double goal is attracting new customers and keeping current customers happy. 1. Core Marketing Concepts principles of marketing by philip kotler ppt chapter 1
Marketing starts before a product exists.
The marketing program transforms the marketing strategy into action. It consists of the Marketing Mix , the primary tools the company uses to implement its strategy, classified as the 4 Ps : Product: Creating a need-satisfying market offering. Price: Deciding how much it will charge for the offering.
Dividing the market into distinct segments of customers.
It must engage target consumers, communicate the offering, and persuade them of its merits. 5. Building Customer Relationships Philip Kotler, often called the "father of modern
CRM is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, engaging, and growing customers. Customer-Perceived Value vs. Customer Satisfaction
Mastering the Marketplace: A Deep Dive into Principles of Marketing by Philip Kotler (Chapter 1)
The final step of the marketing process involves capturing value from customers in the form of sales, market share, and profits. By creating superior customer value, the firm creates highly satisfied customers who remain loyal and buy more. Creating Customer Loyalty and Retention
Balancing company profit, consumer wants, and society's interests. They are physical (food, clothing), social (belonging), and
Balancing short-term customer wants, long-term consumer welfare, company requirements, and long-term societal interests.
A critical section in the Chapter 1 PPTs contrasts five alternative concepts under which organizations design and carry out their marketing strategies.
Marketing occurs when people decide to satisfy needs and wants through exchange relationships.