Summary: market. After that company should identify customer

 

Summary: chapter no 1: Marketing: Creating
customer value and engagement

Book: Principle of marketing (philip kotler)

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Marketing is a process that is
initiated by companies in order to create value for customer by providing
solution in the form of products and services for customer. The companies try
to build long lasting profit and relationship with customer. The marketer
doesn’t limit their self for only single transaction. They design product which
may become an essential component of consumer life. The relationship with
customer is based on the interest of organization that is right level of
relationship with right customer.

The
marketing operation involves following steps. First, the company or marketers
should select its target market. After that company should identify customer
needs and wants. Next, company or marketers design product in best of customer
requirements. The company should divide whole market into segments and target
its segment effectively. In the last, the company gets the rewards of building
strong customer relationships and capturing value from
customers.

 

Effective
market strategy depends upon that the company must decide whom it is going to
serve. For this purpose the market is divided into two segments of customers.
First is the market segmentation in
which the market is divided into segments of customers. Second is the target marketing in which the company
selects the market segment for development. After this division the company
will decide how it is going to serve the customers.   

 

Marketing
management can utilize five different market orientations. The production
concept focuses on how to improve production and at the same time keep the
price minimum. The second market orientation deals with product concept. In product concept the company focuses on the
product quality and performance, for this purpose promotion is required.
Thirdly selling concept requires the company to focus on large-scale promotion
and selling otherwise it will not be able to attract enough customers. The marketing concept primary goal is to
deliver keeping in mind the need and wants of the target market more
efficiently than the competitor. The lastly, the societal marketing concept
believes that in the order to achieve the company goals the customer’s
satisfaction and wellbeing should be considered and a sustainable marketing
strategy should be adopted.

 

Customer relationship
management is about creating a maintainable and profitable relationship
with the customer. Customer is involved and encouraged to participate in making
brand conversation and community. In order to increase the number of permanent
profitable customers the company should aim to build right relationship with
the right customer, because each customer’s requirement is different.

 

There
are big changes that are occurring in the field of marketing. Digital era has
opened up hundreds of new ways to know about the customers need and wants on
individual bases. In order to make the marketing more effective and successful
the company should know how to mix the conventional marketing techniques with the
digital world and social media. 

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