Marketing: Creating and Capturing Customer Value - Pearson

PART. 1 Defining marketing and the marketing Process CHAPTER. 1. marketing : Creating and Capturing Customer Value PREVIEWING In this chapter, we introduce you to the basic concepts of marketing . We start with the THE CONCEPTS question, What is marketing ? Simply put, marketing is managing profitable Customer relationships. The aim of marketing is to create Value for customers and to capture Value from customers in return. Next, we discuss the five steps in the marketing process from understanding Customer needs, to designing Customer -driven marketing strategies and programs, to building Customer relationships and captur- ing Value for the firm. Finally, we discuss the major trends and forces affecting marketing in this age of Customer rela- tionships.

C reating customer value and building meaningful customer relationships sounds pretty lofty, especially for a company like P&G, which sells seemingly mundane,

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