Marketing Chp1 Essay

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PART 1 Defining Marketing and the Marketing Process CHAPTER Marketing: Creating and Capturing 1 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 capturing value for the firm. Finally, we discuss the major trends and forces affecting marketing in this age of customer relationships. Understanding these basic concepts and forming your own ideas about what they really mean to you will give you a solid foundation for all that follows. Let’s start with a good story about marketing in action at Procter & Gamble, one of the world’s largest and most respected marketing companies. P&G makes and markets a who’s who list of consumer megabrands, including the likes of Tide, Crest, Bounty, Charmin, Puffs, Pampers, Pringles, Gillette, Dawn, Ivory, Febreze, Swiffer, Olay, CoverGirl, Pantene, Scope, NyQuil, Duracell, and hundreds more. P&G began manufacturing products in Canada in 1915, and in 2007 the company was named as one of the top 100 employers in Canada. It’s also the world’s largest advertiser, spending an eye-popping $8.2 billion each year on advertising worldwide, “telling and selling” consumers on the benefits of using its products. But look deeper and you’ll see that this premier marketer does far more than just “tell and sell.” The company’s stated purpose is to provide products that “improve the lives of the world’s consumers.” P&G’s products really do create value for consumers by

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