TMSC International® Management & Leadership: Marketing: In Business is a Process

According to Armstrong & Kotler (2009), marketing is:

• Creating and Capturing Customer Value

Armstrong & Kotler (2009) also identify the key elements of  a customer-driven marketing strategy. The marketplace includes:

• Needs which create “market offering”,
• Wants which create “market offering”, and
• Demands.

A simple marketing process includes:

1. Understand!
2. Design!
3. Construct!
4. Build!
5. Capture value!

If you are designing a customer-driven marketing strategy “marketing management” is important. “Marketing Management” is:

• “The art and science of choosing target markets and building profitable relationships with them” (Armstrong & Kotler, 2009).

Remember the potential profitability of a product and its production and the projected  loyalty.

Reference:

Armstrong, Gary & Kotler, Philip (2009). Marketing An Introduction, 9e. upper Saddle River, New Jersey: Pearson Prentice Hall.