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ings Can Be Marketed! What is Marketing? 6 ? Needs, wants, and demands ? Marketing offers: including products, services and experiences ? Value and satisfaction ? Exchange, transactions and relationships ? Markets Core Marketing Concepts What is Marketing? 7 Marketing Management ? Marketing management is “the art and science of choosing target markets and building profitable relationships with them.” ? Creating, delivering and municating superior customer value is key. 8 Marketing Management ? Customer Management: ? Marketers select customers that can be served well and profitably. ? Demand Management: ? Marketers must deal with different demand states ranging from no demand to too much demand. 9 Marketing Management ? Production concept ? Product concept ? Selling concept ? Marketing concept ? Societal marketing concept Management Orientations Marketing Management 10 CRM ? CRM – Customer relationship management . . . “is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.” 11 CRM ? It costs 5 to 10 times MORE to attract a new customer than it does to keep a current customer satisfied. ? Marketers must be concerned with the lifetime value of the customer. 12 CRM ? Attracting, retaining and growing custo