Chapter 1

Examples of brands value propositions:

-BMW promises "the ultimate driving machine" -Nissan Leaf electric car is "100% electric. Zero gas. Zero tailpipe." -New Balance's Minimus shoes are "like barefoot only better." -Vibram FiveFingers shoes: "You are the technology." -Facebook helps you "connect and share with the people in your life" -YouTube "provides a place for people to connect, inform, and inspire others across the globe."

Marketing Management Orientations

1. Production Concept 2. Product Concept 3. Selling Concept 4. Marketing Concept 5. Societal Marketing Concept

The Marketing process

1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity

Production concept:

Consumers will favor products that are available and highly affordable.

Selling concept:

Consumers will not buy enough of the firm's products unless the firm undertakes a large- scale selling and promotion effort.

customer wants

Form that needs take

Marketing

Is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

Marketing concept:

Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors.

Value propositions:

Sonos positions its Sonos One with Amazon Alexa as "The smart speaker for music lovers." It gives you all the advantages of Alexa but with high-quality Sonos sound.

Societal marketing:

The company's marketing decisions should consider consumers' wants, the company's requirements, consumers'long-run interests, and society's long-run interests.

A brand's value proposition

is the set of benefits or values it promises to deliver to customers to satisfy their needs.

Market segmentation

refers to dividing the markets into segments of customers.

Target marketing

refers to which segments to go after

customer needs

states of deprivation

Customer Demands

wants backed by buying power