Chapter 1: Creating Customer Value and

Engagement

WHAT IS MARKETING?

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

- For-profit companies.
- For non-profit organizations (Universities, hospitals, churches, …)

THE CUSTOMERS

Customers buy benefits.

The value of a product is found in the customer’s mind.

People are different with different needs, wants and tastes. Therefore, product values are different.

Ex: Products and benefits

DEFINITION OF MARKETING

“Marketing is the management process of identifying, anticipating and satisfying customer requirements
profitably (… requirements whilst achieving the goals of the organization).”

The object of a business is not to make money. The object of a business is to serve its customers – the
result is to make money.” – John Frozer – Robinson 1998

CORE CONCEPTS

 Customer needs, wants and demands.

 Market offerings.
 Customer value and satisfaction.
 Exchanges and relationships.
 Markets.