Key and difficult points

1) Define marketing and outline the steps in the marketing process.

Marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Figure 1.1 presents a simple, five-step model of the marketing process. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value.

Figure 1.1 - The Marketing Process: Creating and Capturing Customer Value

2) What are the five core and key concepts in marketing?

   Customer needs, wants and demands; Market offerings; customer value and satisfaction; exchange and relationship; markets

3) What are the five marketing concepts?

   Production concept, product concept, selling concept, marketing concept, societal marketing concept

4) What are the main contents of Customer Relationship Management?

   CRM Building block, CRM relationship level, CRM relationship tools, CRP and PRM

5) Discuss trends impacting marketing and the implications of these trends on how marketers deliver value to customers.

The major changes in the marketplace are:

(1) the digital age

(2) the changing economic environment

(3) the growth of not-for-profit marketing

(4) rapid globalization

(5) the call for more ethics and social responsibility.

The explosive growth in digital technology has fundamentally changed the way we live—how we communicate, share information, access entertainment, and shop.