1,2 ch 0 1 . marketing managing profitable customer relationship(97 2003)

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  • 1. 02/17/11 00:33

2. Chapter 1 02/17/11 00:33 3. Objectives

  • Defined marketing, and marketing process.
  • Examine five core customer and marketplace concepts.
  • Identify the elements of a customer-driven marketing strategy and discuss the marketing management orientations.
  • Discuss customer relationship management and creating value for and capturing value from customers
  • Describe the major trends and forces changing the marketing landscape

02/17/11 00:33 4. What is Marketing

  • The simplest definition of marketing is :
  • managing profitable customer relationship
  • The two main goals of marketing is:
  • Attract new customer by promising superior value
  • To keep and grow current customer by delivering satisfaction.
    • The key is delivering your promise
      • Wal-Mart Always low price Always
      • AT&T its within your reach
      • Dell be direct

02/17/11 00:33 5. Marketing Defined

  • Kotlers definition:
  • Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others
  • Marketing definition in the scope of business:
  • The process by which companies create value for customers and build a strong customer relationship in order to capture value from customer in return.
  • In the sense ofsatisfying customer needs ,
    • Marketers should understand consumer needs, develops products that provide superior value, and price, distributes, and promotes them effectively.

02/17/11 00:33 6. TheMarketing Process02/17/11 00:33 Create value for the customer andbuild customer relationshipCapture value from customer in return 7. 02/17/11 00:33 TheMarketing Process 8.

  • Marketing Core Concepts:

02/17/11 00:33 9. Maslows Hierarchy of Needs02/17/11 00:33 10. Needs, Wants, and Demand

  • Needs
    • The state of deprivation
      • Example: Food
  • Wants
    • The form human needs take as shaped by culture and individual personality
      • Example: Want a big Mac
  • Demands
    • Human wants that are backed by buying power
  • To understand customer needs wants and demands marketers conduct consumer research and analyze customer data

02/17/11 00:33 11. Market offerings

  • Customers needs and wants are fulfilled through a market offering
  • Marketing offering are Some combination of products, services, information, or experiences offered to a market to satisfy a need or want."
  • Marketing offers are not limited to physical products, it includes services, activities, or benefits offered for sale that are intangible and do not result in the owner ship of anything Example: banking, airline, hotel.
  • Market offers It also includes other entities, such as persons, place, organization, information, and ideas.

02/17/11 00:33 12. Market Offers

  • Marketing myopia
  • the mistake of paying more attention to the specific product a company offers then to the benefits and experiences produced by these products(the drill)
  • Marketers shouldnt focus only on existing wants and lose sight of underlying customer needs ... they shouldcreatebrand meaning and brand experiences(Example: Coca-Cola, Nike)
  • Theproduct is only a tool to solve a consumer problem.

02/17/11 00:33 13. Customer Value and Satisfaction

  • Customer form expectations about the value of various marketing offers and buy accordingly.
  • How do buyers form there expectations?
    • Past buying experience.
    • The opinions of friends.
    • marketand competitor information and promises
  • Customer satisfactiondepend on how well the products performance lives up to the customers expectations.
  • Marketers must be careful to set the right level of expectation.

02/17/11 00:33 14. Exchanges and Relationship

    • The act of obtaining a desired object from someone by offering something in return
    • The marketer tries to bring about a response to some market offering. The response may be more then buying(example: political candidate wants votes, orchestra wants an audience, and a social action group wants idea acceptance)
    • One exchange is not the goal, relationships with several exchanges are the goal
    • Relationships are built through delivering value and satisfaction

02/17/11 00:33 15. Markets

  • TheMarket is:
  • The set of actual and potential buyers of a product or service, who share a particular need or want .
  • Marketers should work to:
    • un derstand the needs and wants of specific markets.
    • Select the market they can serve best.
    • Developing products and services to satisfy customers in this market.

02/17/11 00:33 16. Markets

  • Markets:
  • Marketers often use the term markets to cover various grouping of customers.
    • Need markets (the diet-seeking market)
    • Product markets (shoe market)
    • Demographic markets (the youth market)
    • Geographic markets (the French market)
    • They view sellers as constituting the industry and the buyers as constituting the market

1- 17. 02/17/11 00:33 18. Elements Of A Modern Marketing System

  • Marketing involves serving a market of final consumer in the face of competitors
  • Each party in the system adds value for the next level
  • All the arrows represent relationship that must be developed and managed, thus a companys success at building profitable relationship depends not only on its own action but also on how well the entire system serves the needs of final consumer
  • All the actors in the system are affected by major environmental forces

02/17/11 00:33 SuppliersMarketing intermediariesFinal usersMajor environmental forces 19. TheMarketing Process02/17/11 00:33 20. Designing a Customer-Driven Marketing Strategy

  • Marketing management
  • is the art and science of choosing target markets and building profitable relationships with them.
  • This definition must include answer to two questions
      • What customers will we serve? (segmentation and targeting)
      • How can we serve these customers best? (value proposition)

02/17/11 00:33 21. Select Customer to Serve

  • Marketers decide who they will serve by dividing the market intosegmentsof customers. And select which segment they will go after(target marketing).
    • Market segmentation : dividing a market into different groups with similar needs, characteristics, or behaviors
    • Target marketing:the process of evaluating each market segments attractiveness and selecting one or more segment to enter.

02/17/11 00:33 22. Select Customer to Serve

  • Demand management
    • Marketers must deal with different demand states ranging from no demand to too much demand.
    • Marketing managers must decide which customer they want to target, and on level, timing, and nature of their demand.
    • Simply
    • Marketing management is: customer management and demand management

02/17/11 00:33 23. Choosing the Value Proposition

  • The company then must decide how it will serve targeted customer-how it willdifferentiateandpositionit self.
    • Differentiation :the way that you make your business or product more desirable than all the others like it.(Example: Mercedes Unlike any other BMW Ultimate Driving Machine)
    • Positioning : Is the process by which marketers try to create an identity in the minds of their target market for its product, brand, or organization. It is the image their product occupies in a given market as perceived by the target market.(Example: Honda BMW)

02/17/11 00:33 24. Choosing the Value Proposition

  • Value Proposition:
    • Is the set of benefits or values a company promises to deliver to consumers to satisfy their needs.
    • It answer the customers question:
    • why should I buy your brand rather than a competitors?(Red Bull Gives Yo