marketing
TRANSCRIPT
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• Marketing is managing profitable customer relationship.
• The twofold goal of marketing- Attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction.
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• Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others.
• Hence, 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.
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Marketing Process
Understand the market
place & customer needs and
wants
Design a customer-
driven marketing strategy
Construct an integrated marketing
program that delivers
superior value
Build profitable
relationship and create customer
delight
Capture value from
customers to create profits and customer
equity
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Simple 5 Step Model Of Marketing Process
• In the first 4 steps companies work to understand consumers, create customer values and build strong customer relationship.
• In the final step, companies reap the rewards of creating superior customer value, by in turn capturing profits and long-term consumer equity.
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A. Understanding Marketplace And Customer Needs
5 core customer and market concepts.
1. Needs, wants and demands• Needs- States of deprivation. Includes physical, social
and individual needs. These are not created by the marketers, but already existing.
• Wants- Are the form human needs take as shaped by culture and individual personality.
• Example- when hungry, a person wants specific roti and rice from specific places.
• Demands- Human wants that are backed by buying power.
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2. Market offerings- Consumers needs & wants are fulfilled through market offerings.• Some combination of products, services,
information or experiences offered to a market to satisfy a need or a want is market offerings.
• Market offerings are not limited to just physical products but also to services likes- banking, air travel, hotel stay, taxi etc.
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• Marketing myopia- the mistake sellers make of paying more attention to the specific products they offer than to the benefits and experiences produced by these products.
• They focus on only the existing customer wants and lose sight of the underlying needs.
• These sellers have a problem if a new product comes along that serves the needs better or less effectively.
• The customer will have the same need but will want new product.
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3. Customer Value and Satisfaction-• Customers form expectations about the
value and satisfaction that various market offering will deliver and buy accordingly.
• Satisfied customers buy again and tell others about their good experiences.
• Dissatisfied customers often switch to competitors and disparage the product to others.
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4. Exchanges and Relationships-• Marketing occurs when ppl decide to
satisfy their needs and wants through exchange relationships.
• Exchange is the act of obtaining a desired object from someone by offering something in return.
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5. Markets- • Concept of exchange leads to concept of
market.• Market is a set of all potential buyers of a
product or service.• Marketing means managing markets to
bring about profitable customer relationship.
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• Sellers search for buyers, identify needs, design good market offerings, set prices, promotes and store and deliver.
• Marketing activities like- consumer research, product development, communication, distribution, pricing and services are carried.
• Even buyers carry marketing, in search of products.
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B. Designing A Customer- Driven Marketing Strategy
• After understanding consumers and the marketplace, marketing management designs customer driven marketing strategy.
• Marketing Management is the art & science of choosing target market and building profitable relationship with them.
• Marketing manager’s aim to find, attract, keep and grow target customers by creating, delivering and communicating superior customer value.
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• For a winning marketing strategy, the marketing manager must answer 2 important questions.
1. What customers will we serve (our target market)?
2. How can we serves these customers better ( our value proposition) ?
• Marketing management is customer management and demand management.
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1. Selecting customers to serve• Divides the market into segments of
customers. (market segmentation ) and selecting which segments it will go after (target marketing).
• Company knows it cannot serve everyone, hence it tries to select customers that it can sell well and profitable.
• Marketing managers decide which customers to target & the level, timing and nature of their demand.
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2. Choosing a Value Proposition• Company must decide how it will serve
targeted customers- how it will differentiate and position itself from others in the marketplace.
• A company’s value propositions are its values and benefits it promises to deliver.
• Example- Nokia- “Connecting ppl-anywhere, anytime.”, Apple- “Touching is believing”
• Value prepositions differentiate one brand from another.
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Marketing Management Orientations
• Marketing management design strategies that will build profitable relationship with targeted customers.
• 5 concepts under which organizations design and carry out marketing strategies.
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1. The Production concept- The idea that consumers will favor products that are available and highly affordable & that the org should therefore focus on improving production and distribution effectively.
Example- computer maker Lenovo dominates the highly competitive, price-sensitive Chinese PC market through low labor costs, high production efficiency and mass distribution.
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2. The Product Concept• Idea that consumers will favor products
that offer most quality, performance and features and that the organization should therefore devote its energy to making continuous product improvement.
• Product quality and improvement are important but focusing only on the company’s products can lead to myopia.
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3. The selling Concept• Idea that consumers will not buy enough of
the firm’s products unless it undertakes a large-scale selling and promotion effort.
• Usually practiced with unsought goods- those that buyers do not normally think of buying such as insurance or blood donations.
• Takes and inside-out view that focuses on existing products and heavy selling.
• Aim is to sell what the company makes rather than making what the customer wants.
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4. The Marketing concept• Idea holds that achieving organizational goals
depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors do.
• Instead of a product- centered “make and sell” philosophy, the marketing concept is customer-centered “sense and respond” philosophy.
• Takes an outside-in view that focuses on satisfying customer needs as a path to profits.
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5. The Societal Marketing Concept• The idea that a company’s marketing
decisions should consider consumer’s wants, the company’s requirements, consumer’s long-run interests, and society’s long-run interests.
• Example- Bottled water industry.
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• Companies should balance 3 considerations in setting their marketing strategies: company’s profits, consumer wants and society’s interest.
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C. Preparing An Integrated Marketing Plan & Program
• The company’s marketing strategy outlines which customers the company will serve and how it will create value for these customers.
• The marketing program consists of firms’s marketing mix, the set of marketing tools the firm uses to implement its marketing strategy.
• Marketing mix tools are classified into 4 groups called Ps of marketing: Product, price, place and promotion.
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• To deliver value preposition, the firm must first create a need-satisfying market offering (product).
• It must decide how much it will charge (price) and how it will be made available to targeted customers (place)
• Finally must communicate with target customers about the offerings and persuade them of its merits (promotion).
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THANK YOU
UNNATI SHAH