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  • Marketing: Managing Profitable Customer

    Relationships 1

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    Learning ObjectivesAfter studying this chapter, you should be able to:

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

    2. Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts

    3. Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy

    4. Discuss customer relationship management, and identify strategies for creating value for customers and capturing value from customers in return

    5. Describe the major trends and forces that are changing the marketing landscape in this age of relationships

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    Chapter Concepts

    1. What Is Marketing?2. Understanding the Marketplace and Customer

    Needs3. Designing a Customer-Driven Marketing Strategy4. Preparing an Integrated Marketing Plan and

    Program5. Building Customer Relationships6. Capturing Value from Customers7. The New Marketing Landscape8. So, What Is Marketing? Pulling It All Together

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    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

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    What Is Marketing?The Marketing Process

    1. Understand the marketplace and customer wants and needs

    2. Design a customer-driven marketing strategy3. Construct a marketing plan that delivers superior

    value4. Build profitable relationships and create customer

    satisfaction5. Capture value from customers to create profit and

    customer equity

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    What Is Marketing?

    The Marketing Process

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    Understanding the Marketplaceand Customer Needs

    Customer Needs, Wants, and Demands

    Needs are states of deprivation Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression

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    Understanding the Marketplaceand Customer Needs

    Customer Needs, Wants, and Demands

    Wants are the form that needs take as they are shaped by culture and individual personality

    Demands are wants backed by buying power

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    Understanding the Marketplaceand Customer Needs

    Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want

    Market OfferingsProduct, Services, and Experiences

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    Understanding the Marketplaceand Customer Needs

    Market OfferingsProducts, Services, and Experiences

    Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs

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    Understanding the Marketplaceand Customer Needs

    Customer Value and Satisfaction

    Expectations Customers

    Value and satisfaction Marketers

    Set the right level of expectations Not too high or low

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    Understanding the Marketplaceand Customer Needs

    Exchange is the act of obtaining a desired object from someone by offering something in return

    Marketers want to build and maintain strong relationships by consistently delivering superior customer value

    Exchanges and Relationships

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    Understanding the Marketplaceand Customer Needs

    Markets are the set of actual and potential buyers of a product

    Marketing system consists of all of the actors (suppliers, company, competitors, intermediaries, and end users) in the system affected by major environmental forces

    Demographic Economic Physical

    Technological Politicallegal Socio-cultural

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    Understanding the Marketplaceand Customer Needs

    Elements of a Marketing System

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    Designing a Customer-Driven Marketing Strategy

    Marketing management is the art and science of choosing target markets and building profitable relationships with them What customers will we serve? How can we best serve these customers?

    Slide Number 1Learning ObjectivesChapter ConceptsWhat Is Marketing?What Is Marketing?What Is Marketing?Understanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsUnderstanding the Marketplaceand Customer NeedsDesigning a Customer-Driven Marketing Strategy

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