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  • 1. Chapter 1- slide 1 Chapter One Marketing: Creating and Capturing Customer Value

2. Chapter 1- slide 2 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Creating and Capturing Customer Value In this topic the following objectives will be accomplished; What Is Marketing? Understanding core marketing concepts Designing a Customer-Driven Marketing Strategy Building Customer Relationships The Changing Marketing Landscape Topic Outline 3. Chapter 1- slide 3 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall What Is Marketing? Marketing is defined as set of activities, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, and society at large. (By American marketing association) Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return 4. Chapter 1- slide 4 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Marketing is a social and managerial process whereby individuals and groups obtain what they need and want through creating and exchanging products and value with others. Marketing is critical for to the success of every organization, large or small, profit or non-profit, local or international. Continue-definitions of marketing 5. Chapter 1- slide 5 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Some people may think of marketing only as selling and advertising. They are part of marketing functions, but are not the most important ones. Today marketing must be understood not in the old sense of making a sale, but in the new sense of satisfying customer needs. Continue-marketing 6. Chapter 1- slide 6 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Core-marketing concepts The following are core marketing concepts; Customer needs, wants, and demands Market offerings Value and satisfaction Exchanges and relationships Markets 7. Chapter 1- slide 7 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Continue-marketing concepts Customer Needs, Wants, and Demands Business organizations are required to understand the needs, wants and demands of their customers 8. Chapter 1- slide 8 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Continue-marketing concepts Market offerings 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 a physical products, but include services, benefits offered for sale. Marketing offers also include other entities such as persons, places, organizations, information, and ideas. Smart marketers look beyond the attributes of products, but the meaning of the product. Egg. Nike is more than just shoes, it is what the shoes do for you and where they take you 9. Chapter 1- slide 9 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Value and satisfaction Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. Customers form expectations about the value of various marketing offers and buy accordingly. Customer satisfaction with a purchase depends on how well the products performance lives up to the customers expectations. Customer satisfaction is a key influence on future buying behavior Continue-marketing concepts 10. Chapter 1- slide 10 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Exchange, transactions, and relationships Marketing occurs when people decide to satisfy needs and wants through exchange Exchange the act of obtaining a desired object from someone by offering something in return. Eg. Taking product by paying money Transactions a trade of values between two parties. Marketing consists of activities undertaken to build desirable exchange relationships. Continue-marketing concepts 11. Chapter 1- slide 11 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Markets: originally the term market stood for the place where sellers and buyers meet to exchange some benefits. The set of all actual and potential buyers of a product or service. Marketers work to understand the needs and wants of specific markets and to select the markets that they can serve best. Continue-marketing concepts 12. Chapter 1- slide 12 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall 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? Customer and demand management The organization has a desired level of demand for its products. at any point in time, there may be no demand, adequate demand or too much demand. 13. Chapter 1- slide 13 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Selecting Customers to Serve 14. Chapter 1- slide 14 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Marketing Management Orientations 15. Chapter 1- slide 15 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Production concept is the idea that consumers will favor products that are available or highly affordable. This concept works well when the demand exceeds supply. So at that time companies strived to produce more quantities. Marketing Management Orientations 16. Chapter 1- slide 16 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organization should therefore devote its energy to making continuous product improvements. Marketing Management Orientations 17. Chapter 1- slide 17 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Selling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort. Activities such as advertisement is highly needed to promote sales Marketing Management Orientations 18. Chapter 1- slide 18 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do 19. Chapter 1- slide 19 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests 20. Chapter 1- slide 20 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. The purpose of building strong relationship with customers is to return current customers, because loosing a customer means loosing more than one sale. Customer life time value is the value of the entire stream of purchases that the customer would make over a life time of patronage Customer Relationship Management (CRM) 21. Chapter 1- slide 21 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships Relationship Building Blocks: Customer Value and Satisfaction To attract and keep customers, a company must constantly seek ways to deliver value and satisfaction 22. Chapter 1- slide 22 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Customer loyalty and retention Highly satisfied customers produce several benefits for the company. satisfied customers are less price sensitive, they talk favorably to others about the company and its products. A slight drop from complete satisfaction can create an enormous drop in loyalty. Continue-building relationship with customers 23. Chapter 1- slide 23 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Growing share of customer Companies are striving to increase the share they get of the customers purchasing in their product categories. Customer equity is the total combined customer lifetime values of all of the company's customers. Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized. Continue-building relationship with customers 24. Chapter 1- slide 24 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships Customer Relationship Levels and Tools 25. Chapter 1- slide 25 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships Relating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers Relating more deeply and interactively by incorporating more interactive two way relationships through blogs, Websites, online communities and social networks The Changing Nature of Customer Relationships 26. Chapter 1- slide 26 Copyright 2010 Pearson Education, Inc. Publishing as Prentice Hall Building relationship with customers Partner relationship management involves working cl