MCD2050 Test 1 notes.pdf - Test 1 Marketing Myopia Building profitable customer relationship The mistake of paying more ​attention to the Customer

MCD2050 Test 1 notes.pdf - Test 1 Marketing Myopia Building...

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Unformatted text preview: Test 1 Marketing Myopia Building profitable customer relationship The mistake of paying more ​attention to the Customer relationship management The overall process of building and maintaining specific products a company offers ​than to the benefits and experiences produced by these profitable customer relationship by delivering products. (USED IN PRODUCT PHILOSOPHY) superior customer value & satisfaction → Most important concept of modern marketing Marketing dashboard Visual summary of performance of key marketing The changing nature of customer relationship measures against targets. Two-way Customer Relationship ______________________________________ Value co-creation An interaction between the firm & consumers to create and deliver value Value stuff 1. Functional/instrumental value: The attributes of the product itself; the extent Consumer-managed marketing to which a product is useful and fulfills a Marketing relationships in which customers, empowered by today’s digital technologies, interact with companies & each other to shape customer’s desired goals 2. Experiential/hedonic value: The extent to which a product creates their relationships with brands appropriate experiences, feelings, & emotions Customer generated relationships Brand exchanges created by consumers for the customer 3. Symbolic/expressive value: The extent to which customers attach or themselves - both invited and uninvited - by which consumers are playing an increasing role in shaping their own brand experiences and associate psychological meaning to a product 4. Cost/sacrifice value: The cost or sacrifice that would be associated those of other consumers ______________________________________ Value delivery network The network made up of the company, its suppliers, its distributors and, its customers who partner with each other to improve the performance of the entire system Internal marketing Process in the company to motivating employees at all management levels to consistently deliver satisfying customer experience. ​Not a trend in the way companies are relating to their customer with the use of the product ______________________________________ Marketing Process Management Philosophies Step 1​ : Understanding the marketplace and Production Philosophy customer needs, wants and demands. Here they The philosophy that consumers favour products implement, ​MIS​, ​Environment analysis​, that are available and highly affordable, and that consumer behaviour management (Identify our external environment) improving production and distribution efficiency. Step 2​ : Designing a customer-driven marketing Product Philosophy strategy. Implement ​marketing management The idea that consumers favour products that (identify customers using STDP) - Marketing Management The art and science of choosing target markets and building profitable relationships with them. should therefore focus on offer the most in quality, performance and features, and that the organisation should therefore devote its energy to making continuous product improvements. ​(LEAD TO MYOPIA) Step 3​ : Preparing an​ integrated marketing program​ ​(Marketing Mix) ​→ Advertising paradox Selling Philosophy (Price, place, product, promotion) The idea that consumers won’t buy enough of the firm’s products unless the organisation *Advertising paradox If you make your advertisement too well, it will cause a problem to your product as the expectation of the customers are too high. undertakes a large-scale selling and promotion effort. ​(Hard to create awareness & demand) Marketing Philosophy Step 4​ : Building a ​profitable customer relation A philosophy that holds that achieving needs and wants of target markets and (Customer value & satisfaction #1) ​→ c​ ustomer relationship mgmt ​Step 5​ : Capture value from customers to ​create organisational goals depends on knowing the delivering the desired satisfactions better than profits and customer equity​ ​(Company value #1) competitors do. Societal Marketing Philosophy The idea that a company’s marketing decisions should consider consumers’ wants, the company requirements and consumers’ and society’s long-run interest. ...
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