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Unformatted text preview: M ar keti ng: M anagi ng Pr ofi tabl e Customer Rel ati onshi ps
Chapt er 1 Road M ap: Pr eviewing t he Concept s
Define • D efine mar ket ing and out line t he st eps in t he mar ket ing pr ocess. st Explain • E xplain t he impor t ance of u nder st anding cust omer s and t he m ar ket place, and ident ify t he five cor e mar ket place concept s. m ar 1-2 Road M ap: Pr eviewing t he Concept s
• I dent ify t he key element s of a cust omer -dr iven mar ket ing st r at egy and discuss t he mar ket ing m anagement or ient at ions t hat guide mar ket ing st r at egy. m ar Discuss • D iscuss cust omer r elat ionship m anagement and st r at egies for building last ing cust omer r elat ionships.
1-3 Road M ap: Pr eviewing t he Concept s
Descr • D escr ibe t he major t r ends and for ces t hat ar e changing t he mar ket ing l andscape in t his new age of r elat ionships. 1-4 What is M ar ket ing?
Simple Definit ion: M ar ket ing is Simple m anaging pr ofit able cust omer r elat ionships. Goals: Goals: 1. A t t r act new cust omer s by 1. At pr omising super ior value. 2. K eep and gr ow cur r ent cust omer s 2. by deliver ing sat isfact ion. by •
1-5 M ar ket ing Defined
Definit ion of mar ket ing (AM A, 2004) A n or ganizat ional funct ion and a set of pr ocesses for An cr eat ing, communicat ing, and deliver ing value t o cust omer s and for managing cust omer r elat ionships in ways t hat benefit t he or ganizat ion and it s st akeholder s w ays Definit ion of mar ket ing (AM A, 1984) M ar ket ing is defined as t he pr ocess of planning and execut ing t he concept ion, pr icing, pr omot ion, and dist r ibut ion of goods ser vices, and ideas t o cr eat e exchanges t hat sat isfy individual and or ganizat ional object ives object 1-6 Needs, Want s, & Demands
Need: • N eed: St at e of felt depr ivat ion i ncluding physical, social, and individual needs. i ndividual • Physical: Food, clot hing, shelt er , safet y • Social: Belonging, affect ion • I ndividual: L ear ning, knowledge, self-expr ession
1-7 Needs, Want s, & Demands
Want • W ant s: For m t hat a human need t akes, as shaped by cult ur e and individual per sonalit y. i ndividual • “ I need food, but I want st eak.” Want • W ant s + Buying Power = Demand D emand
1-8 Needs • N eeds and Want s Fulfilled t hr ough a M a r keti ng Offer : Some combinat ion of pr oduct s, Some ser vices, infor mat ion, or exper iences offer ed t o a mar ket t o sat isfy a need or want . Need / Want F ulfillment 1-9 Need / Want Sat isfier s
• Pr oduct s: Per sons Places Or ganizat ions I nfor mat ion I deas • Ser vices A ct ivit y or Act benefit offer ed f or sale t hat is essent ially i nt angible and does not r esult i n t he owner ship of anyt hing. of
1 - 10 M ar ket ing M yopia
Seller • Seller s pay mor e at t ent ion t o t he specific pr oduct s t hey offer t han t o t he benefit s and exper iences pr oduced by t he pr oduct s. pr They • T hey focus on t he “want s” and lose sight of t he “needs” and
1 - 11 Value & Sat isfact ion
• I f per for mance is lower t han expect at ions, sat isfact ion is low l ow • I f per for mance is higher t han expect at ions, sat isfact ion is high h igh 1 - 12 Exchange vs. T r ansact ion
• Exchange: A ct of obt aining Act a desir ed object f r om someone by offer ing somet hing in r et ur n. • Tr ansact ion: A t r ade of values bet ween t wo par t ies. par One par t y gives One X t o anot her par t y and get s Y i n r et ur n. Can i nclude cash, cr edit , or check. cr
1 - 13 What is a M ar ket ?
The • T he set of act ual and pot ent ial buyer s of a pr oduct . pot These • T hese people shar e a need or w ant t hat can be sat isfied t hr ough exchange r elat ionships.
1 - 14 M ar ket ing M anagement
The • T he ar t and science of choosing t ar get mar ket s and building pr ofit able r elat ionships wit h t hem. 1 - 15 M ar ket ing M anagement
1. Quest ions t o ask: W hat cust omer s will we What ser ve? ser W hat is our t ar get What mar ket ? m ar H ow can we best ser ve t hese cust omer s?
1 - 16 1. Segment at ion & Tar get M ar ket ing
• M ar ket Segment at ion: D ivide t he mar ket int o Divide segment s of cust omer s segment • Tar get M ar ket ing: Select t he segment t o cult ivat e
1 - 17 M ar ket ing M anagement
Demand • D emand M anagement F inding and Finding i ncr easing demand, also changing or r educing demand, such as in demar ket ing. in • Demar ket ing T empor ar ily or Tempor per manent ly r educing t he n umber of cust omer s or shift ing t heir demand demand 1 - 18 Value Pr oposit ion
The • T he set of benefit s or values a company pr omises t o deliver t o consumer s t o sat isfy t heir needs. n eeds. 1 - 19 M ar ket ing M anagement Philosophies
• Pr oduct ion Concept • Pr oduct Concept • Selling Concept • M ar ket ing Concept • Societ al M ar ket ing Concept
1 - 20 The M ar ket ing M ix
• Pr oduct • Pr ice • Dist r ibut ion (Place) • Pr omot ion 1 - 21 Cust omer Relat ionship M anagement
The • T he pr ocess of building and m aint aining pr ofit able cust omer r elat ionships by deliver ing super ior cust omer value and sat isfact ion. v alue 1 - 22 Cust omer Per ceived Value
Cust • Cust omer ’s evaluat ion of t he differ ence bet ween all t he benefit s and all t he cost s of a m ar ket ing offer r elat ive t o t hose of compet ing offer s. 1 - 23 Cust omer Sat isfact ion
Dependent • D ependent on t he pr oduct ’s per ceived per for mance r elat ive t o a buyer ’s expect at ions. expect 1 - 24 L oyalt y & Ret ent ion
• Financial Benefit s • Social Benefit s • St r uct ur al Ties • Focus on pr ofit able cust omer s
1 - 25 Par t ner Relat ionship M ar ket ing
• Par t ner s inside t he fir m All employees cust omer focused T eams coor dinat e effor t s t owar d Teams cust omer s cust • Par t ner s out side t he fir m Supply chain management St r at egic alliances
1 - 26 Cust omer L oyalt y & Ret ent ion
Cust • Cust omer L ifet ime Value T he ent ir e The st r eam of pur chases t hat t he cust omer w ould make over a l ifet ime of pat r onage. pat Shar • Shar e of Cust omer Cust T he shar e a The company get s of t he cust omer s pur chasing in t heir pr oduct cat egor ies. cat
1 - 27 Cust omer Equit y
Cust • Cust omer equit y is t he t ot al combined cust omer l ifet ime values of all t he company’s cust omer s. company’s 1 - 28 The I nt er net
The • T he t echnology behind a New Economy E conomy • Applicat ions: “ Click-and-mor t ar ” companies “ Click-only” companies B usiness-t o-business e-commer ce Business-t 1 - 29 New M ar ket ing L andscape
• Rapid Globalizat ion • Et hics & Social Responsibilit y • Not -for -Pr ofit M ar ket ing New • N ew Wor ld of M ar ket ing Relat ionships Relat
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This note was uploaded on 12/07/2010 for the course MKTG 360 taught by Professor Johne.robbins during the Fall '08 term at Winthrop.
- Fall '08