Marketing: Managing Profitable Customer Relationships 1

Transcription

1 Marketing: Managing Profitable Customer Relationships 1

2 Learning Objectives After 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 1-2

3 Chapter Concepts 1. What Is Marketing? 2. Understanding the Marketplace and Customer Needs 3. Designing a Customer-Driven Marketing Strategy 4. Preparing an Integrated Marketing Plan and Program 5. Building Customer Relationships 6. Capturing Value from Customers 7. The New Marketing Landscape 8. So, What Is Marketing? Pulling It All Together 1-3

4 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 1-4

5 What Is Marketing? The Marketing Process 1. Understand the marketplace and customer wants and needs 2. Design a customer-driven marketing strategy 3. Construct a marketing plan that delivers superior value 4. Build profitable relationships and create customer satisfaction 5. Capture value from customers to create profit and customer equity 1-5

6 What Is Marketing? The Marketing Process 1-6

7 Customer Needs, Wants, and Demands Needs are states of deprivation Physical food, clothing, warmth, safety Social belonging and affection Individual knowledge and self-expression 1-7

8 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 1-8

9 Market Offerings Product, Services, and Experiences Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want 1-9

10 Market Offerings Products, Services, and Experiences Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs 1-10

11 Customer Value and Satisfaction Expectations Customers Value and satisfaction Marketers Set the right level of expectations Not too high or low 1-11

12 Exchange is the act of obtaining a desired object from someone by offering something in return Exchanges and Relationships Marketers want to build and maintain strong relationships by consistently delivering superior customer value 1-12

13 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 Political legal Socio-cultural 1-13

14 Elements of a Marketing System 1-14

15 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? 1-15