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    Chapter One: Marketing-Managing Profitable Customer Relationships

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    barmarwan
    1. Marketing is managing profitable customer relationships by attracting new customers through superior value and keeping current customers satisfied. 2. The document defines marketing and outlines the marketing process of understanding customer needs, designing a strategy, implementing programs, building relationships to create profits and customer value. 3. Key aspects of marketing discussed include the marketing mix, marketing philosophies like the production and marketing concepts, and managing customer relationships through perceived value, satisfaction, loyalty and lifetime value.

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    Chapter One: Marketing-Managing Profitable Customer Relationships

    Uploaded by

    barmarwan
    274 views4 pages
    1. Marketing is managing profitable customer relationships by attracting new customers through superior value and keeping current customers satisfied. 2. The document defines marketing and outlines the marketing process of understanding customer needs, designing a strategy, implementing programs, building relationships to create profits and customer value. 3. Key aspects of marketing discussed include the marketing mix, marketing philosophies like the production and marketing concepts, and managing customer relationships through perceived value, satisfaction, loyalty and lifetime value.

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    1. Marketing is managing profitable customer relationships by attracting new customers through superior value and keeping current customers satisfied. 2. The document defines marketing and outlines the marketing process of understanding customer needs, designing a strategy, implementing programs, building relationships to create profits and customer value. 3. Key aspects of marketing discussed include the marketing mix, marketing philosophies like the production and marketing concepts, and managing customer relationships through perceived value, satisfaction, loyalty and lifetime value.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    274 views4 pages

    Chapter One: Marketing-Managing Profitable Customer Relationships

    Uploaded by

    barmarwan
    1. Marketing is managing profitable customer relationships by attracting new customers through superior value and keeping current customers satisfied. 2. The document defines marketing and outlines the marketing process of understanding customer needs, designing a strategy, implementing programs, building relationships to create profits and customer value. 3. Key aspects of marketing discussed include the marketing mix, marketing philosophies like the production and marketing concepts, and managing customer relationships through perceived value, satisfaction, loyalty and lifetime value.

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    Chapter One: Marketing- Managing Profitable Customer Relationships

    Simple Definition: Marketing is managing profitable customer relationships. Goals: Attract new customers by promising superior value.

    Keep and grow current customers by delivering satisfaction.

    Marketing Defined: A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The Marketing Process A simple model of the marketing process: Understand the marketplace and customer needs and wants. Design a customer-driven marketing strategy. Construct a marketing program that delivers superior value. Build profitable relationships and create customer delight. Capture value from customers to create profits and customer quality. Needs, Wants, & Demands

    Need: State of felt deprivation including physical, social, and individual needs. Physical needs: Food, clothing, shelter, safety Social needs: Belonging, affection Individual needs: Learning, knowledge, self-expression

    Wants: Form that a human need takes, as shaped by culture and individual personality.

    Wants + Buying Power = Demand Need / Want Fulfillment (Needs and wants are fulfilled through a Marketing Offer): Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Need / Want Satisfiers

    Products: Persons, Places, Organizations, Information, Ideas

    Production Concept: The company should focus on the modes of production and should deliver good quality products at reasonable price Marketing Myopia: occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. They focus on the wants and lose sight of the needs. Value & Satisfaction

    Care must be taken when setting expectations: If performance is lower than expectations, satisfaction is low.If performance is higher than expectations, satisfaction is high. Exchange vs. Transaction

    Exchange: Act of obtaining a desired object from someone by offering something in return.

    What Is a Market?

    The set of actual and potential buyers of a product. These people share a need or want that can be satisfied through exchange relationships.

    Modern Marketing Systems Main elements in a modern marketing system include: Suppliers Company (marketer) Competitors Marketing intermediaries Final users

    Marketing Management: The art and science of choosing target markets and building profitable relationships with them. (Requires that consumers and the marketplace be fully understood) Marketing Management: Designing a winning marketing strategy requires answers to the following questions: 1. What customers will we serve? What is our target market? 2. How can we best serve these customers? What is our value proposition? Segmentation & Target Marketing

    Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate

    Marketing Management

    Demand Management: Finding and increasing demand, also changing or reducing demand, as in demarketing. Value Proposition: The set of benefits or values a company promises to deliver to consumers to satisfy their needs. Value propositions dictate how firms will differentiate and position their brands in the marketplace. Marketing Management Philosophies

    Production Concept Product Concept Selling Concept Marketing Concept

    Societal Marketing Concept The Marketing Plan Transforms the marketing strategy into action Includes the marketing mix and 4 Ps of marketing: Product, Price, Place (Distribution), Promotion

    Customer Relationship Management

    The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Acquiring customers Keeping customers Growing customers Customer Perceived Value: Customers evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers. Customer Satisfaction: Dependent on the products perceived performance relative to a buyers expectations. Customer satisfaction often leads to consumer loyalty. Some firms seek to DELIGHT customers by exceeding expectations. Customer Relationships

    Loyalty and retention programs build relationships and may feature:Financial Benefits EX: Frequency marketing programs: Social Benefits EX: Club marketing programs: Structural Ties Focus is on relating directly to profitable customers, for the longterm.

    Partner Relationship Marketing Marketing partners help create customer value and assist in building customer relationships. Partners inside the firm: All employees customer focused Teams coordinate efforts toward customers Partners outside the firm: Supply chain management Strategic alliances Customer Loyalty & Retention

    Customer: Lifetime Value - The entire stream of purchases that the customer would make over a lifetime of patronage. Customer Equity: The combined discounted customer lifetime values of all the companys current and potential customers. Classify customers by loyalty and potential profitability Manage accordingly The New Digital Age Technology impacts the ways firms bring value to their customers. Greater connectivity means greater access to information, faster travel and communication. The Internet allows anytime, anywhere connections between firms and customers. Click-and-mortar companies Click-only companies Business-to-business e-commerce New Marketing Landscape

    Rapid Globalization Ethics and Social Responsibility Not-for-Profit Marketing New World of Marketing Relationships

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