Chapter no 01 marketing creating and capturing customer value

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presentations by Mirza Sikandar Taj for Marketing Class to be held on every sunday in PAF KIET city campus!

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Chapter no 01 marketing creating and capturing customer value

  1. 1. Chapter 1- slide 1 Chapter One Marketing: Creating and Capturing Customer Value
  2. 2. Chapter 1- slide 2 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall What is Market? • Market is the place where sellers & buyers meet. (Simplest definition) • It can be said that a market is the place by which the prices of goods and services are established. (Little more complex) • A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. (Very complex definition)
  3. 3. Chapter 1- slide 3 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Buzz Words • Markets are the set of actual and potential buyers of a product
  4. 4. Chapter 1- slide 4 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Random Terms • Advertising • Promotions • Sales • Services • Delivery • Sponsorships • Bill Board • Retaining • E-Commerce • Catalogues • Packaging • Coupons
  5. 5. Chapter 1- slide 5 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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
  6. 6. Chapter 1- slide 6 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Another Definition Could be •Marketing involves having the right product available in the right place at the right time and making sure that the customer is aware about the product.
  7. 7. Chapter 1- slide 7 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Understanding the Marketplace and Customer Needs • Customer needs, wants, and demands • Market offerings • Value and satisfaction • Exchanges and relationships • Markets Core Concepts
  8. 8. Chapter 1- slide 8 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands
  9. 9. Chapter 1- slide 9 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Understanding the Marketplace and Customer Needs • Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want • Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs
  10. 10. Chapter 1- slide 10 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations
  11. 11. Chapter 1- slide 11 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Exchange is the act of obtaining a desired object from someone by offering something in return Understanding the Marketplace and Customer Needs
  12. 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?
  13. 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. 14. Chapter 1- slide 14 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it Selecting Customers to Serve
  15. 15. Chapter 1- slide 15 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Choosing a Value Proposition The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs
  16. 16. Chapter 1- slide 16 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Designing a Customer-Driven Marketing Strategy Marketing Management Orientations
  17. 17. Chapter 1- slide 17 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 Marketing Management Orientations
  18. 18. Chapter 1- slide 18 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
  19. 19. Chapter 1- slide 19 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 firm’s products unless it undertakes a large scale selling and promotion effort Marketing Management Orientations
  20. 20. Chapter 1- slide 20 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
  21. 21. Chapter 1- slide 21 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 company’s requirements, consumers’ long-term interests, and society’s long-run interests
  22. 22. Chapter 1- slide 22 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place. Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers. Preparing an Integrated Marketing Plan and Program
  23. 23. Chapter 1- slide 23 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 Customer Relationship Management (CRM)
  24. 24. Chapter 1- slide 24 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships Relationship Building Blocks: Customer Value and Satisfaction
  25. 25. Chapter 1- slide 25 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships Customer Relationship Levels and Tools
  26. 26. Chapter 1- slide 26 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
  27. 27. Chapter 1- slide 27 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers Building Customer Relationships
  28. 28. Chapter 1- slide 28 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships • Partners inside the company is every function area interacting with customers – Electronically – Cross-functional teams • Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships Partner Relationship Management
  29. 29. Chapter 1- slide 29 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Building Customer Relationships • Supply chain is a channel that stretches from raw materials to components to final products to final buyers • Supply management • Strategic partners • Strategic alliances Partner Relationship Management
  30. 30. Chapter 1- slide 30 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Capturing Value from Customers • Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage Creating Customer Loyalty and Retention
  31. 31. Chapter 1- slide 31 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Capturing Value from Customers Share of customer is the portion of the customer’s purchasing that a company gets in its product categories Growing Share of Customer
  32. 32. Chapter 1- slide 32 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Capturing Value from Customers Customer equity is the total combined customer lifetime values of all of the company’s customers
  33. 33. Chapter 1- slide 33 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Capturing Value from Customers • Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized • Different types of customers require different relationship management strategies – Build the right relationship with the right customers Building Customer Equity
  34. 34. Chapter 1- slide 34 Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall The Changing Marketing Landscape Major Developments
  35. 35. Chapter 1- slide 35 Thank You
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