Marketing Concept

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  • The combination of tangible products, particular people, and certain activities in a particular place creates an experience (e.g., Disneyland) We are moving toward being a less manufacturing-based society and a more service-oriented society.
  • Marketing Concept

    1. 1. The Marketing Concept Evolving Perspectives
    2. 2. What Is Marketing? <ul><li>Simple Definition: Marketing is managing profitable customer relationships. </li></ul><ul><li>Goals: </li></ul><ul><li>Attract new customers by promising superior value. </li></ul><ul><li>Keep and grow current customers by delivering satisfaction. </li></ul>
    3. 3. Marketing and Sales Concepts Contrasted
    4. 4. This Is a Need <ul><li>Needs - state of felt deprivation including physical, social, and individual needs. </li></ul>
    5. 5. This Is a Want <ul><li>Wants - form that a human need takes, as shaped by culture and individual personality. </li></ul>
    6. 6. Need / Want Fulfillment <ul><li>Needs and Wants Fulfilled through a Marketing Offer : </li></ul><ul><ul><li>Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. </li></ul></ul>
    7. 7. What Satisfies Consumers’ Needs and Wants? Products Anything that can be Offered to a Market to Satisfy a Need or Want Persons Places Organizations Ideas Information Services Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything
    8. 8. Marketing Myopia <ul><li>Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. </li></ul><ul><li>They focus on the “wants” and lose sight of the “needs.” </li></ul>
    9. 9. This Is Demand “ Demand” Wants
    10. 10. What is a Market? <ul><li>The set of actual and potential buyers of a product. </li></ul><ul><li>These people share a need or want that can be satisfied through exchange relationships. </li></ul>
    11. 11. Segmentation and Target Marketing #1 #2 Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate
    12. 12. Identifying Segment.
    13. 13. Target Market
    14. 14. Customer Satisfaction <ul><li>Dependent on the product’s perceived performance relative to a buyer’s expectations. </li></ul>
    15. 15. Value and Satisfaction If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high. Expectation Performance 8 10 Expectation Performance 10 8
    16. 16. Customer Perceived Value <ul><li>Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. </li></ul>
    17. 17. Customer Relationship Levels Basic Relationship Full Partnership Continuum
    18. 18. Customer Relationship Management <ul><li>The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. </li></ul>
    19. 19. <ul><li>Customer Lifetime Value </li></ul><ul><ul><li>The entire stream of purchases that the customer would make over a lifetime of patronage. </li></ul></ul><ul><li>Share of Customer </li></ul><ul><ul><li>The share a company gets of the customers purchasing in their product categories. </li></ul></ul>Customer Loyalty & Retention

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