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Chapter 1- slide 1
Chapter One
Marketing: Creating and Capturing
Customer Value
Chapter 1- slide 2Copyright © 2010 Pearson Education, Inc.
Publishing as Prentice Hall
Creating and Capturing Customer
Value
• What Is Marketing?
• Marketing Process
1. Understand the Marketplace and Customer Needs
2. Designing a Customer-Driven Marketing Strategy
3. Preparing an Integrated Marketing Plan and Program
4. Building Customer Relationships
5. Capturing Value from Customers
• The Changing Marketing Landscape
Topic Outline
Chapter 1- slide 3Copyright © 2010 Pearson Education, Inc.
Publishing as Prentice Hall
What Is Marketing?
Marketing is satisfying customer needs effectively
and efficiently better than the competitors and
build strong customer relationship providing
superior customer value
Marketing is a process by which companies create
value for customers and build strong customer
relationships to capture value from customers in
return
Chapter 1- slide 4Copyright © 2010 Pearson Education, Inc.
Publishing as Prentice Hall
• Customer needs, wants, and demands
• Market offerings
• Value and satisfaction
• Exchanges and relationships
• Markets
Core Concepts
1.Understanding the Marketplace
and Customer Needs
Chapter 1- slide 5Copyright © 2010 Pearson Education, Inc.
Publishing as Prentice Hall
1.Understanding the Marketplace
and Customer Needs
• States of deprivation
• Physical—food, clothing, warmth, safety
• Social—belonging and affection
• Individual—knowledge and self-expression
Needs
• Form that needs take as they are shaped by culture
and individual personalityWants
• Wants backed by buying powerDemands
Customer Needs, Wants, and Demands
Chapter 1- slide 6Copyright © 2010 Pearson Education, Inc.
Publishing as Prentice Hall
Market offerings are some combination of products,
services, information, or experiences offered to a market to
satisfy a need or want

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01

  • 1. Chapter 1- slide 1 Chapter One Marketing: Creating and Capturing Customer Value
  • 2. Chapter 1- slide 2Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Creating and Capturing Customer Value • What Is Marketing? • Marketing Process 1. Understand the Marketplace and Customer Needs 2. Designing a Customer-Driven Marketing Strategy 3. Preparing an Integrated Marketing Plan and Program 4. Building Customer Relationships 5. Capturing Value from Customers • The Changing Marketing Landscape Topic Outline
  • 3. Chapter 1- slide 3Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall What Is Marketing? Marketing is satisfying customer needs effectively and efficiently better than the competitors and build strong customer relationship providing superior customer value Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
  • 4. Chapter 1- slide 4Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • Customer needs, wants, and demands • Market offerings • Value and satisfaction • Exchanges and relationships • Markets Core Concepts 1.Understanding the Marketplace and Customer Needs
  • 5. Chapter 1- slide 5Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 1.Understanding the Marketplace and Customer Needs • States of deprivation • Physical—food, clothing, warmth, safety • Social—belonging and affection • Individual—knowledge and self-expression Needs • Form that needs take as they are shaped by culture and individual personalityWants • Wants backed by buying powerDemands Customer Needs, Wants, and Demands
  • 6. Chapter 1- slide 6Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
  • 7. Chapter 1- slide 7Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Customer Value and Satisfaction Expectations Customers • Value and satisfaction Marketers • Set the right level of expectations • Not too high or low
  • 8. Chapter 1- slide 8Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Exchange is the act of obtaining a desired object from someone by offering something in return
  • 9. Chapter 1- slide 9Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Markets are the set of actual and potential buyers of a product
  • 10. Chapter 1- slide 10Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall I. Selecting Customers to Serve II. Choosing a Value Proposition III. Marketing Management Orientations 2. Designing a Customer-Driven Marketing Strategy
  • 11. Chapter 1- slide 11Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after
  • 12. Chapter 1- slide 12Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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
  • 13. Chapter 1- slide 13Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Production concept Product concept Selling concept Marketing concept Societal concept Marketing Management Orientations
  • 14. Chapter 1- slide 14Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Production concept is the idea that consumers will favor products that are available or highly affordable
  • 15. Chapter 1- slide 15Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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.
  • 16. Chapter 1- slide 16Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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
  • 17. Chapter 1- slide 17Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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
  • 18. Chapter 1- slide 18Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 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
  • 19. Chapter 1- slide 19Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall The marketing mix is the set of controllable and tactical tools that 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. 3.Preparing an Integrated Marketing Plan and Program
  • 20. Chapter 1- slide 20Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 4.Building Customer Relationships The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
  • 21. Chapter 1- slide 21Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Relationship Building Blocks: Customer Value and Satisfaction Customer- perceived value • The difference between total customer value and total customer cost Customer satisfaction • The extent to which a product’s perceived performance matches a buyer’s expectations
  • 22. Chapter 1- slide 22Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Customer Relationship Levels and Tools Basic Relationships Full Partnerships
  • 23. Chapter 1- slide 23Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • 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
  • 24. Chapter 1- slide 24Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall Partner relationship management involves working closely with partners inside the company and outside the company to jointly bring greater value to customers Partner Relationship Management
  • 25. Chapter 1- slide 25Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall • 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 (Supply management), and competitors (Strategic partners &Strategic alliances) by developing partnerships Partner Relationship Management
  • 26. Chapter 1- slide 26Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall
  • 27. Chapter 1- slide 27Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall 5.Capturing Value from Customers • Customer lifetime value: Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage • Growing Share of Customer: Share of customer is the portion of the customer’s purchasing that a company gets in its product categories • Building Customer Equity:Customer equity is the total combined customer lifetime values of all of the company’s customers
  • 28. Chapter 1- slide 28Copyright © 2010 Pearson Education, Inc. Publishing as Prentice Hall The Changing Marketing Landscape Digital age Rapid globalization Ethics and social responsibility Not-for-profit marketing Major Developments