Mkt202 ch1 updated

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Mkt202 ch1 updated

  1. 1. Chapter One Creating and Capturing Customer Value AwS/MKT202/NSUCopyright © 2009 Pearson Education, Inc. Chapter 1- slide 1Publishing as Prentice Hall
  2. 2. What is Marketing? • The process by which companies create value for customers and build strong relationships in order to capture value from customer in return. • Marketing is managing profitable customer relationship. • Old sense: Telling and Selling • New sense: Satisfying customer needsCopyright © 2010 Pearson Education, Inc. Chapter 1- slide 2Publishing as Prentice Hall
  3. 3. The Marketing Process Understand the marketplace and customer needs and demands Design a customer-driven marketing strategy Construct an integrated marketing program that deliver superior values Build profitable relationships and create customer delightCopyright © 2010 Pearson Education, Inc. Chapter 1- slide 3Publishing as Prentice Hall
  4. 4. Understanding the Marketplace and Customer Needs • Need: States of felt deprivation. • Wants: The form of human needs take as shaped by culture and individual personality. • Demands: Human wants that are backed by buying power. • Exchange: The act of obtaining desired object from someone by offering something in return. • Market: The set of all actual and potential customers.Copyright © 2010 Pearson Education, Inc. Chapter 1- slide 4Publishing as Prentice Hall
  5. 5. Designing a customer-driven marketing strategy • Production concept ◦ Consumers will favor the products that are available and highly affordable. ◦ Focus on production and distribution • Product concept ◦ A product will sell by itself. ◦ Focus on quality, performance and innovative featuresCopyright © 2010 Pearson Education, Inc. Chapter 1- slide 5Publishing as Prentice Hall
  6. 6. Designing a customer-driven marketing strategy Selling concept ◦ Large scale selling and promotional efforts are required Marketing concept ◦ Understand the NWD and deliver satisfaction Societal marketing concept ◦ Customers’ and society’s long-run interest is important [J&J Our Credo]Copyright © 2010 Pearson Education, Inc. Chapter 1- slide 6Publishing as Prentice Hall
  7. 7. Preparing an Integrated Marketing Program • Marketing Mix: – Product – Price – Promotion – PlaceCopyright © 2010 Pearson Education, Inc. Chapter 1- slide 7Publishing as Prentice Hall
  8. 8. Building Customer Relationships Customer relationship management Customer-perceived value: …cost-benefit analysis by the customer Customer satisfaction: The extent to which products perceived performance matches buyer’s expectations. Customer-generated marketing: …messages, ads, and other brand exchanges crated by customers themselves – both invited or uninvited. (Real Marketing 1.2)Copyright © 2010 Pearson Education, Inc. Chapter 1- slide 8Publishing as Prentice Hall
  9. 9. Capturing Value from Customers • Creating Customer Loyalty and Retention • Customer lifetime value [Stew Leonard] • Growing Share of Customer • Building Customer Equity – The total combined customer lifetime values of all the company’s customers.Copyright © 2010 Pearson Education, Inc. Chapter 1- slide 9Publishing as Prentice Hall
  10. 10. Chapter – 3 Readings • Company Case – Xerox [Page: 64-65] • Reviewing objectives & key terms [Page: 93-94]Copyright © 2010 Pearson Education, Inc. Chapter 1- slide 10Publishing as Prentice Hall

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