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BUS 620 -L1 (1).pdf
- 1. By Dr Md Tamhid Ul Islam (MTDI) Assistant Professor North South University Marketing Management – Lec 1 Marketing in the 21st century (BUS 620)
- 2. 2 About Me Md Tamhid Ul Islam 01 PhD from Aston Business School, UK 02 Assistant Professor at NSU 03 tamhid.islam@northsouth.edu 04 Office hours: ST: 1:00 pm – 3:00 pm and 6:20 pm – 6:50 pm; Thursday: 4:30 pm – 5:30 pm; NAC: 734(5).
- 3. 3 Definition of Marketing Md Tamhid Ul Islam What is Marketing?
- 4. 4 Definition of Marketing Md Tamhid Ul Islam “Sell me this pen”
- 5. 5 Definition of Marketing Md Tamhid Ul Islam “Sell me this pen”
- 6. 6 Definition of Marketing Md Tamhid Ul Islam “Marketing is not about only selling and advertising anymore” Have you ordered food from Foodpanda recently?
- 7. 7 Definition of Marketing Md Tamhid Ul Islam Food delivery from 2000+ restaurants Easy search option Endless offers Easy payment options Simple food ordering process I always use the app while ordering food, and I am talking about Foodpanda to you right now!
- 8. 8 Definition of Marketing Md Tamhid Ul Islam Philip Kotler Gary Armstrong Marketing is the process by which companies create value for the customers, engage customers, and build strong customer relationships in order to capture value from customers in return (Kotler and Armstrong, 2021)
- 9. 9 Definition of Marketing Md Tamhid Ul Islam “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” (American Marketing Association, 2017)
- 10. 10 Definition of Marketing Md Tamhid Ul Islam Create value Build strong relationships Offering better products and services, offering lower price, through effective Ad campaign etc. By offering membership cards, By engaging with them on social media, etc. Customers A Company
- 11. 11 Definition of Marketing Md Tamhid Ul Islam Capture value More sales, repeated purchase from loyal customers, positive word of mouth from customers, etc. Customers A Company
- 12. 12 Textbook Md Tamhid Ul Islam Author Title Edition & Year Publisher Philip Kotler, Gary Armstrong Principles of Marketing 18th, 2021 Prentice Hall Philip Kotler, Kevin Lane Keller and Alexander Chernev Marketing Management 16th, 2021 Pearson Philip Kotler
- 13. 13 Additional Resources Md Tamhid Ul Islam Author Title Edition & Year Publisher Dr. Tamgid Ahmed Chowdhury Principles of Marketing: Practices and Applications in Bangladesh 2nd Edition - Dr. Tamgid Ahmed Chowdhury Cases on Marketing Theories: Perspectives from Bangladesh - -
- 14. 14 Assessment and Grading Md Tamhid Ul Islam Assessment criteria Points Final 25% Mid Term 1 20% Mid Term 2 20% Group Report & Presentation 20% Class Participation & Attendance 5% Quiz 10% Total 100% NSU’s grading and performance evaluation policies will be followed in assigning your grade.
- 15. 15 Marketing Defined: The process by which companies create value for the customers, engage customers, and build strong customer relationships in order to capture value from customers in return (Kotler and Armstrong, 2021) What is Marketing? Md Tamhid Ul Islam
- 16. 16 What is Marketing? The two-fold goal of marketing is: Attracting new customers Retaining and growing current customers Md Tamhid Ul Islam
- 17. 17 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 18. 18 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam Engage customers, build profitable relationships and create customer delight
- 19. 19 Understanding Marketplace & Customer Needs Needs, wants, and demands Market offerings Value and satisfaction Markets Understand the marketplace and customer needs & wants Md Tamhid Ul Islam
- 20. 20 Needs – State of felt deprivation – Example: Need food Wants – The form needs as shaped by culture and the individual – Example: Want biriyani Demands – Wants which are backed by buying power – Example: Want biriyani and you have money to buy biriyani Needs, Wants, and Demands Md Tamhid Ul Islam
- 21. Marketing Myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products. a lack of insight into what a business is doing for its customers. 21 Marketing offers – Products – Services – Events – Experience – Persons – Places – Ideas – Information Market Offerings Md Tamhid Ul Islam
- 22. 22 Market Offerings Reebok Store Md Tamhid Ul Islam
- 23. Satisfaction – Customer satisfaction • The extent to which a product’s perceived performance matches a buyer’s expectations – A satisfied customer will buy again and tell others about their good experience 23 Value – Customer-perceived value • Customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing products. – Marketers must deliver superior value to consumers Value and Satisfaction Md Tamhid Ul Islam
- 24. 24 Markets Market – The sets of all actual and potential buyers of a product or service – Marketers seek buyers that are profitable Md Tamhid Ul Islam Elements of modern marketing system
- 25. 25 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 26. 26 Designing a Customer-driven marketing strategy Selecting customers Choosing a value proposition Marketing Management orientation Designing a customer-driven marketing strategy Md Tamhid Ul Islam
- 27. 27 Selecting Customers to Serve Market Segmentation Target Market Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Md Tamhid Ul Islam
- 28. 28 Choosing a Value Proposition Value proposition Md Tamhid Ul Islam – Set of benefits or values a company promises to deliver to customers to satisfy their needs and wants – Value proposition is fulfilled through a market offering, which delivers customer value and satisfaction, resulting in ling-term exchange relationships with customers
- 29. 29 Marketing Management Orientations Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Md Tamhid Ul Islam
- 30. 30 Production Concept Assumes that consumers are interested primarily in products that are available and highly affordable (low price) Marketing objectives: – Cheap, efficient production – Intensive distribution – Market expansion Md Tamhid Ul Islam
- 31. 31 Product Concept Assumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features Marketing objectives: – Quality improvement – Addition of features Md Tamhid Ul Islam
- 32. 32 Selling Concept Assumes that consumers are unlikely to buy a product unless the firm undertakes large-scale selling and promotion effort Marketing objectives: – Creating sales transactions – Selling what company makes – Large scale promotions Md Tamhid Ul Islam
- 33. 33 Marketing Concept Assumes that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Marketing objectives: – Profits through customer satisfaction – Selling what customer wants Md Tamhid Ul Islam
- 34. 34 Selling Concept vs. Marketing Concept Md Tamhid Ul Islam
- 35. 35 Societal Marketing Concept Assumes that marketing strategy should deliver value to customers in a way that maintain and improves both the consumer’s and society’s well-being Md Tamhid Ul Islam
- 36. 36 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 37. 37 Preparing an Integrated Marketing Plan The Marketing Plan – Transforms the marketing strategy into action – Includes the marketing mix – The 4P’s of marketing • Product: Firm must first create a need satisfying market offering • Price: Deciding how much the firm will charge for the offer • Place: Deciding how the firm will manage distribution and make the offer available to target consumers • Promotion: Communicating with target consumers about the offer and persuade them of its merit Md Tamhid Ul Islam
- 38. 38 Preparing an Integrated Marketing Plan Product Customer Solution Price Customer Cost Place Convenience Promotion Communication Md Tamhid Ul Islam
- 39. 39 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 40. 40 Building Customer Relationships Customer Relationship Management (CRM) – The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping and growing customers. Relationship Building Blocks Customer-perceived value Customer Satisfaction The difference between total customers’ perceived benefits and costs The extent to which perceived performance matches to a buyer’s expectation Md Tamhid Ul Islam
- 41. 41 Basic relationship - with low margin customers - Through brand building advertising, public relations, working on customer feedbacks Full partnership - with high margin customers - Sales representative work closely with key customers Frequency marketing programs - Rewarding customers who buy frequently - Loyalty reward programs, giving discounts, providing information & updates Loyalty programs - Creating communities - offering special benefits, loyalty rewards Customer-engagement marketing - fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community. Customer-generated marketing - Asking customers for new product and service ideas - Rewarding customers for bringing in new customers Building Customer Relationships Md Tamhid Ul Islam
- 42. 42 Managing relationship with partners - Working closely with others inside and outside the company to jointly bring more values to customers - Managing relationship with suppliers, channel partners, distributors, retailers etc. Partner Relationship Management Md Tamhid Ul Islam
- 43. 43 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 44. 44 Capturing Value from Customers Through customer loyalty Capturing customer lifetime value - Customer lifetime value: the value of the entire stream of purchases a customer makes over a lifetime trade Growing share of customer - Share of customer: The portion of the customer’s purchasing that a company gets Building customer equity - Customer equity: The total combined customer lifetime values of the company’s current and potential customers Md Tamhid Ul Islam
- 45. 45 01 02 3 Understand the marketplace and customer needs & wants Design a Customer- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return The Marketing Process Md Tamhid Ul Islam
- 46. 46 Md Tamhid Ul Islam Thanks