The document discusses managing profitable customer relationships through marketing. It defines marketing and outlines the five-step marketing process of understanding customers, designing a customer-driven strategy, constructing a marketing program, building relationships, and capturing value. Key elements include understanding customer needs and marketplace concepts, focusing on customer value through the marketing mix and customer relationship management (CRM). The goal is to enhance customer loyalty, satisfaction, and lifetime value to achieve profitable relationships.
Marketing Defined:
“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others”
Marketing is about managing profitable customer relationships
Attracting new customers
Retaining and growing current
Understand the marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct a marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer quality
Need
State of felt deprivation
Example: Need food
Wants
The form of needs as shaped by culture and the individual
Example: Want a Big Mac
Demands
Wants which are backed by buying power
Marketing Defined:
“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others”
Marketing is about managing profitable customer relationships
Attracting new customers
Retaining and growing current
Understand the marketplace and customer needs and wants
Design a customer-driven marketing strategy
Construct a marketing program that delivers superior value
Build profitable relationships and create customer delight
Capture value from customers to create profits and customer quality
Need
State of felt deprivation
Example: Need food
Wants
The form of needs as shaped by culture and the individual
Example: Want a Big Mac
Demands
Wants which are backed by buying power
Marketing creating and capturing customer valueDr. Ahmad Faraz
The focus of this lecture was to develop and provide an understanding of few basic concepts of marketing. As without those students are unable to understand the subject and its study as it proceeds further. More appropriate for Undergraduates but few topics can be equally helpful for Master students.
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
Are you an entrepreneur confused about marketing? Watch this slide show for a quick review of the fundamentals of marketing. For more free resources visit http://www.hitvirtual.com
Marketing creating and capturing customer valueDr. Ahmad Faraz
The focus of this lecture was to develop and provide an understanding of few basic concepts of marketing. As without those students are unable to understand the subject and its study as it proceeds further. More appropriate for Undergraduates but few topics can be equally helpful for Master students.
CHAPTER 1: MARKETING PRINCIPLES AND STRATEGIES
Lesson 1: Marketing and its Traditional Approaches
Lesson 2: Goals of Marketing
Lesson 3: Contemporary Approaches to Marketing
Credits: Principles of Marketing of Dr. Serrano- K-12
Are you an entrepreneur confused about marketing? Watch this slide show for a quick review of the fundamentals of marketing. For more free resources visit http://www.hitvirtual.com
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W1 marketing creating customer value and engagementfaizaperbanas
Objective 1 Define marketing and outline the steps in the marketing process.
Objective 2 Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts.
Objective 3 Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy.
Objective 4 Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return.
Objective 5 Describe the major trends and forces that are changing the marketing landscape in this age of relationships.
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2. Learning Goals
1. Define marketing and the marketing process.
2. Explain the importance of understanding customers and
identify the five core marketplace concepts
3. Identify the elements of a customer-driven marketing strategy
and discuss the marketing management orientations.
4. Discuss customer relationship management and creating
value for and capturing value from customers
5. Describe the major trends and forces changing the marketing
landscape
2
3. Case Study
NASCAR – What is its secret?
Creating Value
• Create compelling blend of Capturing Value
live racing events, media • Fans spends nearly $700 a
coverage and Web sites. year on NASCAR
• Go out of its way to show merchandise
the customer a good time. • Second highest regular
• Create wholesome family- season sport on TV
oriented environment • NASCAR attracts over 250
big-name sponsors
3
4. What is Marketing?
Marketing Defined:
“Marketing is a social and managerial process by
which individuals and groups obtain what they
need and want through creating and exchanging
value with others”
Marketing is about managing profitable
customer relationships
Attracting new customers
Retaining and growing current customers
4
Goal 1: Define marketing and the marketing process.
5. The Marketing Process
A Five-Step Process
1. Understand the marketplace and customer needs and
wants
2. Design a customer-driven marketing strategy
3. Construct a marketing program that delivers
superior value
4. Build profitable relationships and create customer
delight
5. Capture value from customers to create profits and
customer quality
5
Goal 1: Define marketing and the marketing process.
6. Understanding the Marketplace
• Needs, wants, and demands Need
• Core Concepts
Marketing offers: including State of felt deprivation
products, services and Example: Need food
experiences Wants
• Value and satisfaction The form of needs as shaped
• Exchange, transactions and by culture and the individual
relationships Example: Want a Big Mac
• Markets Demands
Wants which are backed by
buying power
6
Goal 2: Identify the five core marketplace concepts.
7. Understanding the Marketplace
• Needs, wants, and demands Marketing offer
• Core Concepts
Marketing offers: including Combination of products,
products, services and services, information or
experiences experiences that satisfy a
• Value and satisfaction need or want
Offer may include services,
• Exchange, transactions and activities, people, places,
relationships information or ideas
• Markets
7
Goal 2: Identify the five core marketplace concepts.
8. Understanding the Marketplace
• Needs, wants, and demands Value
• Core Concepts
Marketing offers: including Customers form
products, services and expectations regarding value
experiences Marketers must deliver
• Value and satisfaction value to consumers
• Exchange, transactions and Satisfaction
relationships A satisfied customer will
• Markets buy again and tell others
about their good experience
8
Goal 2: Identify the five core marketplace concepts.
9. Understanding the Marketplace
• Needs, wants, and demands Exchange
• Core Concepts
Marketing offers: including The act of obtaining a
products, services and desired object from
experiences someone by offering
• Value and satisfaction something in return
One exchange is not the
• Exchange, transactions and goal, relationships with
relationships several exchanges are the
• Markets goal
Relationships are built
through delivering value
and satisfaction
9
Goal 2: Identify the five core marketplace concepts.
10. Understanding the Marketplace
• Needs, wants, and demands Market
• Core Concepts
Marketing offers: including Set of actual and potential
products, services and buyers of a product
experiences Marketers seek buyers that
• Value and satisfaction are profitable
• Exchange, transactions and
relationships
• Markets
10
Goal 2: Identify the five core marketplace concepts.
11. Marketing Management
Marketing management is the art and science
of choosing target markets and building
profitable relationships with them.
This definition must include answers to two
questions:
What customers will we serve?
How can we serve these customers best?
11
Goal 3: Identify elements of a customer-driven strategy.
12. Selecting Customers and Creating
Value
Customer Management
What customers will we serve?
Marketers select customers that can be served profitably
Value Proposition
How can we serve these customers best?
Includes the set of benefits or values a company promises
to deliver to consumers to satisfy their needs
12
Goal 3: Identify elements of a customer-driven strategy.
13. Marketing Management
Marketing Orientations
• Production concept • Selling concept
• Product concept • Marketing concept
• Societal marketing concept
13
Goal 3: Identify elements of a customer-driven strategy.
14. The Marketing Plan
Transforms the marketing strategy into action
Includes the marketing mix and the 4P’s of
marketing
Product
Price
Place
Promotion
14
Goal 3: Identify elements of a customer-driven strategy.
15. Building Customer Relationships
CRM – Customer relationship management
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.
15
Goal 4: Discuss CRM and capturing value.
16. Value and Satisfaction
Perceived Value
The customer’s evaluation of the difference
between benefits and costs.
Customers often do not judge values and costs
accurately or objectively.
Customer Satisfaction
Product’s perceived performance relative to
customer’s expectations.
16
Goal 4: Discuss CRM and capturing value.
17. Not All Customers
are Equal
Basic Relationships
Low-margin customers
Full Partnerships
Key customers
Selective relationship management
Weeding out unprofitable customers
17
Goal 4: Discuss CRM and capturing value.
18. Capturing Value from Customers
Customer Loyalty Customer delight
Key Concepts
and Retention leads to emotional
Share of Customer relationships and
Customer Equity loyalty
Customer Lifetime
Value shows true
worth of a customer
18
Goal 4: Discuss CRM and capturing value.
19. Capturing Value from Customers
Customer Loyalty Share of customer’s
Key Concepts
and Retention purchase in a
Share of Customer product category.
Customer Equity Achieved through
offering greater
variety, cross-sell
and up-sell
strategies.
19
Goal 4: Discuss CRM and capturing value.
20. Capturing Value from Customers
Customer Loyalty • The combined customer
Key Concepts
and Retention
lifetime values of all current
and potential customers.
Share of Customer • Measures a firm’s
performance, but in a
Customer Equity manner that looks to the
future.
• Choosing the “best”
customers is key
20
Goal 4: Discuss CRM and capturing value.
21. Marketing Landscape
Digital age Growth of the Internet
Challenges
Globalization Advances in
telecommunications,
Ethics and social information,
responsibility transportation
Customer research and
Not-for-profit tracking
Product development
marketing Distribution
Marketing New advertising tools
24/7 marketing through the
relationships Internet
21
Goal 5: Discuss trends and forces.
22. Marketing Landscape
Digital age Geographical and
Challenges
Globalization cultural distances have
Ethics and social shrunk
Greater market coverage
responsibility More options for purchasing
Not-for-profit and manufacturing
Increased competition from
marketing
foreign competitors
Marketing
relationships
22
Goal 5: Discuss trends and forces.
23. Marketing Landscape
Digital age Marketers need to take
Challenges
Globalization great responsibility for
Ethics and social the impact of their
responsibility actions
Caring capitalism is a way
Not-for-profit to differentiate your
marketing company
Marketing
relationships
23
Goal 5: Discuss trends and forces.
24. Marketing Landscape
Digital age Many organizations are
Challenges
Globalization realizing the
Ethics and social importance of strategic
responsibility marketing
Performing arts
Not-for-profit Government agencies
marketing Colleges
Hospitals
Marketing
Churches
relationships
24
Goal 5: Discuss trends and forces.
25. Marketing Landscape
Digital age Profits through
Challenges
Globalization managing long-term
Ethics and social customer equity
Improve customer
responsibility knowledge
Not-for-profit Target profitable customers
Keep profitable customers
marketing
Marketing
relationships
25
Goal 5: Discuss trends and forces.
26. What is Marketing
The process of building profitable customer
relationships by creating value for customers
and capturing value in return
26