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MARKETING MANAGEMENT
Assoc. Prof. Zehra Bozbay
Istanbul University
Faculty of Business Administration
Marketing Department
Marketing: Creating and
Capturing Customer
Value
Creating and Capturing Customer Value
 What Is Marketing?
 Understand the Marketplace and Customer Needs
 Designing a Customer-Driven Marketing Strategy
 Preparing an Integrated Marketing Plan and Program
 Building Customer Relationships
 Capturing Value from Customers
 The Changing Marketing Landscape
Topic Outline
What Is Marketing?
Marketing is a process by which companies create
value for customers and build strong customer
relationships to capture value
from customers in
return
What Is Marketing?
The Marketing Process
Understanding the Marketplace
and Customer Needs
 Customer needs, wants, and demands
 Market offerings
 Value and satisfaction
 Exchanges and relationships
 Markets
Core Concepts
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 personality
Wants
• Wants backed by buying power
Demands
Customer Needs, Wants, and Demands
Understanding the Marketplace
and Customer Needs
 Market offerings are some
combination of products,
services, information, or
experiences offered to a
market to satisfy a need or
want
 Marketing myopia is
focusing only on existing
wants and losing sight of
underlying consumer needs
Understanding the Marketplace
and Customer Needs
Customer Value and Satisfaction
Expectations
Customers
• Value and
satisfaction
Marketers
• Set the right level of
expectations
• Not too high or low
Exchange is the act of obtaining a desired object from
someone by offering something in return
Understanding the Marketplace
and Customer Needs
Understanding the Marketplace
and Customer Needs
Markets are the set of actual and potential
buyers of a product
Designing a Customer-Driven
Marketing Strategy
Marketing management is the art and science of choosing
target markets and building profitable relationships with
them
 What customers will we serve?
 How can we best serve these customers?
Designing a Customer-Driven Marketing
Strategy
Market segmentation refers to dividing the markets into
segments of customers
Target marketing refers to which segments to go after
Selecting Customers to Serve
Designing a Customer-Driven Marketing
Strategy
Demarketing is marketing to reduce demand temporarily or
permanently; the aim is not to destroy demand but to
reduce or shift it
Selecting Customers to Serve
Designing a Customer-Driven Marketing
Strategy
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
Designing a Customer-Driven Marketing
Strategy
Production
concept
Product
concept
Selling
concept
Marketing
concept
Societal
concept
Marketing Management Orientations
Designing a Customer-Driven Marketing
Strategy
Production concept is the idea that consumers will favor
products that are available or highly affordable
Marketing Management Orientations
Designing a Customer-Driven Marketing
Strategy
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.
Marketing Management Orientations
Designing a Customer-Driven Marketing
Strategy
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
Marketing Management Orientations
Designing a Customer-Driven Marketing
Strategy Marketing Management Orientations
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
Designing a Customer-Driven Marketing
Strategy
Marketing Management Orientations
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
Designing a Customer-Driven
Marketing Strategy
The marketing mix is the set of tools (four Ps) 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.
Preparing an Integrated Marketing
Plan and Program
Building Customer Relationships
 The overall process of
building and maintaining
profitable customer
relationships by delivering
superior customer value and
satisfaction
Customer Relationship Management (CRM)
Building Customer Relationships
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
Building Customer Relationships
Customer Relationship Levels and Tools
Basic
Relationships
Full
Partnerships
Building Customer Relationships
 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
Partner relationship management involves working
closely with partners in other company departments
and outside the company to jointly bring greater value
to customers
Building Customer Relationships
Building Customer Relationships
 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, and
competitors by developing partnerships
Partner Relationship Management
Building Customer Relationships
 Supply chain is a channel that stretches from raw
materials to components to final products to final buyers
 Supply management
 Strategic partners
 Strategic alliances
Partner Relationship Management
Capturing Value from Customers
 Customer lifetime value is the value of the entire stream
of purchases that the customer would
make over a
lifetime of
patronage
Creating Customer Loyalty and Retention
Capturing Value from Customers
Share of customer is the portion of the customer’s
purchasing that a company gets in its product categories
Growing Share of Customer
Capturing Value from Customers
Customer equity is the
total combined
customer lifetime values
of all of the company’s
customers
Capturing Value from Customers
 Building the right relationships with the right customers
involves treating customers as assets that need to be
managed and maximized
 Different types of customers require different relationship
management strategies
 Build the right relationship with the right customers
Building Customer Equity
The Changing Marketing Landscape
Digital age
Rapid
globalization
Ethics and
social
responsibility
Not-for-
profit
marketing
Major Developments
So, What Is Marketing?
Pulling It All Together

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MBA 1 - MARKETING.pptx

  • 1. MARKETING MANAGEMENT Assoc. Prof. Zehra Bozbay Istanbul University Faculty of Business Administration Marketing Department
  • 3. Creating and Capturing Customer Value  What Is Marketing?  Understand the Marketplace and Customer Needs  Designing a Customer-Driven Marketing Strategy  Preparing an Integrated Marketing Plan and Program  Building Customer Relationships  Capturing Value from Customers  The Changing Marketing Landscape Topic Outline
  • 4. What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return
  • 5. What Is Marketing? The Marketing Process
  • 6. Understanding the Marketplace and Customer Needs  Customer needs, wants, and demands  Market offerings  Value and satisfaction  Exchanges and relationships  Markets Core Concepts
  • 7. 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 personality Wants • Wants backed by buying power Demands Customer Needs, Wants, and Demands
  • 8. Understanding the Marketplace and Customer Needs  Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want  Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs
  • 9. Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations Customers • Value and satisfaction Marketers • Set the right level of expectations • Not too high or low
  • 10. Exchange is the act of obtaining a desired object from someone by offering something in return Understanding the Marketplace and Customer Needs
  • 11. Understanding the Marketplace and Customer Needs Markets are the set of actual and potential buyers of a product
  • 12. Designing a Customer-Driven Marketing Strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them  What customers will we serve?  How can we best serve these customers?
  • 13. Designing a Customer-Driven Marketing Strategy Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Selecting Customers to Serve
  • 14. Designing a Customer-Driven Marketing Strategy Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it Selecting Customers to Serve
  • 15. Designing a Customer-Driven Marketing Strategy 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
  • 16. Designing a Customer-Driven Marketing Strategy Production concept Product concept Selling concept Marketing concept Societal concept Marketing Management Orientations
  • 17. Designing a Customer-Driven Marketing Strategy Production concept is the idea that consumers will favor products that are available or highly affordable Marketing Management Orientations
  • 18. Designing a Customer-Driven Marketing Strategy 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. Marketing Management Orientations
  • 19. Designing a Customer-Driven Marketing Strategy 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 Marketing Management Orientations
  • 20. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations 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
  • 21. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations 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
  • 23. The marketing mix is the set of tools (four Ps) 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. Preparing an Integrated Marketing Plan and Program
  • 24. Building Customer Relationships  The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction Customer Relationship Management (CRM)
  • 25. Building Customer Relationships 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
  • 26. Building Customer Relationships Customer Relationship Levels and Tools Basic Relationships Full Partnerships
  • 27. Building Customer Relationships  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
  • 28. Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers Building Customer Relationships
  • 29. Building Customer Relationships  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, and competitors by developing partnerships Partner Relationship Management
  • 30. Building Customer Relationships  Supply chain is a channel that stretches from raw materials to components to final products to final buyers  Supply management  Strategic partners  Strategic alliances Partner Relationship Management
  • 31. Capturing Value from Customers  Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage Creating Customer Loyalty and Retention
  • 32. Capturing Value from Customers Share of customer is the portion of the customer’s purchasing that a company gets in its product categories Growing Share of Customer
  • 33. Capturing Value from Customers Customer equity is the total combined customer lifetime values of all of the company’s customers
  • 34. Capturing Value from Customers  Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized  Different types of customers require different relationship management strategies  Build the right relationship with the right customers Building Customer Equity
  • 35. The Changing Marketing Landscape Digital age Rapid globalization Ethics and social responsibility Not-for- profit marketing Major Developments
  • 36. So, What Is Marketing? Pulling It All Together