marketing chap

marketing def

set of strategies and activities that acquire and engange consumers, vuild strong consumer relationships, create customer value and in order yo capture capture value from consumers in return

simple marketing process

1. understand market place

2. design customer driven marketing strategies

3. construct integrated marketing mix that delivers suoerior value

4. engage customers, buikd valueable relationshios and create customer value

5. CAPTURE value in return from customers through profitability and equity

understanding market place factors

1. needs wants and demands

2. market offerings

3. values and satisfaction

4. exchange and relationships

5. markets

marketing offerings

combination of products services,solutions to satisfy consumer needs,wants and demands ALOS INCLUDE OTHER ENTITIES persons, organisations ,ideas , information,causes

marketing myopia is under which factor

understanding amrkept space —- market offerinhgs

marketing myopia

mistake of payinhg jmore attention to specific products a companies offers over the benefits and experiences produced by their products.

• CONSUMERS WILL NEED THE SAME PRODUCT but want ANOTHE RONE

customer value and satisfaction

create customer relationships

exchange and relationshiops

Marketers create, maintain, and grow desirable exchange relationships with target au- diences involving a product, service, idea, or other object. Companies want to build strong relationships by consistently delivering superior value.

market

set of actual or potential buyers of a product or service

buyers also do marketing

obtain information, purchase , negage with companies

designing a customer value markeying strategy

target market and buikding profit

who do we target

what is our value proposition

MODERN MARKET SYSTEM

—|

supplier— companies —market intermdeiatry — final consumer

competitors ——-|

choosing value proposition

what benefits or value it promises customers that sets it aprat from others

marketing orientations to design marketing strategies

1. production

2. product

3. selling

4. marketing

5. societal amrketing

production concept

consumers will choose what is easily avail plus affordable

shld focus on stribution and production efficiency

product concept

features - therefore ocnstant improvement in features

selling concwpt

will not be sold unless undertake selling cost and promotion costs

life insumer blood donations

focused on sales over customer relations

marketing goals

achieving organisation goals by knowoing target customers needs and eants and marketing nut better than competition does

societal marketing concept

customers long term interets, socityeis long term interets and companies interest - high returns

arketing mix

creationg value for consumers

markeying mix four p’s

product

price

place

promotion

creating strng cusumer value and superior vlaue

customer percieved value

custoemr satisfcation

customer relation level and tools

customer engagement amrketing

customer brand advocacy

customer generated marketing Customer-generated content: Heinz invited people across
five continents to “draw ketchup.” Most drew Heinz. Many of the sketchers and their sketches—both sophisticated and amateurish— were featured in an online video and on digital billboards
Partner relationship management

Working closely with partners in other company departments and outside the company to jointly bring greater value to customers.

customer percieved value

perception of benefits of value obtaoned over the cost of onbtaing the product or services

capturing value

Customer lifetime value

The value of the entire stream of purchases a customer makes over a lifetime of patronage.

Share of customer

The portion of the customer’s spending in its product categories that a company captures.

Customer equity

The total combined customer lifetime values of all of the company’s customers.

how to capture valyue for who

profit butterflies true friends

ability strangers barnacles

loyalty /short term long term