marketing lecture 2
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The Marketing Concept
and ProcessLecture 1
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The Marketing Concept: What It Is and
What It Is Not
The marketing concept
Customer focus, profits, andintegration of organizationalefforts.
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The Marketing Concept: What It Is and
What It Is Not
Customer orientation
Satisfying its customers at a profit
Determining the needs and wants oftarget markets
Discovering the wants of a target
audience and then creating the goodsand services to satisfy them
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The Marketing Concept: What It Is and
What It Is Not
Kotlers social definition:Marketing is a social and
managerial process by which
individuals and groups obtain
what they need and want through
creating and exchanging products
and value with others
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Goods Services
Experiences Events
Persons
Places Properties
Organizations Information
Ideas
Many Things Can Be Marketed!
The Marketing Concept: What It Is and
What It Is Not
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Needs wants
and demands
Marketing offers:
including
products
services and
experiences
Value and
satisfaction
Exchange
transactions and
relationships
Markets
Core Marketing Concepts
What is Marketing?
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The Marketing Concept: What It Is and
What It Is Not
The conditionsunder which themarketing concept offers theproper guidance to themarketer:
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The Marketing Concept: What It Is and
What It Is Not
To the extent that the organizationrelies on exchangeas the means ofobtaining compliance withorganizations needs, we describe thatorganization as engaging inmarketing.
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The Marketing Concept: What It Is and
What It Is Not
it is important to recognize thatunder
some circumstances, the productionconceptor the sales conceptwould be a
more appropriate managementphilosophy for the organization than themarketing concept.
Can you give some examples?
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The Marketing Concept: What It Is and
What It Is Not
.customers are not necessarily good
sources of information about
their needs a decade from now
sometimes customers have to learn
about new technologies, beliefs, andways of behaving
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What is Marketing?
Marketing is managing profitablecustomer relationships
Attracting new customers
Retaining and growing current
customers
Marketing is NOT synonymouswith sales or advertising
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Marketing Management
Marketing managementis the artand science of choosing targetmarkets and building profitablerelationships with them.
Creating delivering and
communicating superior customer
value is key.
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Marketing Management
Customer Management:
Marketers select customers that can
be served well and profitably.
Demand Management:
Marketers must deal with different
demand states ranging from no
demand to too much demand.
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Marketing Management
Productionconcept
Product concept
Selling concept
Marketing
concept
Societal marketing concept
Management Orientations
Marketing Management
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CRM
RM ustomer relationshipmanagement. . .
is the overall process of buildingand maintaining profitablecustomer relationships by
delivering superior customervalue and satisfaction.
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CRM
It costs 5 to 10 times MOREto attract a new customer than
it does to keep a currentcustomer satisfied.
Marketers must be concernedwith the lifetime value of thecustomer.
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CRM
Attracting,retaining and
growing customers
Building customerrelationships andcustomer equity
Customer value/satisfaction
Perceptions are key
Meeting/exceedingexpectations creates
satisfaction Loyalty and retention
Benefits of loyalty
Loyalty increases assatisfaction levels increase
Delighting consumersshould be the goal
Growing share of customer
Cross-selling
Key Concepts
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CRM
Customer equity
The total combinedcustomer lifetimevalues of allcustomers.
Measures a firms
performance, but ina manner that looksto the future.
Key Concepts
Attracting,retaining and
growing customers
Building customerrelationships andcustomer equity
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CRM Customer relationship
levels and tools Target market typically
dictates type ofrelationship Basic relationships
Full relationships
Customer loyalty and
retention programsAdding financial benefits
Adding social benefits
Adding structural ties
Attracting,retaining and
growing customers
Building customerrelationships andcustomer equity
Key Concepts
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Marketing Challenges
Technological advances, rapidglobalization, and continuing social
and economic shifts are causingmarketplace changes.
Major marketing developments can
be grouped under the theme ofonnecting.
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Marketing Challenges
Via technology
With customers
With marketingpartners
With the world
Advances in computers,telecommunications,video-conferencing, etc.
are major forces. Databases allow for
customization ofproducts, messages andanalysis of needs.
The Internet Facilitates anytime,
anywhere connections Facilitates CRM Creates marketspaces
Connecting
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Marketing Challenges
Selective relationshipmanagement is key.
Customer profitabilityanalysis separateswinners from losers.
Growing share ofcustomer Cross-selling and up-
selling are helpful.
Direct sales to buyersare growing.
Connecting
Via technology
With customers
With marketingpartners
With the world
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Marketing Challenges
Partner relationshipmanagement involves:
Connecting insidethe company
Connecting withoutside partners
Supply chainmanagement
Strategic alliances
Connecting
Via technology
With customers
With marketingpartners
With the world
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Marketing Challenges
Globalization Competition
New opportunities
Greater concern forenvironmental andsocial responsibility
Increased marketingby nonprofit andpublic-sector entities Social marketing
campaigns
Connecting
Via technology
With customers
With marketingpartners
With the world
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