understanding the new consumer by adedoyin adebayo

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    UNDERSTANDING THE NEW CONSUMER:DEVELOPING A CUSTOMER-CENTRIC MARKETING PLAN

    By

    ADEDOYIN ADEBAYO

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    Course Overview

    Marketing is an integral part of a business plan

    which covers from the idea generation to the

    point where it is designed to address or meet

    needs in the manner it can be accepted by the

    target market.

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    Course Overview Contd.

    The aim of this course is to furnish the

    Participants with the needed understanding and

    the skills on

    How to grow their business exponentially

    Develop winning negotiation skills

    Understand the new consumer Develop a customer-centric marketing plan.

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    Course Objectives

    1. Introduce the basic concept of the marketing

    concept - a vital key for running a successful

    business.

    2. Introduce marketing strategy through

    information on consumer, trade and competition.

    3.Provide an instructional hands on application of

    the learning points from the course.4.Provide the needed skills to articulate marketing

    and its components to business plan.

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    Course Outline

    Marketing Plan and Marketing Strategy

    The new Consumer

    Customer Centric Marketing

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    Marketing Plan and Marketing Strategy

    Definition of Marketing

    We can think of marketing as the process via

    which a firm CREATES VALUE for its chosen

    CUSTOMERS.

    The steps involved include:

    a.Define your market b.Define your product/service

    c.Business goals and objectives

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    Marketing Plan and Marketing...Contd.

    Marketing Strategy

    This is a process that allows businesses to

    concentrate its limited resources on the

    greatest opportunities to increase sales and

    achieve a sustainable competitive advantage.

    It is fundamental underpinning plans designed

    to fill marketing objectives.

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    Marketing Plan and Marketing...Contd.

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    Marketing Plan and Marketing...Contd.

    A final step in developing a marketing strategy

    is to create a plan to monitor progress and a

    set of contingencies if problems arise in the

    implementation of the plan.

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    Marketing Plan and Marketing...Contd.

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    Marketing Plan and Marketing...Contd.

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    Marketing Plan and Marketing...Contd.

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    Marketing Plan and Marketing...Contd.

    Marketing Mix

    These are the vehicles for creating value anddelivering value and capturing value.

    a.People

    b.Place

    c.Promotion

    d.Process

    e.Price

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    Marketing Plan and Marketing...Contd.

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    Building Customer Value,Satisfaction

    and Loyalty

    Loyalty is defined as intention of a customer to

    continue doing business with a company,

    increase their spending, or say good things

    about it (or refrain from saying bad things).

    Creating loyal customer is at the heart of every

    business.

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    Factors Influecing Customer Loyalty

    and Customer Satisfaction

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    The New Consumer

    Growing more sophisticated and price

    sensitive

    Short of time and want more convenience

    They see growing product parity among

    suppliers

    High sense of service expectations

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    Customer centric enterprises

    Two examples of customer driven companiesinclude:

    Amazon

    IBM GTB**

    These companies center their marketing and

    sales on the customers (Thompson, 2000) Eventually, the effort results into product

    driven strategy

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    Customer centric enterprises: what

    they do

    1. Give promises to the customers and not justmissions for the companies (Thompson,2000)

    2. The services are bundled in with the products3. Create an online community that is inviting

    4. Customers have no problem contacting the

    companies (Thompson, 2000)5. Customer friendly and cost effective

    communication system

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    Customer relationship

    Customer relationship involves two sources of

    customer satisfaction

    1. The actual customer experience: represents

    what and how customer receive goods andservices to satisfy their needs

    2. The marketing dialogue: represents information

    exchange to influence the attitude behaviors,and expectation of customers (Evans, 2002)

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    Effect of customer centric approach to

    the organization

    Customer centric marketing approach brings

    changes in the designs of various business

    process

    Technological support

    Culture in marketing

    Organizational culture

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    Customer centric approach

    Creates organizational culture since every part

    of the organization is affected and caused to

    focus on individual customer satisfaction

    Marketing and sales personnel are charged

    with the highest responsibility

    The marketing and sales department have

    direct and frequent contact with the

    customers (Cronin, Brandy, & Hult, 2000)

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    Process of customer centric marketing

    Second step is knowing what the customers

    want. It involves:

    Segmenting the customer according to their needs

    Making accurate forecast about the segments

    Adjusting product development according to the

    needs of the customers

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    Process of customer centric marketing

    The next step is ensure that the customers are

    satisfied

    The fourth step is to develop a culture that

    involves every organizational organ in being

    customer oriented (Anderson, Fornell, &

    Mazvancheryl, 2004)

    Finally, systems have to be put in place to

    encourage customer orientation.

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    Customer centric marketing and

    customer satisfaction

    Positive fulfillment involves delivery on their

    words

    Poor fulfillment has a negative effect to the

    organization (Athanassopoulos, 2000)

    Customer centric approach helps the

    organization:

    Capture information on customer fulfillment

    Respond effectively

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    Developing a customer-centric

    Marketing Plan

    Protect business against disintermediation: unable tounderstand or deliver against current and future consumerneeds and preferences face the prospect of losing theconnection with or being pushed further away from the end

    customer. Redefine customer relationships: You need to better

    understand the true needs of your customers in order toredefine the products and services you want to offer and theways in which they interact and serve them. They need toknow your customers better than ever and use theinformation and knowledge as a source of competitiveadvantage.

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    Developing a customer-centric

    Marketing Plan

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