Lecture Principles of Marketing - Chapter 1: Marketing - Managing profitable customer relationships

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This chapter define marketing and the marketing process, explain the importance of understanding customers and identify the five core marketplace concepts, identify the elements of a customer-driven marketing strategy and discuss the marketing management orientations, discuss customer relationship management and creating value for and capturing value from customers, describe the major trends and forces changing the marketing landscape.

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Nội dung Text: Lecture Principles of Marketing - Chapter 1: Marketing - Managing profitable customer relationships

Chapter One Marketing: Managing Profitable Customer Relationships
Roadmap: Previewing the Concepts 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. Prentice Hall, Inc. Copyright 2007 1-2
Case Study NASCAR – What is its secret? Creating Value Capturing Value  NASCAR sells the  NASCAR is the 2nd experience – in-car highest rated sport on TV. cameras, wholesome  Fans are young, affluent, family orientation. and family oriented,  NASCAR.com engages spending nearly $700 fans via content. annually on NASCAR  Success has been merchandise. achieved by creating  Fans are loyal to sport lasting customer and NASCAR fans are 3 relationships. times as likely to seek out sponsors’ products than are nonfans.
What Is Marketing? Simple Definition: Marketing is managing profitable customer relationships. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction.
Marketing Defined  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. OLD View NEW New View View of Marketing: of ofMarketing: Marketing: Making a Sale – Satisfying Satisfying “Telling & Selling” Customer customerNeeds needs
The Marketing Process  A simple model of the marketing process: – 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.
Needs, Wants, & Demands  Need: State of felt deprivation including physical, social, and individual needs. – Physical needs: • Food, clothing, shelter, safety – Social needs: • Belonging, affection – Individual needs: • Learning, knowledge, self-expression
Needs, Wants, & Demands  Wants: Form that a human need takes, as shaped by culture and individual personality.  Wants + Buying Power = Demand
Need / Want Fulfillment  Needs and wants are fulfilled through a Marketing Offer: – Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.
Need / Want Satisfiers  Products:  Services – Persons – Activity or benefit – Places offered for sale – Organizations that is essentially intangible and – Information does not result in – Ideas ownership.  Brand Experiences: “. . . dazzle their senses, touch their hearts, stimulate their minds.”
Marketing Myopia  Marketing myopia occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.  They focus on the “wants” and lose sight of the “needs.”
Value & Satisfaction  Care must be taken when setting expectations: – If performance is lower than expectations, satisfaction is low. – If performance is higher than expectations, satisfaction is high.
Exchange vs. Transaction  Exchange:  Transaction: – Act of obtaining – A trade of a desired object values between two parties. from someone by offering – One party gives something in X to another party and gets Y return. in return. Can include cash, credit, or check.
What Is a Market?  The set of actual and potential buyers of a product.  These people share a need or want that can be satisfied through exchange relationships.
Modern Marketing Systems  Main elements in a modern marketing system include: – Suppliers – Company (marketer) – Competitors – Marketing intermediaries – Final users
Marketing Management  The art and science of choosing target markets and building profitable relationships with them. – Requires that consumers and the marketplace be fully understood
Marketing Management  Designing a winning marketing strategy requires answers to the following questions: 1. What customers will we serve? What is our target market? 2. How can we best serve these customers? What is our value proposition?
Segmentation & Target Marketing  Market Segmentation: – Divide the market into segments of customers  Target Marketing: – Select the segment to cultivate
Marketing Management  Demand Management  Demarketing – Finding and – Temporarily or increasing permanently demand, also reducing the changing or number of reducing customers or demand, as in shifting their demarketing. demand.
Value Proposition  The set of benefits or values a company promises to deliver to consumers to satisfy their needs. – Value propositions dictate how firms will differentiate and position their brands in the marketplace.