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engaging customers and managing profitable customer relationships by creating value FOR customers and capturing value in return

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Marketing(simplified)

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a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others

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Marketing( broad definition)

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attract new customers by promising superior value and deliver satifaction

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Goal (keys) of marketing

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create value FOR customer and build customer relationships

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marketing

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1). Understand the market place and customers' needs, wants, and demands 2). Design a customer-driven marketing strategy 3). Construct an integrated marketing plan program that delivers superior value 4). Engage customers, build profitable relationships and create customer delight 5). Capture value from customers to create profits and customer equity

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Marketing process: 5 Steps creating and capturing customer value

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1). Needs, wants, and demands 2). Market offering 3). Value 4). Exchange relationship 5). Markets

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5 Core customer and Marketplace concepts

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states of felt deprivation includes physical needs for food, clothing, warmth, and safety; social needs for belonging and affection; and individual needs for knowledge and self expression

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Needs

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shaped by ones society(culture and individual personality) and are described in terms of objects that will satisfy those needs

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Wants

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when wants are backed up by buying power

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Demands

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a combo of Product, services, and experiences offered to the market to satisfy a need or want

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Market offerings

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activities or benefit offered for sale that are intangible and do not result in ownership of anything (ex: banking, hotel, airline)

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services

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sellers are taken with their products that they focus only in existing wants and lose sight of underlying customer needs

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marketing myopia

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key building blocks for developing and managing customer relationships

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customer value and satifaction

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the act of obtaining a desired object from someone by offering something in return

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exchange and relationships

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the set of actual and potential buyers of a product or service

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market

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Who will we serve? and How will we be different? 1) selecting customers to serve through (market segmentation) and selecting which segments it will go after (target marketing) Demo Geo Psychological Behavioral

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Step 2: Designing a customer value-driven market strategy

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the art and science of choosing target markets and building profitable relationships with them aim: engage, keep, and grow target customers by creating, delivering, and communicating superior customer value

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marketing management

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1). What customers will we serve (what's our target market?) 2). How can we serve these customers best (What's our value propositon?)

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2 important questions marketing manager must answwer

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set of benefits and values it promises to deliver to consumers to satisfy their needs (EX: Vine- "best way to see and share life in motion, through short looping videos")

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value propositon

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1). Production concept 2). Product concept 3). selling concept 4). marketing concept 5). societal marketing concept

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5 alternate concepts which orgs design and carry out marketing strategies

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customers will favor products that are available and highly affordable; focus on improving production and distribution efficiency

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Production concept

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consumers will favor products that offer the most quality, performance, and innovative features; focus on making continuos product improvements

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Product concept

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customers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort; Focus on creating sales transactions rather than on building long-term, profitable relationships (Life insurance, blood donations)

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selling concept

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achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do; customer focus and value are the paths to sales and profits. customer centered 'make and sell' philosophy

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Marketing concept

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Selling:Inside-Out approach Marketing: Outside-In perspective

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Selling concept vs marketing concept

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research customers deeply to learn about their desires, new product ideas, and test product improvements

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Customer driven companies

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understanding customers needs even better than customers themselves do and creating products and services that meet both existing and latent need, now and in the future

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customer-driving marketing

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questions whether the pure marketing concept overlooks possible conflicts btwn consumer short run wants and long term welfare marketing strategy should deliver value to customers in a way that maintains or improves both the consumers and society well being (calls for - sustainable marketing: socially and environmentally responsible, meets needs of consumers and businesses whole preserving the ability of future gen to meet their needs) -Lush

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societal marketing concept

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focus on creating economic value in a way that also creates value for society

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shared value

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outlines which customers the company will serve and how it will create value for the customers

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Step 3: Developing An Integrated Marketing Plan and Program

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builds customer relationships by transforming the marketing strategy into action, consists of the firms marketing mix

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integrated marketing program

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set of marketing tools firms uses to implement the marketing strategy 4 P's: -Product -Price -Place -Promotion

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marketing mix

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firm must create a satisfying market offering

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Product

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decide how much it will charge for the offering

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Price

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how will it make the offering available to target consumers

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Place

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it must engage target consumers, communicate about the offering, and persuade consumers of the offers' merits

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Promotion

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examines how companies go about engaging customers on a deeper level

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Step 4: Engage customers, build profitable relationships and create customer delight

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the overall process of building & maintaining profitable customer relationships by delivering superior customer value and satisfaction

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customer relationship management

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Customer value & Satisfaction: key to building lasting customer relationships is to create superior customer value and satisfaction

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relationship building blocks

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customer evaluation of the difference btwn all the benefits and all the costs of a market offering relative of those of competing offers Customers do not judge values and costs "accurately" act on perceived value

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Customer value

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Depends on the product's perceived performance relative to a buyer's expectations dissatisfied-product's performance falls short of expectations satisfied-product performance matches expectations Highly satisfied or delighted- product performance exceeds expectations (Amazon,Zappos,Chic-fil-a)

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Satisfaction

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seeks to deliver high customers satisfaction compared to competitors, but does not attempt to MAX satisfaction can increase customer satisfaction by lowering prices or increasing services = lower porfits

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Customer centered firm

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customers may seek to develop basic relationshiips w/ them (proctor & gamble's tide creates brand building ads, web site and social media presence to create engagement)

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Company w/ low margins

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sellers want to create full partnerships with key customers (P&G sales reps work closely w/ Walmart, Kroger retailers that sell tide)

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Markets w/ few customers & high margins

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rewards customers who buy frequently or in large groups (airlines-frequent fliers programs, supermarkets give discounts)

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frequency marketing programs

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offers special benefits and create member communities

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club marketing

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fostering direct and continuous customer involvement in shaping brand conversations, brand experiences, and brand community goal: make the brand meaningful part of consumers lives

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customer-engagement marketing

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customers connect w/ companies and w/ each other to help forge their own brand experiences

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customer-managed relationships

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creating marketing offerings and messages that engage consumers rather than interrupt them (post ads on social media sites)

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attraction

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consumers themselves are playing a bigger role in shaping their own brand experiences and those of others (consumer exchanges in blogs, social media, etc)

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consumer generated marketing

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working closely with others inside and outside the company to jointly bring more value to customers

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partner relationship management

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describes a longer channel, stretching from raw materials to components to final products that are carried to final buyers

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supply chain

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companies are strengthening their connections with partners all along the supply chain

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supply chain management

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first 4 steps creates value FOR target customers and builds relations w/ them if done well, it can capture value FROM customers in return, in the form of loyal customers who buy and continue to buy the company's brands

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Step 5: Capturing value from customers

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losing a customer means losing the entire stream of purchases the customer would have made over a lifetime of patronage

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customer lifetime value

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the share the company gets of customers purchasing in their product categories to increase they can offer greater variety to current customers: (Amazon)

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share of customer

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the total combined customer lifetime values of all of the company's current and potential customers -more loyal the firm's profitable customers the higher the customer equity -measure of firms performance than current sales or market share; the futre

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customer equity

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1). Strangers 2). Butterflies 3). True Friends 4). Barnacles

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4 relationship groups of customers

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low profit and little loyalty (don't invest anything in them; make money on every transaction)

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Strangers

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potentially profitable but not loyal (enjoy them for a while and then they're gone)

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Butterflies

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profitable and loyal (continuous relationship investments to delight these customers and nurture, retain, and grown them)

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True Friends

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highly loyal but not profitable (selling more, raising their fees, or reducing services to them)

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Barnacles

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1). Uncertain Economic Environment 2). The Digital Age 3). Rapid Globalization 4). Call for more Ethics and Social Responsibility 5). Growth in Not-For-Profit marketing

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5 major developments int he changing marketing landscape

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-balance brand value proposition w/ current times while also enhancing its long term equity -rather slash prices in uncertain times, marketers hold the line on price and instead explain why their brands are worth it

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Uncertain Economic Environment

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using digital marketing tools such as Web sites, social media, apps, email, blogs and other digital platforms to engage customers anywhere, anytime

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The Digital Age and marketing

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We are now all touched by global competition. American firms are challenged by European and Asian multinational companies Managers taking a global view of the company's industry, competitors, and opportunities

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Rapid Globalization

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Marketers are being called upon to take greater responsibility for the social and environmental impact of their actions Corporate Ethics and Social Responsibility are Hot Topic (pantagonia)

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Call for more Ethics and Social Responsibility: sustainable marketing

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face stiff competition for support and memberships (colleges, hospitals, zoos, museums, etc)

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Growth in Not-For-Profit marketing

Chapter 1: Defining Marketing and the Marketing Process – Flashcards

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