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marketing

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managing profitable customer relationships creating value for customers satisfying consumers' needs

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goals of marketing

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1. Attract new customers by promising superior value 2. Keep an grow current customers by delivering satisfaction

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today's marketing

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Today's marketers want their brands to become a part of your life - for you to LIVE the brand

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marketing mix

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set of marketing tools that work together to satisfy customer needs and build customer relationships tools to implement marketing strategy 4 Ps

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marketing process

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Understand consumers, create value and build relationships to reap rewards of superior customer values • First FOR, then FROM

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5 steps of the consumer process

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1. understand market and consumer wants 2. design consumer driven marketing strategy 3. construct integrated marketing program 4. build profitable relationships and create customer satisfaction 5. capture value from customers to create profits

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needs

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felt states of deprivation social (belonging and acceptance), physical and individual (knowledge and self expression)

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wants

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desires bred by society and culture and individual personality

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demands

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wants backed by buying power • People demand products that add up to the most value and satisfaction

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marketing offerings

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combination of products, services, information and experiences offered in a market to consumers physical products and services

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consumer wants and desires

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Corporations go to great lengths to learn about their customers' wants and desires

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marketing myopia

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mistake of marketers when they pay more attention to the physical product rather than the benefits and experiences that if offers to customers (which is what the customers really value)

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key to marketing

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focus on brand experiences rather than the brand itself

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setting expectations

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• Important for marketers to set the right level of expectations o Too high - leave people unsatisfied o Too low - not enough buyers

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tangible goals of marketing

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o Exchange: obtaining desired object by offering something in return o Not limited to money - can be support, votes, physical items, acceptance, etc.

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markets

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set of all actual and potential buyers of a product or service carried out by sellers as well as buyers - sellers have to cater to the wants and needs of the customers

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marketing management

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act of choosing target markets and building profitable relationships with them

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value proposition

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set of values and benefits that a brand promises to deliver to customers differentiates one brand from another

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market segmentation

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best cater to the needs of that one particular market segment

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concepts to manage the market (5)

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1. production concept 2. product concept 3. selling concept 4. marketing concept 5. societal marketing concept

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production concept

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consumers will favor products that are available and highly affordable --> focus on improving production and distribution efficiency con: marketing myopia

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product concept

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customers value quality, performance and innovation --> focus on making continuous product improvements con: marketing myopia

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selling concept

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consumers won't buy enough products unless it is aggressively marketed con: focus on sale rather than customer relationship

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marketing concept

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knowing the needs and wants of target markets and delivering desired satisfactions better than competitors do

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customer driving marketing

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understanding customer needs even better than customers themselves and creating products and services that meet both existing and future needs

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societal marketing concept

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company's marketing strategies should deliver value to customers in a way that maintains and improves both consumer and society's well being

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Marketing 3.0

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shared value marketing economic but also social concerns

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4 Ps

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product price place promotion

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customer relationship management

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overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction benefits: satisfied customers are loyal customers

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customer action

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Customers act on the perceived value and benefits that a product could offer them

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customer perceived value

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customer's evaluation of the difference between all the benefits and costs of a marketing offer relative to competing offers

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customer satisfaction

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extent to which a product's perceived performance matches a buyer's expectations importance: customer satisfaction leads to customer loyalty and better company performance

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customer relationships

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Companies market and promise only what they can deliver and then try to deliver over and beyond what they originally promised to get high levels of customer satisfaction

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goals of customer management

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achieve the perfect balance that gives the customer satisfaction but generates profits

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customer relationship levels

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1. full partnerships (corporations working together to bring benefits to consumers) 2. frequency marketing programs (ex. rewards cards) 3. club marketing programs (Apple membership clubs)

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rise of digital age

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marketing is now all about engagement with consumers

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customer engagement marketing

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making the brand a meaningful part of consumers' conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences and community

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consequence of customer marketing engagement marketing

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Empowers, connects and better informs consumers

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customer managed relationships

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customers connect with companies and each other to forge their own brand experiences

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power of digital and social media

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engage customers and boost sales

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consumer generated marketing

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consumers themselves play a big role in shaping their own brand experience ex. blogs, video sharing sites, social media invited and uninvited ex. consumer made commercials

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significance of consumer generated marketing

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with the boom in digital technology, consumer generated marketing will become an increasingly important market force con: expensive and time consuming

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partner relationship management

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working closely with partners inside and outside of the firm to jointly bring greater value to customers

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customer lifetime value

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

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customer delight

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builds emotional relationship with the brand

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share of customer

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portion of the customer's purchasing that the company gets in its product categories constant goal to increase this

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value of company

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value of current and future customers

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customer equity

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total combined customer lifetime values of all the company's customers may be more accurate measure of firm's performance than current sales or market share

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customers

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assets that need to managed and maximized

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customer relationship groups

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1. strangers 2. butterflies 3. true friends 4. barnacles

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strangers

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customer relationship group low potential profitability and loyalty

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butterflies

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customer relationship group potentially profitable but not loyal ex. stock market investors

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true friends

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customer relationship group loyal and profitable - strong fit between company's offering and customer needs true believers: people who come back regularly and tell others about their good experiences with the company

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barnacles

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customer relationship group highly loyal but not profitable ex. small bank customers that don't generate returns

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changing marketing landscape

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digital age - people attached to phones and social media and being online marketers need to engage them online

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digital and social media marketing

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using digital marketing tools such as web sites, social media, mobile apps and ads, online video, email and blogs that engage customers anywhere, at any time via their digital devices

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mobile media marketing

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cell phones

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economic concerns of consumers

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• Marketers have to emphasize the value of their product in their value propositions • Not necessarily lower the price but emphasize the value-for-money, practicality and durability of their product offerings

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not-for-profit marketing

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non-profit orgs also use marketing

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rapid globalization

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international competitors and marketing methods

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sustainable marketing

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corporate ethics and social responsibility

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caring capitalism

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companies set themselves apart by maintaining the idea that they are civic minded and responsible

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