Lec 1-b
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Transcript of Lec 1-b
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Introduction to Marketing
Lec 1b
Week 1b
BBA 2K10 (A)
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What is marketing?
2
The Marketing Process
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Needs, Wants, and
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
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Needs, Wants, and Demands
Wants:Form that a human need takes, as
shaped by culture and individual
personality.
Wants + Buying Power =Demand
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Need/Want Fulfillment
Needs and wants are fulfilled through a
Marketing Offer:
Some combination of products, services,
information, or experiences offered to amarket to satisfy a need or want.
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Market Offerings
Products:
Persons, places, organizations,information, ideas.
Services:Activity or benefit offered for sale that is
essentially intangible and does not resultin ownership.
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Understanding the Marketplace
and Customer Needs
Elements of a Marketing System
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Designing a Customer-Driven
Marketing StrategyMarketing managementis the art and science of
choosing target markets and building profitable
relationships with them What customers will we serve?
How can we best serve these customers?
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Designing a Customer-Driven
Marketing StrategySelecting Customers to Serve
Market segmentation refers todividing themarkets into segments of customers
Target marketing refers towhich segments to goafter
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Designing a Customer-Driven
Marketing StrategySelecting Customers to Serve
Demarketing is marketing to reduce demandtemporarily or permanently; the aim is not to
destroy demand but to reduce or shift it.
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Designing a Customer-Driven
Marketing StrategySelecting Customers to Serve
Marketing management is:
Customer management
Demand management
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Designing a Customer-Driven
Marketing Strategy
Choosing a Value Proposition
The value propositionisthe set of benefits orvalues a companypromises to deliver to
customers to satisfytheir needs
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Preparing an Integrated Marketing
Plan and Program
Marketing M ix
The marketing mixis the set of tools (four Ps)the firm uses to implement its marketingstrategy
Product
Price Promotion
Place
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Building Customer Relationships
The overall process ofbuilding and
maintaining profitable
customer relationships
by delivering superior
customer value and
satisfaction
Customer Relationship Management
(CRM)
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Building Customer Relationships
Customer Relationship Management
(CRM)
Relationship Building Blocks: Customer Value and Satisfaction
Customer perceived valueis the difference between totalcustomer value and total customer cost
Customer satisfactionis the extent to which a products
perceived performance matches a buyers expectations
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Customer Value and Satisfaction
Care must be taken when setting
expectations:
If performance is lowerthan expectations,
satisfaction is low. If performance is higherthan expectations,
satisfaction is high.
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Exchanges and Relationships
Exchange:Act of obtaining a
desired object fromsomeone byoffering somethingin return.
Relationships: Marketing actions
build and maintainrelationships withtarget audiencesinvolving an idea,product, service, or
other object.
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Capturing Value from
Customers
Customer lifetimevalue is the value of
the entire stream of
purchases that the
customer would
make over a lifetime
of patronage
Creating Customer Loyalty and Retention
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