Marketing: creating and capturing customer value
description
Transcript of Marketing: creating and capturing customer value
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Topic One: Introduction
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Objectives
• Course Organization• Tasks of Marketing• Major Concepts & Tools of Marketing• Marketplace Orientations• Marketing’s Responses to New Challenges
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Course/Text Organization
• Part I - Understanding Marketing • Part II - Analyzing Marketing Opportunities• Part III - Identifying customer value • Part IV - Creating the Market Offering• Part V - Delivering and communicating
Market Offering
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Defining Marketing
Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. - Philip Kotler (p. 7)
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Core Concepts of Marketing
Product or Offering
Value and Satisfaction
Needs, Wants, and Demands
Exchange and Transactions
Relationships and Networks
Target Markets & Segmentation
Marketing Channels
Supply Chain
Competition
Marketing Environment
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Simple Marketing System
Industry(a collection
of sellers)
Market(a collection
of Buyers)
Goods/services
Money
Communication
Information
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Manufacturermarkets
Services,Services,moneymoney
Governmentmarkets
Services,Services,moneymoney
ServicesServices
Services,Services,moneymoney
TaxesTaxes
Taxes,Taxes,goodsgoods
Taxes,Taxes,goodsgoods
Taxes,Taxes,goodsgoods
MoneyMoney MoneyMoney
Consumermarkets
IntermediarymarketsGoods, servicesGoods, services Goods, servicesGoods, services
ResourcesResources ResourcesResourcesResourcemarkets
MoneyMoney MoneyMoney
Structure of Flows
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The Four PsThe Four Ps
MarketingMix
The Four Cs
CustomerSolution
CustomerCost
Communication
Conven-ience
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Production Concept
Product Concept
Selling Concept
Marketing Concept
Consumers prefer products that are widely available and inexpensive
Consumers favor products that offer the most quality, performance,
or innovative features
Consumers will buy products only ifthe company aggressively
promotes/sells these products
Focuses on needs/ wants of target markets & delivering value
better than competitors
Company Orientations Towards the Marketplace
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Market Integratedmarketing
Profits throughcustomer
satisfactionCustomer
needs
(b) The marketing concept
Factory Existingproducts
Selling andpromotion
Profits throughsales volume
Startingpoint Focus Means Ends
(a) The selling concept
Customer Delivered Value
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Customers
Front-line people
Middle Management
TopManagement
Traditional Organization Chart
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Customer-Oriented Organization Chart
Customers
Front-line people
Middle management
Topmanage-
ment
Customers Custom
ers
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Evolving Views of Marketing’s Role
a. Marketing as anequal function
FinanceProduction
Marketing Humanresources
b. Marketing as a moreimportant function
Finance
Humanresources
Marketing
Production
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Evolving Views of Marketing’s Role
c. Marketing as themajor function
Marketing
Finance
Human
resources
Production
d. The customer as thecontrolling factor
Customer
Human
resource
s
FinanceProduction
Marketing
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Evolving Views of Marketing’s Role
e. The customer as the controllingfunction and marketing as the
integrative function
Customer
Marketing
Production
Human
resources Finance
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Determinants of Customer Delivered Value
Image value
Personnel value
Services value
Product value
Totalcustomer
value
Monetary cost
Time cost
Energy cost
Psychic cost
Totalcustomer
cost
Customerdelivered
value
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Satisfaction is a person’s feelings of pleasure or disappointment resulting from comparing a product’s perceived performance (or outcome) in relation to his or her expectations.
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Satisfied Customers:
• Are loyal longer• Buy more (new products & upgrades)• Spread favorable word-of-mouth• Are more brand loyal (less price sensitive)• Offer feedback• Reduce transaction costs
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Capturing value from customers
• Building customer relationship• Creating customer loyalty and retention
– Customer lifetime value• Growing share of customer
– share of customer• Building customer equity
– customer equity: the total combined customer lifetime values of all of the company’s customers.