MARKETING. Definition The process by which companies create value for customers and build strong...
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Transcript of MARKETING. Definition The process by which companies create value for customers and build strong...
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MARKETING
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Definition
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
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.
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Marketing ProcessDesign 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
Understand the market place and customer needs and wants
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Company Orientation Towards the Marketplace The Production Concept
Consumers will prefer products that are widely available and inexpensive
The Product Concept Consumers will favour those products that offer the most quality,
performance or innovative features The Selling Concept
Consumers will not buy enough of the organization’s products if left alone
The Marketing Concept Business shifted to customer centered Sense and respond philosophy
The Holistic Marketing Concpet Based on the development, design and implementation of marketing
programs, processes and activities that recogonizes their breadth and interdependencies.
Relationship Marketing – aim of building mutually satisfying long term relationships with key parties – customer, suppliers, distributors andother marketing partners
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The Societal Marketing Concept
A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumer’s wants, the company’s requirements, consumers long term interests and society’s long run interests
Society
(Human welfare)
Consumers
(Want satisfaction)
Company
(Welfare)
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Customer Relationship Management The overall process of building and maintaining
profitable customer relationships by delivering superior customer value and satisfaction
Customer Perceived Value - The difference between total customer value and total customer cost
Customer Satisfaction – The extent to which a product’s perceived performance matches a buyer’s expectation.
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Marketing Network
Consists of company and its supporting stakeholders with whom it has built mutually profitable business relationships.
Integrated Marketing - Traditional depiction of marketing activities is in term of marketing mix
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Marketing Mix
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Four P’s Product
Price
Place
Promotion
Four C’s Customer solution
Customer cost
Convenience
Communication
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Marketplace and Customer Needs, Wants and Demands Human needs are state of felt deprivation
Physical needs – food, clothing, warmth and safety Social needs - belonging and affection Individual needs - knowledge and self expression
Wants are the form human needs take as they are shaped by culture and individual personality
When wants are backed by the purchasing power, wants become demand
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Target Markets, Positioning and Segmentation
Division of market – Segmenting Identifying and profiling distinct groups of
buyers who might prefer or require varying product and services
Target Market – the segment which present the greatest opportunity
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Marketing Environment
Task Environment
Company
Suppliers Distributors
Dealers
Target customers
Broad Environment
Demographic environment
Economic environment
Physical environment
Technological environment
Political legal environment
Social cultural environment
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Marketing Research and Information System
Marketing Research is a systematic, objective process of getting information about potential customers to guide marketing decisions.
Primary data and secondary data Marketing Information System
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New Marketing Landscape
The pace of change is so rapid that the ability to change has now become a competitive advantage – Richard Love, HP
The digital age The Internet
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Ethics and Social Responsibility
The growth of not for profit marketingStakeholders of Organizations Customers Employees Local communities Government Intermediaries Suppliers
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Marketing Environment
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A company's marketing environment consists of the actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationship with target customers.
Micro environment Macro environment
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Company
Suppliers
Marketing Intermediaries Customers
Competitors
Public
The Company’s Micro Environment
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The Company Suppliers
Form an important link in the company’s overall customer value delivery system.
Provide the resource needed by the company to produce its goods and services
Customers Consumer market Business market Reseller market Government market International market
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Marketing IntermediariesFirms that help the company to promote, sell
and distribute its goods to final buyers,Physical distribution firmsMarketing services agencies
Competitors Public
Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives
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Demographic forces
Economic forces
Natural forces Technological forces
Political forces
Cultural forces
The Company’s Macro Environment
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Demographic environmentStudy of human population in terms of size,
density, location, age, gender, race, occupation and other statistics.
Economic environmentChanges in incomeChanging consumer spending patterns
Natural EnvironmentGrowing shortage of raw materials Increased pollution Increased government intervention
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Technological Environment
Political environment Increasing legislation Increased emphasis on ethics and socially
responsible actions Cultural environment
Persistence of cultural valuesShift in secondary cultural values
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