Chapte-1:The marketing process of strategy and value from strong customer relationships
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Marketing is a process of creating value for customers and building relationships to capture value in return. It involves understanding customers and designing strategies to attract new customers with superior value and grow existing customers through satisfaction. The marketing process consists of understanding the marketplace, designing a customer-driven strategy, preparing an integrated program, building strong customer relationships, and capturing value from customers through loyalty and retention.
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Chapte-1:The marketing process of strategy and value from strong customer relationships
- 1. Define Marketing Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Today, marketing must be understood not in the old sense of making a saletelling and sellingbut in the new sense of satisfying customer needs.
- 2. The twofold goals of marketing (1) attract new customers by promising superior value (2) grow current customers by delivering satisfaction
- 3. Marketing Process In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value.
- 4. 1. Understanding the marketplace Customer Needs, Wants, and Demands Market OfferingsProducts, Services, and Experiences Customer Value and Satisfaction Exchanges and Relationships Markets
- 5. 2. Design a customer driven marketing strategy Selecting Customers to Serve Choosing a Value Proposition Marketing Management Orientations Production concept Product concept Selling concept Marketing concept Societal marketing concept
- 6. Marketing Management Orientations/ Philosophy/alternative Concepts Production concept is the idea that consumers will favor products that are available or highly affordable, therefore organization should focus on improving production and distribution efficiency. Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organization should therefore devote its energy to making continuous product improvements. Selling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort.
- 7. Continued. Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do. Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long run interests.
- 8. The selling and marketing concepts contrasted
- 9. SL Marketing Selling 1 Marketing starts with the buyer and focuses constantly on buyer's needs. Selling starts with the seller and is preoccupied all the time with the seller's needs. 2 Seeks to convert customers need into products. Seeks to convert products into Cash. 3 Views business as a customer satisfying process. Views business as a goods producing process 4 Consumers determine the price; price determines the cost. Cost determines the price. 5 Customers satisfaction is the primary motive. Sales are the primary motive. 6 It is a broad composite and worldwide concept more so in this era of globalization. It is a narrow concept related to product, seller, and sales activity. 7 External market orientation. Internal company orientation
- 10. 3. Preparing an integrated Marketing program plan The companys marketing strategy outlines which customers it will serve and how it will create value for these customers. The marketing program builds customer relationships by transforming the marketing strategy into action. It consists of the firms marketing mix, the set of marketing tools the firm uses to implement its marketing strategy.
- 11. 4. Building strong customer relationship Customer relationship management- The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Customer-perceived value- The customers evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. Customer satisfaction Consumer-generated marketing Partner relationship management
- 13. 5. Capturing Value from Customers Creating Customer Loyalty and Retention Growing Share of Customer- The portion of the customers purchasing that a company gets in its product categories. Building Customer Equity- The total combined customer lifetime values of all of the companys customers. Building the Right Relationships with the Right Customers
- 14. 4P, 4C, and 4A of Marketing Four Ps Four Cs Four As Product Customer solution Acceptability Price Customer cost Affordability Place Convenience Accessibility Promotion Communication Awareness
- 15. THANK YOU