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Topic Outline
Evolution of the Marketing Concept: Marketing Management Orientation or Philosophy What is Marketing? Choosing a Value Proposition Market Offerings Customer Satisfaction Customer Lifetime Value Customer Equity Market Share Marketing Process Marketing Environment and Customer Driven Marketing Strategy The Marketing Mix Variables or The Marketing Strategy
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
Production concept Product concept Selling concept Marketing concept Societal concept
12/8/2013
Production concept Production concept Product concept Selling concept Marketing concept Societal concept
Product concept
Selling concept
Marketing concept
Societal concept
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
12/8/2013
What is Marketing?
The Chartered Institute of Marketing (CIM) defines marketing as: the management process for identifying, anticipating and satisfying customer requirements (needs and wants) profitably. Philip Kotler defines marketing as: satisfying needs and wants through an exchange process.
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
What is Marketing?
Exchange
is the act of obtaining a desired object from someone by offering something in return The provision or transfer of goods, services, or ideas in return for something of value
States of deprivation Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression
Form that needs take as they are shaped by culture and individual personality
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What is Marketing?
What is Marketing?
The process of creating, distributing, promoting and pricing goods, services and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment
Hult, Pride & Ferrell (2012)
The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return Goals
Attract new customers by promising superior value Keep and grow current customers by delivering satisfaction
Kotler & Armstrong (2010)
12/8/2013
Value-Driven Marketing
Value A customers subjective assessment of benefits relative to costs in determining the worth of a product.
Functional Benefits Emotional Benefits Monetary Cost Time Cost Psychic Cost
Discussion Question
What kind-of marketing approach did Maxwell House take?
Value
Customer Benefits
Customer Costs
Marketing Myopia
The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products
12/8/2013
Not limited to physical products Include entities such as persons , places , organizations, information and ideas
Customer Satisfaction
The extent to which the products perceived performance matches a buyers expectations
For companies interested in delighting customers, exceptional value and service become part of the overall company culture
Superior customer value leads to highly satisfied loyal customers who buy more
12/8/2013
Discussion Questions
How does Apple utilize technology in its marketing efforts? Customer lifetime value
The value of the entire stream of purchases that the customer would make over a lifetime of patronage
Customer Equity
The total combined customer lifetime values of all the companys current and potential customers
Market Share
Market a group of individuals that have needs for products in a product class and have the ability, willingness and authority to purchase those products. Market share the percentage of a market that actually buys a specific product form a particular company.
12/8/2013
Marketing Process
Understand the marketing environment and customer needs & wants Creating and capturing customer value Develop Marketing Plan that delivers superior value Capture value from customers to create profits and customer equity
Research customers & marketing environment Manage marketing information and customer data
Select customers to serve: market segmentation and targeting Decide on a value proposition: differentiation and positioning
Product and service design: build strong brands Pricing: creating real value Distribution: manage demand and supply chains Promotion: communicate the value proposition
Topic Outline
Evolution of the Marketing Concept: Marketing Management Orientation or Philosophy What is Marketing? Choosing a Value Proposition Market Offerings Customer Satisfaction Customer Lifetime Value Customer Equity Market Share Marketing Process Marketing Environment and Customer Driven Marketing Strategy The Marketing Mix Variables or The Marketing Strategy