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Customer-Driven Marketing
Summarize the ways in which marketing creates utility. Discuss the marketing concept. Describe not-for-profit marketing, and identify the five major categories of nontraditional marketing. Outline the basic steps in developing a marketing strategy.
Marketing - set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
Best marketers create a link in consumers minds between the new need and the fulfillment of that need by the product.
Exchange process - activity in which two or more parties give something of value to each other to satisfy perceived needs.
1. Study and analyze potential target markets and choose among them. 2. Create a marketing mix to satisfy the chosen market.
Presented by Muhammad Waqas Chughtai
Target market - group of people toward whom an organization markets its goods, services, or ideas with a strategy designed to satisfy their specific needs and preferences. Product strategy involves the nature of the product and its package design, brand names, trademarks, and product image.
Distribution strategy ensures that customers receive their purchases in the proper quantities at the right times and locations.
Promotional strategy blends advertising, personal selling, sales promotion, and public relations to achieve its goals of informing, persuading, and influencing purchase decisions. Pricing strategy is setting profitable and justifiable prices for the firms product offerings, sometimes subject to government Presented by scrutiny. Muhammad Waqas Chughtai
Standardization - offering the same marketing mix in every market. Adaptation - developing a unique marketing mix to fit each markets local competitive conditions, consumer preferences, and government regulations. Mass customization - firms mass produce goods and services and add unique features to individual or small groups of orders.
Marketing research the process of collecting and evaluating information to support marketing decision making. AC Nielson Consumer Research
Secondary data: Previously published data from trade associations, advertising agencies, marketing research firms, and other sources. Primary data: Data collected through observation, surveys, and other forms of observational study.
Data mining - computer searches of customer data to detect patterns and relationships.
Market segmentation the process of dividing a total market into several relatively homogeneous groups.
Geographic Segmentation Divides market into homogeneous groups on the basis of their locations. Demographic Segmentation Divides market on the basis of various demographic or socioeconomic characteristics: gender, income, age, occupation, household size, stage in the family life cycle, education, and ethnic group. Psychographic Segmentation Divides consumer market into groups with similar psychological characteristics, values, and lifestyles. Product-Related Segmentation Divides market based on buyers relationship to the good or service. Presented by Muhammad Waqas
Chughtai
Consumer behavior - actions of ultimate consumers directly involved in obtaining, consuming, and disposing of products and the decision processes that precede and follow these actions.
Personal factors: needs and motives, perceptions, attitudes, self-concept.
Interpersonal factors: cultural, social, and family influences.
Business buying behavior - often includes a variety of influences from multiple decision makers.
Presented by Muhammad Waqas Chughtai
Relationship marketing - developing and maintaining long-term, costeffective exchange relationships with partners. Consumers enter into relationships only if there is some benefit to them.
Lower costs and higher profits for the business. Efficient targeting of best customers increases the lifetime value of a customer. Stronger relationships with business partners and opportunities to combine capabilities and resources to better accomplish goals.
80/20 principle: Frequent customers have a higher lifetime value, so businesses allocate resources accordingly. Frequency marketing: reward purchasers with cash, rebates, and other premiums. Affinity programs: solicit involvement based on common interest. Comarketing: businesses jointly market each others products. Cobranding: firms link their names in a single product.
Presented by Muhammad Waqas Chughtai
Customizing products and marketing and rapidly delivering goods. Customer relationship management software helps companies gather, sort, and interpret data about specific customers.
Presented by Muhammad Waqas Chughtai