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11
Customer-Driven Marketing
Learning Objectives
1
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.
Describe the marketing research function. Identify and explain the methods available for segmenting consumer and business markets. Outline the determinants of consumer behavior. Discuss the benefits and tools for relationship marketing.
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What Is Marketing?
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.
Marketing begins with discovering unmet customer needs and continues with researching the potential market; producing a good or service capable of satisfying the targeted customers; and promoting, pricing, and distributing that good or service. Throughout the entire marketing process, a successful organization focuses on building customer relationships. The best marketers not only give consumers what they want but even anticipate consumers needs before those needs surface.
Exchange process- activity in which two or more parties give something of value to each other to satisfy perceived needs.
Not-for-Profit Marketing
20 million not-for-profits exist worldwide.
Apply marketing tools to reach audiences, secure funding, improve their images, and accomplish their overall missions. Not-for-profit organizations operate in both public and private sectors. Sometimes partner with a profit-seeking company to promote a message.
Non-Traditional Marketing
Types of Markets
consumer (B2C) product: good or service that is purchased by end users business (B2B) product: good or service purchased to be used, either directly or indirectly, in the production of other goods for resale
Marketing Mix
Marketing Mix blends the four strategies to fit the needs and preferences of a specific target market.
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 scrutiny.
Marketing Research
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. Business intelligence activities and technologies for gathering, storing, and analyzing data to make better competitive decisions
Market Segmentation
Market segmentation the process of dividing a total market into several relatively homogeneous groups.
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. (VALS)
AIO statementspeoples verbal descriptions of various attitudes, interests, and opinions
Product-Related Segmentation
Divides market based on buyers relationship to the good or service.
based on benefits sought by buyers, usage rates, and loyalty levels
Business buying behavior- often includes a variety of influences from multiple decision makers.
Relationship Marketing
Relationship marketing- developing and maintaining long-term, cost-effective exchange relationships with partners.
Consumers enter into relationships only if there is some benefit to them. Relationship marketing seeks to achieve customer satisfaction.
Stronger relationships with business partners and opportunities to combine capabilities and resources to better accomplish goals.
One-to-One Marketing
Customizing products and marketing and rapidly delivering goods.
Customer relationship management software helps companies gather, sort, and interpret data about specific customers.