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Creating And Capturing Customer Value Notes

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Marketing notes slides Chapter 1

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  1. Global Edition Chapter 1 Marketing: Creating and Capturing Customer Value Copyright 02014 by Pearson Education
  2. Creating and Capturing Customer Value Topic Outline What Is Marketing? Understanding the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program ' Building Customer Relationships ' Capturing Value from Customers ' The Changing Marketing Landscape Copyright 02014 by Pearson Education
  3. What Is Marketing? Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return. Copyright 02014 by Pearson Education
  4. Marketing Process Create value for customers and build customer relationships Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships and create customer delight Capture value from customers in return Capture value from customers to create profits and customer equity
  5. Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands Needs Demands Copyright 02014 by Pearson Education States of deprivation Physical—food, clothing, warmth, safety Social—belonging and affection Individual—knowledge and self-expression Form that needs take as they are shaped by culture and individual personality Wants backed by buying power
  6. Understanding the Marketplace and Customer Needs Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs Copyright 02014 by Pearson Education UNCF hetps ttmsands of deserving students. But we have to turn awxy thousands more- So ptease gtve to the truted Negro College Fund. Your dmaton Will make a dtteren:e. vet urctgg can UMITDNF.GRO COLINGE FUND A wage'
  7. Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Expectations Customers Value and satisfaction ar eters Set the right level of expectations Not too high or low Copyright 02014 by Pearson Education
  8. Understanding the Marketplace and Customer Needs Exchange the act of obtaining a desired object from someone by offering something in return Marketing actions try to create, maintain, grow exchange relationships. Copyright 02014 by Pearson Education
  9. Understanding the Marketplace and Customer Needs Markets are the set of actual and potential buyers of a product Company Suppliers Competitors Marketing intermediaries Consumers Major environmental forces Copyright 02014 by Pearson Education
  10. Designing a Customer-Driven Marketing Strategy Marketing management is the art and science of choosing target markets and building profitable relationships with them — What customers will we serve? — How can we best serve these customers? Copyright 02014 by Pearson Education
  11. Designing a Customer-Driven Marketing Strategy Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after Copyright 02014 by Pearson Education
  12. Designing a Customer-Driven Marketing Strategy Choosing a Value Proposition Brand's Value Proposition Set of benefits or values a company promises to deliver to customers to satisfy their needs Copyright 02014 by Pearson Education
  13. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Production concept Copyright 02014 by Pearson Education Product concept Selling concept Marketing concept Societal concept
  14. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Production concept consumers will favor products that are available and highly affordable Copyright 02014 by Pearson Education
  15. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Product concept consumers favor products that offer the most quality, performance, and features. Focus is on continuous product improvements. Copyright 02014 by Pearson Education
  16. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Selling concept consumers will not buy enough of the firm's products unless it undertakes a large scale selling and promotion effort Copyright 02014 by Pearson Education
  17. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Marketing concept knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do Copyright 02014 by Pearson Education
  18. Designing a Customer-Driven Marketing Strategy Marketing Management Orientations Our Credo to ru•E to taters cra others who cu vociocts ard h rost Of WO st*-.o to n to rrontc#. p•k:-«. must be rut '0 a CYO". cre to a.' tt•ø w-t-o wflh ttvO_OA1t tt•e r0@0Ct rn.ß 0 0' a-us' Or cx9quate. bo of to ftyr*y tee to rnst be ccocrtunity tt-.cno rr.sf tree nut Ott-ea to ccrrm.r*r« h wtkh to rrW be 0000 — good Of taxes. rrÜ1tdn OCOd to to CM rrut r•roe a croft. must re*' gx:id trust be cucha!0d re-" and bo created to term WY-en we coerMe to ftp a rotun Copyright 02014 by Pearson Education Societal marketing make good marketing decisions by considering consumers' wants and long- term interests company's requirements society's long-run interests
  19. Designing a Customer-Driven Marketing Strategy Society (Human welfare) Societal marketing concept Consumers Want satisfaction Copyright 02014 by Pearson Education Company Profits
  20. Preparing an Integrated Marketing Plan and Program The marketing mix: set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place. Integrated marketing program: comprehensive plan that communicates and delivers the intended value to chosen customers. Copyright 02014 by Pearson Education
  21. Building Customer Relationships Customer Relationship Management (CRM) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction premill Copyright 02014 by Pearson Education
  22. Building Customer Relationships Relationship Building Blocks: Customer Value and Satisfaction Customer- perceived value The difference between total customer value and total customer cost Copyright 02014 by Pearson Education Customer satisfaction The extent to which a product's perceived performance matches a buyer's expectations
  23. Building Customer Relationships Customer Relationship Levels and Tools Basic Relationships Partnerships Copyright 02014 by Pearson Education
  24. Building Customer Relationships The Changing Nature of Customer Relationships • Relating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers Relating more deeply and interactively by incorporating more interactive two way relationships through blogs, Websites, online communities and social networks Copyright 02014 by Pearson Education
  25. Building Customer Relationships The Changing Nature of Customer Relationships Customer-managed relationships Customers, empowered by today's new digital technologies, interact with companies and each other to shape their relationships with brands. Copyright 02014 by Pearson Education
  26. Building Customer Relationships Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers Copyright 02014 by Pearson Education
  27. Building Customer Relationships Partner Relationship Management Partners inside the company is every functional area interacting with customers — Electronically — Cross-functional teams Copyright 02014 by Pearson Education
  28. Building Customer Relationships Partner Relationship Management Marketers connect with their suppliers, channel partners, and competitors by developing partnerships Supply chain is a channel that stretches from raw materials to components to final products to final buyers Copyright 02014 by Pearson Education
  29. Capturing Value from Customers Creating Customer Loyalty and Retention ' Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage Copyright 02014 by Pearson Education OUB POLIC€ RULE 1 Tuc CUSTOMER ALWAYS; • RULE Z is WRONG
  30. Capturing Value from Customers Growing Share of Customer Share of customer the portion of the customer's purchasing that a company gets in its product categories Copyright 02014 by Pearson Education
  31. Capturing Value from Customers Customer equity the total combined customer lifetime values of all of the company's customers Copyright 02014 by Pearson Education
  32. Capturing Value from Customers Building Customer Equity Right relationships with the right customers involves treating customers as assets that need to be managed and maximized Different types of customers require different relationship management strategies Copyright 02014 by Pearson Education
  33. The Changing Marketing Landscape Changing Economic Environment New consumer frugality Marketers focus on value for the customer expect more. pay less. He/Dep Copyright 02014 by Pearson Education
  34. The Changing Marketing Landscape Digital Age Online marketing is the fastest-growing Click- and- mortar companies evolved Copyright 02014 by Pearson Education
  35. The Changing Marketing Landscape Not-for-profit marketing growth ' Rapid Globalization ' Sustainable marketing Copyright 02014 by Pearson Education McDonald's
  36. so, What Is Marketing? Pulling It All Together Create value for customers and build customer relationships Understand the marketplace and customer needs and wants Research customers and the marketplace Manage marketing information and customer data Copyright 02014 by Pearson Education Design a customer-driven marketing strategy Select customers to serve: market segmentation and targeting Decide on a value proposition: differentiation and positioning Harness marketing technology Construct an integrated marketing program that delivers superior value Product and service design: build strong brands Pricing: create real value Distribution: manage demand and supply chains Promotion: communicate the value proposition Manage global markets Build profitable relationships and create customer delight Customer relationship management: build strong relationships with chosen customers Partner relationship management: build strong relationships with marketing partners Ensure ethical and social responsibility Capture value from customers in return Capture value from customers to create profits and customer equity Create satisfied, loyal customers Capture customer lifetime value Increase share of market and share of customer

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