Principles of Marketing Chapter 1

grocery -Is the process of come to remunerative client relationships by creating honor for clients and capturing none value in return -Satisfying node take 2 GOALS OF market To attract forward-looking customers by promising superior value To keep and grow current customers by delivering satisfaction marketing PROCESS 1. intellect the Marketplace and node Needs 1. 1. Needs, Wants, and Demands 1. 1. 1. ask states of felt deprivation. 1. 1. 2. WANTS the form human unavoidably take as shaped by culture and individual personality. 1. 1. 3. DEMANDS human wants that argon backed by buying power. 1. 2.Marketing Offerings (Products, services, and experiences) somewhat combination of increases, services, information, or experiences offered to a grocery to satisfy a need or want. Marketing Myopia the mistake of pay more attention to the specific products a comp either offers than to the bene adds and experiences produced by these products. 1. 3. client appreciate Sati sfaction atomic number 18 key make blocks for developing and managing customer relationships. 1. 4. Exchanges and kindreds the act of obtaining a want object from someone by offering in return. 1. 5. Markets educate of all in all actual and potential buyers of a product or service. . Designing a guest-Driven Marketing Strategy Marketing forethought the art and science of choosing luff markets and building lollyable relationships with them. 2. 1. What customers will we serve? (Whats our target market? ) 2. 1. 1. MARKET SEGMENTATION dividing the market into segments of customers 2. 1. 2. TARGET MARKETING selecting which segments it will go after. 2. 2. How can we serve these customers best? (Whats our value prompting? ) is the companys set of bene foregathers or values it promises to deliver to consumers to satisfy their needs. 2. 2. 1. MARKETING MANAGEMENT ORIENTATIONS 2. 2. 1. . THE PRODUCTION creation the intellect that consumers will favour products that are on hand(predicate) and highly affordable and that the organization should then focus on improving yield and distribution efficiency. 2. 2. 1. 2. THE PRODUCT CONCEPT the caprice that consumers will favour products that offer the most quality, feat, and features and that the organization should therefore devote its heftiness to making continuous product improvements. 2. 2. 1. 3. THE exchange CONCEPT the idea that consumers will not buy enough of the firms product unless it undertakes a large-scale exchange and promotion effort. . 2. 1. 4. THE MARKETING CONCEPT the merchandise management philosophy that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. 2. 2. 1. 5. THE SOCIETAL MARKETING CONCEPT a principle of enlightened selling that holds that a company should make ethical merchandise decisions by considering the consumers wants, the companys requirements, consumer s long haul interests, and the societys long-run interests. 3.Preparing an Integrated Marketing Plan and class consists of the firms marketing mix, the set of marketing tools the firm uses to implement its marketing strategy. Marketing Mix (4Ps) a)Product b)Price c)Place d)Promotion 4. Building customer Relationships most important step in marketing process 4. 1. Customer Relationship Management the overall process of building and maintaining customer relationships by delivering superior customer value and satisfaction 4. 2. Relationships Building Blocks Customer Value and Satisfaction 4. 2. 1.CUSTOMER PERCEIVED take to be the customers evaluation of the fight between all the benefits and all the be of a market offering congress to those of competing offers. 4. 2. 2. CUSTOMER SATISFACTION the extent to which a products perceived performance matches a buyers expectations. 4. 3. Customer Relationship Levels and Tools 4. 3. 1. FREQUENCY MARKETING PROGRAMS come back custome rs who buy frequently or in large amounts. 4. 3. 2. CLUB MARKETING PROGRAMS offers members exceptional benefits and create member communities. 4. 4. The Changing nature of Customer Relationships 4. 4. 1. RELATING WITH MORE CAREFULLY SELECTED CUSTOMERS accepted Mass Marketing selling in a standard way to any customer who cares along. Selective Relationship Management targeting fewer, more profitable customers 4. 4. 2. RELATING FOR THE LONG full full term serving chosen customers in a deeper, more lasting way to continue current customers and build long term relationships with them. 4. 4. 3. RELATING DIRECTLY serving customers without going to a store by telephone, mail order, catalogues, kiosks, and online. 4. 5. pardner Relationship Management working tightly fitting in other company or departments and outside the company to jointly capture greater value to customers. . 5. 1. PARTNERS INSIDE THE telephoner linking all departments of a firm in the cause of creating customer value. 4. 5. 2. MARKETING PARTNERS OUTSIDDE THE libertine Supply Chain describes a drawn-out channel, stretching from raw materials to components to final products that are carried to final buyers. Strategic Alliances strategic partners if they go for to be effective 5. Capturing Value from Customers 5. 1. Creating Customer Loyalty and Retention the value of the perfect stream purchases that a customer would make over a lifespan of patronage. 5. 2.Growing voice Customer the portion of the customers purchasing that a company gets in its product categories. 5. 3. Building Customer loveliness the total combined customer lifetime values of all the companys customers. 5. 4. Building the Right Relationships with the Right Customers CLASSIFICATIONS OF CUSTOMERS Strangers undersize fit between companys offerings and customers needs commencement profit potential Butterflies Good fit between companys offerings and customers needs high profit potential True Friends G ood fit between companys offerings and customers needs highest profit potential. Barnacles express mail fit between companys offerings and customers needs low profit potential THE NEW MARKETING LANDSCAPE 1. New Digital historic period marketers must harness marketing technology 2. Rapid Globalization take improvement of global opportunities 3. The Call for more morals and Social Responsibility marketers must construe that they set in an ethical and socially responsible way. THE GROWTH FOR NOT-FOR-PROFIT MARKETING (Examples) Colleges Hospitals Museums Zoos unison Orchestra Churches