02. introduction to marketing
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This document provides an overview of marketing concepts including the marketing mix, customer relationship management, and building customer equity. It discusses key marketing topics such as the 4Ps of the marketing mix (product, price, place, promotion), segmenting and targeting customers, and creating long-term customer value and loyalty through relationship building. The goal of marketing is to profitably meet customer needs, and winning companies are those that can economically and conveniently deliver superior value and communication to customers.
02. introduction to marketing
- 1. Chapter | 1 Introduction to Marketing Lecture 2 – February 16, 2012 Rajeev Shrestha A process by which a firm profitably translates customer needs into revenue. It is called… MARKETING
- 2. OVERVIEW •Concept and importance of marketing •Approaches to the study of marketing •Marketing mix and its components Marketing comes in a wide variety of flavors based on audience, media platform and business in today’s evolving and dynamic marketplace.
- 3. Marketing Strategy and Marketing Mix Market Segmentation Market targeting Market Differentiation and Positioning Choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. The set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target markets.
- 4. Marketing Mix PRODUCT : is the combination of goods and services that the company offers to target the market. PRICE : is the amount of money customers have to pay to obtain the product. PLACE : Various activities the company undertakes to make the product accessible and available to target customers. PROMOTION : All activities the company undertakes to communicate and promote its products to the target market.
- 5. Product Is the combination of goods and services that the company offers to target the market. Product Mix Varieties/ different items offered Quality: standard ,grading –high, medium, low Features: Colour, Styles Packaging: Wrapper , Container Brand: Name, Mark, Sign, Symbol Services : Presale, after sale services Warranties : Free repair & Maintenance
- 6. Place Various activities the company undertakes to make the product accessible and available to target customers. Place Mix Channels: Retailers, Wholesalers Location Coverage Transport: Mode of transportation
- 7. Price Is the amount of money customers have to pay to obtain the product. Price Mix List Price: One price for all Discounts / Allowances: Price Flexibility Terms of Sale: Credit Terms & Payment Period
- 8. Promotion All activities the company undertakes to communicate and promote its products to the target market. Promotion Mix Sales Promotion: Incentives to promote sales Advertising : Paid sales communication Public Promotion : To protect and promote company image Personal selling : Personal communication to promote buyers Direct Marketing
- 9. Marketing Mix 4P’s represent the sellers view of mktg. tools available for influencing buyers. From a buyers point of view each mktg. tool is designed to deliver a customer benefit. Therefore, sellers 4P’s corresponds to the customers 4C’s.
- 10. Marketing Mix 4Ps 4Cs Product Customer Solution (Needs, Wants) Price Customer Cost Place Convenience Promotion Communication While marketers, see themselves as selling products, customers see themselves as buying value or solutions to their problems. Thus, winning companies will be those who can meet customer needs economically and conveniently with effective communication.
- 11. Building Customer Relationships Customer Relationship Management (CRM) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction
- 12. Relationship Building Blocks: Customer Value and Satisfaction Customer Customer perceived value satisfaction • The difference • The extent to between total which a product’s customer value perceived and total performance customer cost matches a buyer’s expectations
- 13. Customer Relationship Levels and Tools Basic Relationships Full Partnerships
- 14. 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
- 15. 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
- 16. Partner Relationship Management Partners inside the company is every function area interacting with customers •Electronically •Cross-functional teams Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships
- 17. Partner Relationship Management Supply chain is a channel that stretches from raw materials to components to final products to final buyers Supply management Strategic partners Strategic alliances
- 18. 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
- 19. Growing Share of Customer Share of customer is the portion of the customer’s purchasing that a company gets in its product categories •Cross Sell •Up Sell
- 20. Building Customer Equity Customer equity is the total combined customer lifetime values of all of the company’s customers
- 21. Building Customer Equity Building the 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 •Build the right relationship with the right customers
- 22. Customer Relationship Groups True Butterflies Friends Potential Profitability Strangers Barnacles Projected Loyalty