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This document discusses key concepts in marketing including the marketing concept, societal marketing concept, customer relationship management, customer perceived value, customer satisfaction, and partner relationship management. The marketing concept focuses on understanding customer needs and wants better than competitors. The societal marketing concept considers long-term consumer welfare. Customer relationship management involves building and maintaining profitable customer relationships through superior value and satisfaction. Partner relationship management recognizes that companies rely on internal and external partnerships to create customer value.
Slide_R_A_A2 slide #5
- 1. Soft ware marketing Chapter 1 Defining Marketing and the marketing process
- 2. The marketing concept Its the marketing 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. Instead of a product centred ‘make and sell’ philosophy the marketing concept is a customer centred ‘sense and respond’ philosophy.
- 3. The marketing concept The selling concept takes an ‘inside-out’ perspective. It starts with the factory, focuses on existing products and calls for heavy selling and promotion to obtain profitable sales. Focuses on short term sales with little concern about who buys and why In contrast marketing concept takes an outside-in perspective. e.g. Ford executive said: ‘if we aren't customer driven, our cars wont be either’.
- 4. The societal marketing concept This concept questions whether the pure marketing concept over looks possible conflicts between consumer short-run wants and consumer long-run welfare. i.e. Is a firm that satisfies immediate needs and wants of target markets always doing what’s best for consumers in the long run? Hence the societal marketing concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and the society’s well-being.
- 5. Building customer relationships Customer relationship management: CRM is perhaps the most important concept of modern marketing. “It is the over all process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction” By this definition it involves managing detailed information, about individual customers
- 6. Customer perceived value The customer’s evaluation of the differences between all the benefits and all the costs of a market offering relative to those of competing offers. Customer buys from the firm that offers the highest perceived value. e.g. Toyota prius hybrid owners gain a number of benefits. Such as fuel efficiency, status and image value, feel more environmentally responsible.
- 7. Customer satisfaction The extent to which a product’s perceived performance matches a buyer’s expectations. If the products performance falls short of expectations the customer is dissatisfied. If the performance matches expectations the customer is satisfied. If performance exceeds expectations the customer is highly satisfied or delighted.
- 8. Partner relationship management When it comes to creating customer value and building strong customer relationships , today’s marketers know that they cant do it alone. “Working closely with partners in other company departments and outside the company to jointly bring greater value to customers” Have to work closely with many marketing partners. This is why marketers must know good partner relationship management.
- 9. Partners inside the company In a more connected world, marketers are no longer the only people who take part in customer interactions. Every functional area can interact with customers especially electronically. The new thinking is : Every employee should be customer focused. Today firms are linking all departments in the cause of developing more customer value.
- 10. Partners outside the firm Most companies are networked companies, relying heavily on partnerships with other firms. Marketing channels consist of distributors, retailers and other that connect the company to its buyers. Suppliers are not just vendors and distributors customers, they are considered as partners.
- 11. Partners outside the firm You work closely with selected suppliers to improve quality and operations efficiency. And work with franchise dealers to provide top-grade sales and service support, that will customers to the door. In the new competitive globalized business world, companies seek strategic partners for better performances. e.g. Dell joins forces with software creators such as Oracle and Microsoft to help boost business sales of its servers and their soft wares.