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managing profitable customer relationships.
satisfying the wants and needs of customers, at a profitthe process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return |
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| Making a sale - “telling and selling” |
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| Satisfying customer needs |
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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 to create profits and customer equity |
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State of felt deprivation
Physical, social, and individual |
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| Form that a human need takes, as shaped by culture and individual personality. |
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| Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. |
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Occurs when sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products.
They focus on the “wants” and lose sight of the “needs" |
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| Act of obtaining a desired object from someone by offering something in return |
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the set of actual and potential buyers of a product.
These people share a need or want that can be satisfied through exchange relationships |
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Suppliers
Company (marketer)
Competitors
Marketing intermediaries
Consumers |
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The art and science of choosing target markets and building profitable relationships with them.
Aim is to find, attract, keep, and grow customers by creating, delivering, and communicating superior value. |
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The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
dictate how firms will differentiate and position their brands in the marketplace. |
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| A marketing management philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfaction better than competitors |
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| The societal marketing concept |
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| The idea that a company’s marketing decisions should consider consumers’ wants, the company’s desires, consumers’ long-run interests, and society’s long-run interests |
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| The Integrated Marketing Plan |
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Definition
Transforms the marketing strategy into action.
Includes the marketing mix and 4 Ps of marketing:
Product
Price
Place (Distribution)
Promotion |
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| Product, Price, Place, Promotion |
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| Customer relationship management |
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The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
CRM deals with all aspects of acquiring, keeping, and growing customers.
Customer value and satisfaction are key |
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Customer’s evaluation of the difference between all of the benefits and all of the costs of a marketing offer relative to those of competing offers.
Perceptions may be subjective
To some customers “value” might mean paying more to get more |
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Extent to which the product’s perceived performance matches a buyer’s expectations.
High levels of ____ often leads to consumer loyalty.
Some firms seek to DELIGHT customers by exceeding expectations.
Profitability must be considered |
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| The total combined customer lifetime values of all the company’s current and potential customers |
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| The value of the entire stream of purchases that the customer would make over a lifetime of patronage |
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| The portion of the customer’s purchasing that a company gets in their product categories. |
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| The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities. |
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Defining the company mission.
Setting objectives and goals.
Designing the business portfolio |
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| Business unit, product, and market level |
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| Planning marketing strategy as well as other functional strategies |
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a statement of the organization’s purpose–what it wants to accomplish in the larger environment
What is our business?
Who is our customer?
What do consumers value?
What should our business be?
should be market oriented, not product oriented |
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| the collection of businesses and products that make up the company. |
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A unit of the company that has a separate mission and objectives and that can be planned independently from other company businesses.
An ___ can be a company division, a product line within a division, or sometimes a single product or brand. |
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Process by which management evaluates the products and businesses making up the company.
Resources are directed toward more profitable businesses while weaker ones are phased out or dropped |
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High-share of high-growth market.
Strategy: Build into cash cow via investment |
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Low-share of low-growth market.
Strategies: Maintain or divest. |
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Low-share of high-growth market.
Strategies: Build into STAR via investment OR reallocate funding and let slip into DOG status. |
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High-share of low-growth market.
Strategies: Maintain or harvest for cash to build STARS. |
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| Existing markets, existing products |
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| New products, new markets |
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| Existing markets, new products |
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| New markets, existing products |
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| reduces the business portfolio by eliminating products of business units that are not profitable or that no longer fit the company’s overall strategy. |
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Components include:
Company’s value chain
Each department is a link
Distributors
Suppliers
Customers
Improved performance in delivery value to customers is the goal |
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| The process of dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate products or marketing programs |
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| Involves evaluating each market segment’s attractiveness and selecting one or more segments to enter. |
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| Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers |
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| Creating superior customer value by actually differentiating the market offering. |
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The set of controllable, tactical marketing tools that the firm blends to produce the response it wants in the target market.
4 Ps |
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| Variety, features, brand name, quality, design, packaging, and services. |
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| Advertising, sales promotion, public relations, and personal selling |
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| Channels, coverage, logistics, locations, transportation, assortments, and inventory. |
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| List price, discounts, allowances, payment period, and credit terms |
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4 Cs – Buyer’s View
Customer Solution
Customer Cost
Convenience
Communication |
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Definition
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| contents of a marketing plan |
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Definition
Executive summary
Current marketing situation
Analysis of threats and opportunities
Objectives and issues
Marketing strategy
Action programs
Budgets
Controls |
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Turns marketing plans into marketing actions by addressing:
Who
Where
When
How
can be difficult but is critical to success. |
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Each marketing activity is headed by a functional specialist.
E.g., sales manager, advertising manager, marketing research manager, etc. |
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| Sales and marketing people are assigned to specific countries, regions, and/or districts. |
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| Product management organization |
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| One person is given responsibility for complete strategy and marketing program for a single product |
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| Market or customer organization |
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| Manager responsible for particular market or type of customer (e.g., government buyers) |
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| marketing control processes |
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Set goals
Measure performance
Evaluate performance
Take corrective action
May require changing action programs or goals. |
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| Evaluates performance against the annual plan and takes corrective action |
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| Evaluates whether strategies match opportunities. |
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