Lecture 1: Intro to Marketing PDF

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Summary

Lecture 1 introduces marketing to students that didn't learn marketing before....

Description

LectureTopic1 MarketingProcess (Ch. 1)

MKTG 2501 Instructor: Dr. Yin Mei NG

what is marketing?

What is Marketing?

Marketing is ……

What is Marketing? Marketing is the process in which companies create ______ ? _____ and build strong ______ ? ______ in order to capture value from customers in return.

What is Marketing? Marketing is the process in which companies create customer value and build strong customer relationship in order to capture value from customers in return.

Customer Value

Customer value is ……..

Give an example of your recent purchase that you regard it is with high customer value

Customer Value is …….

Customer perceived benefits

Customer perceived costs

Customer perceived value

CUSTOMER RELATIONSHIPS What are the building blocks of customer relationships?

Customer value and customer ___? ___

CUSTOMER RELATIONSHIPS What are the building blocks of customer relationships?

Customer value and customer satisfaction

Positive Outcomes of Customer Relationships

Customer Satisfaction and Delight

?

Positive Outcomes of Customer Relationships

Customer Satisfaction and Delight

• • •

Repeat purchase Customer loyalty ……

marketing process

Marketing Process

Step 1: ?

Step 2: Design a customerdriven marketing strategy

Step 3: Develop an integrated marketing program that delivers superior value

Step 4: Create customer delight and build profitable customer relationships

Capture value from customers in return

Marketing Process

Step 2: Design a customerdriven Step 1: marketing Understand customers & strategy marketplace

Step 3: Develop an integrated marketing program that delivers superior value

Step 4: Create customer delight and build profitable customer relationships

Capture value from customers in return

Design Customer-Driven Marketing Strategy Select Customers to Serve

?

?

Decide on a Value Proposition

Create value for target customers

?

?

Design Customer-Driven Marketing Strategy Select Customers to Serve

Decide on a Value Proposition

Differentiation

Market Segmentation Divide the total market into smaller segments

Market Targeting Evaluate each market segment’s attractiveness and select one or more segments to enter

Create superior value for target customers

Differentiate the market offering to create superior customer value

Positioning Arrange for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target customers

Develop Integrated Marketing Program (Marketing Mix)(4Ps)

?

?

? ?

Develop Integrated Marketing Program (Marketing Mix)(4Ps) Product To create a market offering (e.g., product, service, experiences) to satisfy the want or need of the target market

Price To charge the amount of money that customers pay in order to gain the benefits of the market offering

Promotion To communicate customer value, persuade target customers to buy, and build customer relationships

Place To make the product available to target customers through marketing (distribution) channel(s)

Marketing Process

Step 2: Design a customerdriven Step 1: marketing Understand customers & strategy marketplace

Step 3: Develop an integrated marketing program that delivers superior value

Step 4: Create customer delight and build profitable customer relationships

Capture value from Customers in return

Capture Value from Customers in Return

 Customer lifetime value  Share of customer  Customer equity

Capture Value from Customers in Return  Create customer lifetime value  The value of the entire stream of purchases that a customer would make over a life time of patronage at the company.

Capture Value from Customers in Return  Build customer equity  The total combined customer lifetime values of all of the company’s customers.  To produce high customer equity is the ultimate aim of customer relationship management.

Capture Value from Customers in Return  Grow share of customer  The portion of the customer’s purchasing that a company gets in its product categories  Examples:  A bank may want to increase its “share of wallet” by …..  A Cantonese cuisine restaurant may want to increase its “share of stomach” by …..

 Question:  How is “share of customer” different from “share of market”?

To conclude

What is Marketing? Marketing is the process in which companies create customer value and build strong customer relationship in order to capture value from customers in return.

Marketing Process

Step 2: Design a customerdriven Step 1: marketing Understand customers & strategy marketplace

Step 3: Develop an integrated marketing program that delivers superior value

Step 4: Create customer delight and build profitable customer relationships

Capture value from customers to create profits and customer equity

Capture Value from Customers in Return

 Customer lifetime value  Share of customer  Customer equity...