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Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
Chapter 1 pom philip kotler
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Chapter 1 pom philip kotler

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  • Marketing is the act of connecting customers to products & services
  • Transcript

    • 1. Principles of Marketing by Philip Kotler
    • 2. Chapter 1 Marketing: Managing Profitable Customer Relationship
    • 3. Marketing customer. Marketing Defined
    • 4. What is Marketing? <ul><li>Marketing is the process by which companies create value for customers &amp; build strong customer relationships in order to capture value from customers in return. </li></ul><ul><li>Marketing is all about” satisfying customer needs” </li></ul>
    • 5. Goal of Marketing: <ul><li>To attract new customers by promising superior value. </li></ul><ul><li>To keep &amp; grow current customers by delivering satisfaction </li></ul>
    • 6. A simple model of the marketing process Understand the marketplace &amp; customer needs &amp; wants Design a customer driven marketing strategy Create value for customers &amp; build customer relationships Capture value from customers in return Construct an integrated marketing program that delivers superior value Build profitable relationships &amp; create customer delight Capture value from customers to create profits &amp; customer equity.
    • 7. Core definitions <ul><li>Needs : Needs are the basic human requirements </li></ul><ul><li>e.g food, water, air, shelter. </li></ul><ul><li>Wants : Are the form human needs take as shaped </li></ul><ul><li>by culture and individual responsibility. </li></ul><ul><li>Demands : Human wants that are backed by buying power. </li></ul><ul><li>Market offering : Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Eg, banks, airlines. </li></ul>
    • 8. <ul><li>Marketing Myopia : The mistake of paying more attention to the specific products a company offers than to the benefits &amp; experiences produced by these products. </li></ul><ul><li>Exchange : Process of obtaining a desired product from someone by offering something in return. </li></ul><ul><li>Market : The set of all actual &amp; potential buyers of a product or service. </li></ul>
    • 9. <ul><li>Marketing Management : The art &amp; science of choosing target markets &amp; building profitable relationships with them. </li></ul><ul><li>Value Proposition : A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs. </li></ul>
    • 10. Winning Marketing Strategy <ul><li>What customers will we serve? </li></ul><ul><li>( what’s our target market) </li></ul><ul><li>Divide the market into customer segments. </li></ul><ul><li>Select which segments will it go after. </li></ul><ul><li>How can we serve these customers best? </li></ul><ul><li>(what’s our value proposition ) </li></ul><ul><li>- Differentiating &amp; positioning the product in minds of consumers. </li></ul>
    • 11. Five Organizational Concepts <ul><li>Production Concept </li></ul><ul><li>Product Concept </li></ul><ul><li>Selling Concept </li></ul><ul><li>Marketing Concept </li></ul><ul><li>Societal Marketing Concept </li></ul>
    • 12. Production Concept <ul><li>The idea that consumers will favor products that are available &amp; highly affordable &amp; that the organization should therefore focus on improving production &amp; distribution efficiency. </li></ul>
    • 13. Product Concept <ul><li>The idea that consumers will favor products that offer the most quality , performance , &amp; features thereby devoting a company’s energy to making continuous product improvements . </li></ul><ul><li>Make &amp; sell concept </li></ul><ul><li>Focus on making superior products </li></ul><ul><li>No customer input </li></ul><ul><li>Less competitor product examination. </li></ul><ul><li>“ Marketing Myopia” </li></ul>
    • 14. Selling Concept <ul><li>The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling &amp; promotion effort . </li></ul><ul><li>Practiced most aggressively with unsought goods eg, insurance, encyclopedias. </li></ul><ul><li>Focuses on creating sales-transactions rather than long term profitable relationships. </li></ul><ul><li>“ Political Relationships” </li></ul>
    • 15. Marketing Concept <ul><li>The marketing management philosophy that achieving organizational goals depends on knowing the needs &amp; wants of target markets &amp; delivering the desired satisfactions better than competitors . </li></ul><ul><li>Sense &amp; respond philosophy. </li></ul><ul><li>Finding right products for customers </li></ul><ul><li>Customer-driving marketing – understanding customer needs even better than the customers themselves. </li></ul>
    • 16. Contrast between Sales Concept &amp; Marketing Concept Factory Products Selling &amp;Promoting Profits through sales volume a. THE SELLING CONCEPT b. THE MARKETING CONCEPT Target Customer Integrated Profits through Market Needs Marketing customer satisfaction Starting Point Focus Means Ends
    • 17. Societal Marketing Concept <ul><li>Holds that marketing strategy should deliver value to customers in a way that maintains or improves both consumers &amp; the societies well-being. </li></ul>Societal marketing concept Society (Human Welfare) Consumers (Want Satisfaction ) Company ( Profits )
    • 18. Customer Relationship Management <ul><li>CRM is the process of building &amp; maintaining profitable customer relationships by delivering superior customer value &amp; satisfaction. </li></ul><ul><li>Customer Perceived Value : The customers evaluation of the difference between all the benefits &amp; all the costs of a market offering relative to those of competing products. </li></ul>
    • 19. <ul><li>Customer Satisfaction depends on a product’s perceived performance relative to a buyer’s expectations. </li></ul><ul><li>Performance = Expectation </li></ul><ul><li>Customer Satisfaction= Customer Loyalty= Better Performance </li></ul><ul><li>Customer delight- promising only what a company can deliver, &amp; then delivering more than promised. </li></ul>
    • 20. Changing Nature of Customer Relationships <ul><li>Relating with More Carefully selected Customers: </li></ul><ul><li>- Selective Relationship Management </li></ul><ul><li> Weeding out losing customers &amp; targeting &amp; pampering winning ones </li></ul><ul><li>Relating for the Long term: </li></ul><ul><li>Using CRM to retain current customers &amp; building profitable long-term relationship s with them. </li></ul><ul><li>Relating Directly: Using direct marketing tools such as telephone, mail order catalogs &amp; kiosks . Eg Dell &amp; Amazon. </li></ul>
    • 21. Creating Customer Loyalty &amp; Retention <ul><li>“ losing customers does not mean losing a single sale but in fact losing the entire stream of purchases that the customer would make over a lifetime”. </li></ul><ul><li>Customer lifetime value : The value of the entire stream of purchases that a customer would make over a lifetime of patronage. </li></ul>
    • 22. Customer Equity <ul><li>Companies should not just acquire customers, but keep &amp; grow them as well. </li></ul><ul><li>The ultimate aim of customer relationship management is to produce high customer equity. </li></ul><ul><li>Customer Equity is the combined discounted customer lifetime values of all the company’s current &amp; potential customers. </li></ul><ul><li>It is a better measure of a firms performance than current sales or market share. </li></ul><ul><li>More Loyal firm’s = Higher firm’s </li></ul><ul><li>Profitable customers Customer Equity </li></ul>
    • 23. Building Right relationships with Right customers <ul><li>Which customers should the company acquire &amp; retain? </li></ul><ul><li>The company can classify customers according to their potential profitability &amp; projected loyalty manage its relationships with them accordingly. </li></ul>
    • 24. Customer Relationship Groups <ul><li>Strangers …. Low profitability/ Less Loyal. </li></ul><ul><li>Butterflies …. Profitable/ not Loyal </li></ul><ul><li>True Friends …. Profitable/ Loyal </li></ul><ul><li>Barnacles …. Not Profitable/ Highly Loyal </li></ul><ul><li>Different types of customers require different relationship strategies, therefore goal is to : </li></ul><ul><li>“Build right relationships with the right customers” </li></ul>
    • 25. Customer Relationship Groups Butterflies Good fit between company’s offerings &amp; customer needs; High profit potential True Friends Good fit between company’s offerings &amp; customer needs; Highest profit potential Strangers Little fit between company’s offerings &amp; customer needs; Lowest profit potential Barnacles Limited fit between company’s offerings &amp; customer needs; Low profit potential High Profitability Low Profitability Short- term customers Long-term customers Projected Loyalty

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