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