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Marketing: Managing
Profitable Customer
Relationships
Chapter 1
Learning Goals
1. Define marketing and the marketing process.
2. Explain the importance of understanding customers and
identify the five core marketplace concepts
3. Identify the elements of a customer-driven marketing
strategy and discuss the marketing management
orientations.
4. Discuss customer relationship management
What is Marketing?
 Marketing Defined:
“The process by which companies create
value for the customers and build strong
customer relationships in order to capture
value from customers in return”
 Marketing is about managing profitable
customer relationships
 The twofold goal of marketing is-
 Attracting new customers
 Retaining and growing current customers
Goal 1: Define marketing and the marketing process.
The Marketing Process
Understand
the
marketplace
and
customer
needs and
wants
Design a
Customer-
driven
marketing
strategy
Construct a
marketing
program
that
delivers
superior
value
Build
profitable
relationships
and create
customer
delight
Capture
value from
customers
to create
profits and
customer
quality
Create value for customers and build
customer relationships
Capture value from customers in
return
Goal 1: Define marketing and the marketing process.
Needs, wants, and demands
 Need
 State of felt deprivation
 Example: Need food
 Wants
 The form needs as shaped by culture and the
individual
 Example: Want a Big Mac
 Demands
 Wants which are backed by buying power
Understanding the Marketplace and
customer needs
Understanding the Marketplace and
customer needs
 Marketing offers:
 Products
 Services
 Events
 Experiences
 Persons
 Places
 Ideas
 Organizations
 Information
Understanding the Marketplace and
customer needs
 Value and satisfaction
 Value
 Customer-perceived value
 Customer’s evaluation of the difference between all the
benefits and all the cost of a market offering relative to
those of competing products.
 Customers form expectations regarding value
 Marketers must deliver value to consumers
 Satisfaction
 Customer satisfaction
 The extent to which a product’s perceived performance
matches a buyer’s expectations
 A satisfied customer will buy again and tell others about
their good experience
Understanding the Marketplace and
customer needs
 Exchange, transactions and relationships
 Exchange
 The act of obtaining a desired object from someone by
offering something in return
 One exchange is not the goal, relationships with several
exchanges are the goal
 Relationships are built through delivering value and
satisfaction
 Markets
 Market
 Set of actual and potential buyers of a product
 Marketers seek buyers that are profitable
Marketing Management
 Marketing management is the art and
science of choosing target markets and
building profitable relationships with them.
 This definition must include answers to two
questions:
 What customers will we serve?
 How can we serve these customers best?
Goal 3: Identify elements of a customer-driven strategy.
Marketing Management
 Selecting customers to serve
 Dividing the market into segments of
customers- Market segmentation
 Selecting which segments it will go after-
Target marketing
 Demarketing
 Value proposition
 Set of benefits or values it promises to deliver
to customers to satisfy their needs.
Value Proposition
iPhone
Nokia
Nokia
Marketing Management Orientations
 Production concept
 Product concept
 Selling concept
 Marketing concept
□ Societal marketing concept
Goal 3: Identify elements of a customer-driven strategy.
The Production Concept
 Assumes that consumers are interested
primarily in product availability at low
prices
 Marketing objectives:
 Cheap, efficient production
 Intensive distribution
 Market expansion
The Product Concept
 Assumes that consumers will buy the
product that offers them the highest
quality, the best performance, and the
most features
 Marketing objectives:
 Quality improvement
 Addition of features
Marketing Myopia
 A focus on the existing product only rather than
the consumer needs it presumes to satisfy
 Management’s failure to recognize the scope of
the business
 Product-oriented rather than customer-oriented
management endangers future growth
Avoiding Marketing Myopia by focusing on
benefits
Company Myopic Description Marketing oriented
description
Cingular “We are a telephone
company”
“We are a communications
company”
JetBlue Airways “We are in the airline
business”
“We are in the transportation
business”
Sony “We are in the video
game business”
We are in the entertainment
Business
The Selling Concept
 Assumes that consumers are unlikely to
buy a product unless they are aggressively
persuaded to do so
 Marketing objectives:
 Sell, sell, sell
 Lack of concern for customer needs and
satisfaction
The Marketing Concept
 Assumes that to be successful, a company
must determine the needs and wants of
specific target markets and deliver the
desired satisfactions better than the
competition
 Marketing objectives:
 Profits through customer satisfaction
Societal Marketing Concept
Societal
Marketing
Concept
Company
(Profits)
Consumers
(Want Satisfaction)
Society
(Human Welfare)
• Assumes that marketing strategy should
deliver value to customers in a way that
maintain and improves both the consumer’s
and society’s well-being
The Marketing Plan
 Transforms the marketing strategy into
action
 Includes the marketing mix -The 4P’s of
marketing
 Product
 Price
 Place
 Promotion
Goal 3: Identify elements of a customer-driven strategy.
Marketing mixes- 4P’s
 Product
 Firm must first create a need satisfying market
offering
 Price
 Decide how much it will charge for the offer
 Place
 Decide how it will make the offer available to
target consumers
 Promotion
 Communicate with target customers about the
offer and persuade them of its merit
Goal 3: Identify elements of a customer-driven strategy.
Building Customer Relationships
 CRM–Customer relationship
management
 The overall process of building and maintaining
profitable customer relationships by delivering
superior customer value and satisfaction. It
deals with all aspects of acquiring, keeping and
growing customers.
Goal 4: Discuss CRM

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Marketing: Managing Profitable Relationships

  • 2. Learning Goals 1. Define marketing and the marketing process. 2. Explain the importance of understanding customers and identify the five core marketplace concepts 3. Identify the elements of a customer-driven marketing strategy and discuss the marketing management orientations. 4. Discuss customer relationship management
  • 3. What is Marketing?  Marketing Defined: “The process by which companies create value for the customers and build strong customer relationships in order to capture value from customers in return”  Marketing is about managing profitable customer relationships  The twofold goal of marketing is-  Attracting new customers  Retaining and growing current customers Goal 1: Define marketing and the marketing process.
  • 4. The Marketing Process Understand the marketplace and customer needs and wants Design a Customer- driven marketing strategy Construct a marketing program that delivers superior value Build profitable relationships and create customer delight Capture value from customers to create profits and customer quality Create value for customers and build customer relationships Capture value from customers in return Goal 1: Define marketing and the marketing process.
  • 5. Needs, wants, and demands  Need  State of felt deprivation  Example: Need food  Wants  The form needs as shaped by culture and the individual  Example: Want a Big Mac  Demands  Wants which are backed by buying power Understanding the Marketplace and customer needs
  • 6. Understanding the Marketplace and customer needs  Marketing offers:  Products  Services  Events  Experiences  Persons  Places  Ideas  Organizations  Information
  • 7. Understanding the Marketplace and customer needs  Value and satisfaction  Value  Customer-perceived value  Customer’s evaluation of the difference between all the benefits and all the cost of a market offering relative to those of competing products.  Customers form expectations regarding value  Marketers must deliver value to consumers  Satisfaction  Customer satisfaction  The extent to which a product’s perceived performance matches a buyer’s expectations  A satisfied customer will buy again and tell others about their good experience
  • 8. Understanding the Marketplace and customer needs  Exchange, transactions and relationships  Exchange  The act of obtaining a desired object from someone by offering something in return  One exchange is not the goal, relationships with several exchanges are the goal  Relationships are built through delivering value and satisfaction  Markets  Market  Set of actual and potential buyers of a product  Marketers seek buyers that are profitable
  • 9. Marketing Management  Marketing management is the art and science of choosing target markets and building profitable relationships with them.  This definition must include answers to two questions:  What customers will we serve?  How can we serve these customers best? Goal 3: Identify elements of a customer-driven strategy.
  • 10. Marketing Management  Selecting customers to serve  Dividing the market into segments of customers- Market segmentation  Selecting which segments it will go after- Target marketing  Demarketing  Value proposition  Set of benefits or values it promises to deliver to customers to satisfy their needs.
  • 12. Marketing Management Orientations  Production concept  Product concept  Selling concept  Marketing concept □ Societal marketing concept Goal 3: Identify elements of a customer-driven strategy.
  • 13. The Production Concept  Assumes that consumers are interested primarily in product availability at low prices  Marketing objectives:  Cheap, efficient production  Intensive distribution  Market expansion
  • 14. The Product Concept  Assumes that consumers will buy the product that offers them the highest quality, the best performance, and the most features  Marketing objectives:  Quality improvement  Addition of features
  • 15. Marketing Myopia  A focus on the existing product only rather than the consumer needs it presumes to satisfy  Management’s failure to recognize the scope of the business  Product-oriented rather than customer-oriented management endangers future growth
  • 16. Avoiding Marketing Myopia by focusing on benefits Company Myopic Description Marketing oriented description Cingular “We are a telephone company” “We are a communications company” JetBlue Airways “We are in the airline business” “We are in the transportation business” Sony “We are in the video game business” We are in the entertainment Business
  • 17. The Selling Concept  Assumes that consumers are unlikely to buy a product unless they are aggressively persuaded to do so  Marketing objectives:  Sell, sell, sell  Lack of concern for customer needs and satisfaction
  • 18. The Marketing Concept  Assumes that to be successful, a company must determine the needs and wants of specific target markets and deliver the desired satisfactions better than the competition  Marketing objectives:  Profits through customer satisfaction
  • 19. Societal Marketing Concept Societal Marketing Concept Company (Profits) Consumers (Want Satisfaction) Society (Human Welfare) • Assumes that marketing strategy should deliver value to customers in a way that maintain and improves both the consumer’s and society’s well-being
  • 20. The Marketing Plan  Transforms the marketing strategy into action  Includes the marketing mix -The 4P’s of marketing  Product  Price  Place  Promotion Goal 3: Identify elements of a customer-driven strategy.
  • 21. Marketing mixes- 4P’s  Product  Firm must first create a need satisfying market offering  Price  Decide how much it will charge for the offer  Place  Decide how it will make the offer available to target consumers  Promotion  Communicate with target customers about the offer and persuade them of its merit Goal 3: Identify elements of a customer-driven strategy.
  • 22. Building Customer Relationships  CRM–Customer relationship management  The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. It deals with all aspects of acquiring, keeping and growing customers. Goal 4: Discuss CRM