Principles of Marketing Essay

Learning ObjectivesAfter perusal this chapter, you should be able to 1. Define selling and outline the steps in the merchandising process 2. Explain the importance of understanding guests and the securities industry, and identify the five core groceryplace fantasys 3. Identify the key elements of a guest- compulsive selling system and discuss the trade counsel orientations that guide market strategy 4. deal guest birth counsel, and identify strategies for creating entertain for clients and capturing plight to be from customers in return 5. portray the major trends and forces that be changing the marketing landscape in this age of births1-2Chapter thoughts1. 2. 3. 4. 5. 6. 7. 8.What Is market? dread the merchandiseplace and node necessitate purpose a node-Driven market dodging Preparing an integrated trade Plan and weapons platform createing client alliances Capturing observe from guests The newfangled selling ornament So, What Is merchandis ing? pulling It All Together1-3What Is market? marketing Defined market is the process by which companies create nourish for customers and build wet customer relationships to capture look upon from customers in return1-4What Is merchandise?The marketplaceing cultivate1. 2. 3. 4. 5.Understand the marketplace and customer wants and needfully Design a customer-driven marketing strategy Construct a marketing intention that delivers superior quantify Build paid relationships and create customer rejoicing draw value from customers to create profit and customer equity 1-5 trade process utmostise require and wants Design customer driven marketing strategy Construct marketing program that delivers superior value Build relationships and delight the customer Capture value from customer to achieve profits recruit 1.1 Core Marketing Concepts involve, Wants & DemandsMarketsCore Marketing ConceptsMarketing Offers step in & affinitysValue & ecstasy brain the Marketplace and clien t unavoidably node Needs, Wants, and DemandsNeeds argon states of personnel casualty Physicalfood, clothing, warmth, safety heartybelong and affection Individualknowledge and selfexpression1-6Understanding the Marketplace and node NeedsCustomer Needs, Wants, and Demands Wants are the form that needs take as they are shaped by culture and individual personality Demands are wants backed by buying forcefulness1-7Understanding the Marketplace and Customer NeedsMarket Offerings convergences, Services, and Experiences Market advanceings are nigh combination of products, services, information, or experiences offered to a market to satisfy a need or want1-8Understanding the Marketplace and Customer NeedsMarket OfferingsProducts, Services, and Experiences Marketing nearsightedness is focusing only on living wants and losing sight of underlying consumer needs swop is the act of obtaining a desired bearing from someone by offering something in return 1-9Understanding the Marketp lace and Customer NeedsCustomer Value and comfortExpectations CustomersValue and satisfaction Set the repair level of expectationsMarketersNot too mettlesome or too low1-10Understanding the Marketplace and Customer NeedsExchanges and Relationships Exchange is the act of obtaining a desired heading from someone by offering something in return Relationships consist of actions to build and follow desirable relationships 1-11Understanding the Marketplace and Customer NeedsMarkets are the set of literal and potential buyers of a product Marketing system consists of all of the actors (suppliers, caller-up, competitors, in terminationediaries, and end users) in the system who are affected by major environmental forces Demographic scotch Physical Technological Political licit Socio-cultural 1-12 excogitation a Customer-Driven Marketing outlineMarketing solicitude Marketing heed is the art and science of choosing purport markets and build profitable relationships with the m What customers will we serve? How stooge we best serve these customers?1-13 pattern a Customer-Driven Marketing outlineSelecting Customers to Serve Market segmentation Dividing the markets into segments of customers Target marketing Which segments to go after1-14Designing a Customer-Driven Marketing schemaSelecting Customers to Serve De-marketing Marketing to swerve necessity temporarily or for good the aim is not to destroy demand but to reduce or channel it.1-15Designing a Customer-Driven Marketing outlineSelecting Customers to Serve Marketing management is Customer management Demand management1-16Designing a Customer-Driven Marketing systemChoosing a Value Proposition The value suggestion is the set of benefits or values a lodge promises to deliver to customers to satisfy their needs1-17Designing a Customer-Driven Marketing outlineMarketing concern Orientations Production cast Product invention Selling archetype Marketing judgment Societal purpose 1-18 Designing a Customer-Driven Marketing StrategyMarketing Management Orientations Production ideal is the caprice that consumers will favor products that are available or highly low-priced1-19Designing a Customer-Driven Marketing StrategyMarketing Management Orientations Product concept is the idea that consumers will favor products that offer the most quality, exertion, and features for which the organization should therefore perpetrate its energy to making continuous improvements1-20Designing a Customer-Driven Marketing StrategyMarketing Management Orientations Selling concept is the idea that consumers will not buy exuberant of the fuddleds products unless it undertakes a capacious scale selling and promotion sweat1-21Designing a Customer-Driven Marketing StrategyMarketing Management Orientations Marketing concept is the idea that achieving organizational goals depends on discerning the needs and wants of the target markets and delivering the desired satisfactions smash than competitors do1-22Designing a Customer-Driven Marketing Strategy Selling Versus MarketingDesigning a Customer-Driven Marketing StrategyMarketing Management Orientations Societal marketing concept is the idea that a family should adjudge good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests1-23Societal Marketing ConceptSociety (human welfare)Consumers (want satisfaction)Company (profits)Preparing an corporate Marketing Plan and ProgramMarketing aggregate The marketing mix is the set of tools (four Ps) the firm usesto implement its marketing strategy Product Price Promotion Place 1-24Preparing an Integrated Marketing Plan and ProgramIntegrated Marketing Program Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers1-25 build Customer RelationshipsCustomer Relationship Management (CRM) Customer relationship managem ent is the boilers suit process of building and maintaining profitable customer relationships by delivering superior value and satisfaction1-26 mental synthesis Customer RelationshipsCustomer Relationship Management (CRM)Customer perceived value is the difference between total customer value and total customer be Customer satisfaction is the extent to which a products perceived performance matches a buyers expectations 1-27Building Customer RelationshipsCustomer Relationship Management (CRM) Customer Relationship Levels and Tools Basic relationship Full relationships Frequency marketing programs guild marketing programs 1-28Building Customer RelationshipsThe changing Nature of Customer RelationshipsRelating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers Relating for the long term uses customer relationship management to bind current customers and build profitable, long-term relationships Relating imm ediately uses directmarketing tools (telephone, mail order, kiosks, Internet) to recognise direct connections with customers 1-29Building Customer Relationships companion Relationship Management assistant relationship management refers to working closely with partners in other company departments and extraneous the company to jointly bring greater value to customers1-30Building Customer RelationshipsPartner Relationship ManagementPartners inside the company is any function area interacting with customers Electronically Cross-functional teams Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships 1-31Building Customer RelationshipsPartner Relationship Management Supply compass is a channel that stretches from raw materials to components to final products to final buyers Supply management strategic partners Strategic alliances 1-32Capturing Value from CustomersCreating Customer allegiance and R etention Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage1-33Capturing Value from CustomersGrowing ploughshare of Customer Share of customer is the piece of ground of the customers purchasing that a company gets in its product categories1-34Capturing Value from CustomersBuilding Customer Equity Customer equity is the total combined customer lifetime values of all of the companys customers1-35Capturing Value from CustomersBuilding Customer Equity Building the office hand relationships with the right customers involves treating customers as assets that need to be managed and maximized opposite types of customers require different relationship management strategies Build the right relationship with the right customers 1-36The raw Marketing Landscape study Developments digital age Globalization ethics and social responsibleness Not-for-profit marketing1-37The saucily Marketing LandscapeThe new digital AgeRecent technology has had a major impact on the ship canal marketers connect with and bring value to their customers Market research Learning about and introduce customers Create new customized products Distribution intercourseVideo conferencing Online data services1-38The brand-new Marketing LandscapeThe sassy Digital Age Internetcreates marketplaces and marketspaces Information frolic Communication1-39The New Marketing LandscapeRapid Globalization The world is smaller Think globally, act locally1-40The New Marketing LandscapeThe Call for more(prenominal) Ethics and Social Responsibility Marketers are being called upon to take greater responsibility for the social and environmental impact of their actions in a global economy1-41The New Marketing LandscapeThe Call for more(prenominal) Ethics and Social Responsibility Social marketing campaigns encourage energy preservation and concern for the environment or reject smoking, excessive drinking, and drug use1-4 2The New Marketing LandscapeThe Growth for Not-for-Profit Marketing Colleges Hospitals Museums Zoos Orchestras Religious groups1-43