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Marketing Management

Marketing Management. Marketing 5341 Chip Besio. Marketing Management. The art and science of choosing target markets and building profitable relationships with them. Questions to ask: What customers will we serve? What is our target market? How can we best serve these customers?

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Marketing Management

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  1. Marketing Management Marketing 5341 Chip Besio

  2. Marketing Management • The art and science of choosing target markets and building profitable relationships with them. Questions to ask: • What customers will we serve? What is our target market? • How can we best serve these customers? What is our value proposition?

  3. Demarketing Temporarily or permanently reducing the number of customers or shifting their demand. Marketing Management Demand Management Finding and increasing demand, also changing or reducing demand such as in demarketing.

  4. Product Product Price Price Customer Needs Customer Needs Promotion Promotion Distribution Distribution The Marketing Mix

  5. The 4 P’s of the Marketing Mix

  6. Marketing Management Philosophies Customer-Driven Societal Marketing Concept Marketing Concept Selling Concept Product Concept Production Concept

  7. Marketing and Sales Concepts Contrasted

  8. Societal Marketing Concept

  9. Value Proposition • The set of benefits or values a company promises to deliver to consumers to satisfy their needs. It cleans and freshens like sunshine!

  10. Customer Perceived Value • Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

  11. Customer Satisfaction • Dependent on the product’s perceived performance relative to a buyer’s expectations.

  12. Customer Lifetime Value The entire stream of purchases that the customer would make over a lifetime of patronage. Share of Customer The share a company gets of the customers purchasing in their product categories. Customer Loyalty & Retention

  13. Customer Equity • Customer equity is the total combined customer lifetime values of all of the company’s customers.

  14. Customer Relationship Groups Butterflies True Friends Good fit between company’s offerings and customer’s needs; high profit potential Good fit between company’s offerings and customer’s needs; highest profit potential High Profitability Strangers Barnacles Little fit between company’s offerings and customer’s needs; lowest profit potential Limited fit between company’s offerings and customer’s needs; low profit potential Low Long-term customers Short-term customers Projected loyalty

  15. Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate Segmentation and Target Marketing #1 #2

  16. New Marketing Landscape Rapid Globalization Not-for-Profit Marketing Ethics & Social Responsibility New World of Marketing Relationships

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