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12. Customer-Driven Marketing

12. Customer-Driven Marketing. How Marketing Creates Utility. Marketing indirectly influences form utility Three kinds of utility are directly created by marketing: Place utility Time utility Ownership utility Marketing activities add value to goods & services

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12. Customer-Driven Marketing

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  1. 12. Customer-Driven Marketing

  2. How Marketing Creates Utility • Marketing indirectly influences form utility • Three kinds of utility are directly created by marketing: • Place utility • Time utility • Ownership utility • Marketing activities add value to goods & services • Contribute to customer satisfaction

  3. Eight Major Marketing Functions • The exchange functions • Buying • Selling • The physical distribution functions • Transporting • Storing • The facilitating functions • Financing – Standardization & grading • Risk taking – Gathering marketing info.

  4. The Marketing Concept • Philosophy that involves entire organization in satisfying customer needs while achieving organizational goals • Important to understand buyer behavior (Fig. 12.11) • Motivation of organizational buyers and consumers • Relationship marketing • Involves developing long-term partnerships with customers, suppliers, related businesses • Purpose: to enhance customer satisfaction and stimulate long-term loyalty • E.g., affinity programs, co-marketing & co-branding

  5. Components of a Market:Broad Market Classifications • Consumer market • Non-reseller buyers who intend to consume product • Segmented according to: demographic, psychographic, geographic, product-related bases • Organizational market • Business-to-business market • Four categories: • Producer markets • Governmental markets • Reseller markets • Institutional markets • Segmented according to: geographic, demographic, end-use bases

  6. Developing theMarketing Strategy • Two basic strategic elements: • Selection & analysis of the target market(s) • Direct marketing activities to it/them using • Undifferentiated approach (mass marketing) • Market segmentation approach (divide market into groups) • Concentrated approach (one segment) • Differentiated approach ( 2+ segments) • Creation & maintenance of the marketing mix • Product • Price • Distribution • Promotion • The marketing mix is the controllable part of the marketing environment

  7. The ExternalMarketing Environment • Generally uncontrollable forces that include: • Sociocultural forces • Economic forces • Competitive forces • Technological forces • Regulatory forces (political & legal forces)

  8. Developing a Marketing Plan • Written document that specifies an organization’s resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group • Components usually include: • Executive summary – Marketing strategies • Environmental analysis – Marketing implementation • SWOT analysis – Evaluation & control • Marketing objectives

  9. Marketing Research • Six steps: • Define the problem • Make preliminary investigation • Examine internal secondary information • Data mining & data warehouses • Examine external secondary published information, etc. • Plan the primary research • Implement the research • Interpret the information • Reach a conclusion

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