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Marketing: Creating and Capturing Customer Value

Marketing: Creating and Capturing Customer Value. Chapter: 1. What is Marketing. Marketing is managing profitable customer relationships Goal is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction

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Marketing: Creating and Capturing Customer Value

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  1. Marketing: Creating and Capturing Customer Value Chapter: 1

  2. What is Marketing • Marketing is managing profitable customer relationships • Goal is to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction • Disney- “make a dream come true today” • Apple- “think different” • Mcdonald- “im lovin it”

  3. Marketing Defined • Is Marketing only selling and advertising? • Satisfying Customers’ needs • Social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with each other e.g. HSBC- Customer service, birthday cards

  4. The Marketing Process • E.g. Jazz/U-fone Night Package Understand the market place and customer needs and wants Design a customer driven marketing strategy Construct an integrated marketing program that delivers superior value Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity

  5. Customer Needs, Wants, and Demands • Needs Human needs are state of felt deprivation - Physical - Social - Individual • Wants Wants are the form, human needs take as they are shaped by culture and individual personality e.g. Peshawari will want a chapal kabab • Demands When backed by buying power, wants become demands e.g. upper class woman would demand a 5 bed room house on Margalla road

  6. Products, Services and Experiences • Market offerings Some combination of products, services, information, or experiences offered to a market to satisfy a need or want e.g. banking , air travel…Malaysia truly Asia • AIDS campaigns • Polio vaccines - Daag tu achay hotay hain (surfexcel) • Home appliances add- u can spend more time with family • Calic c add- women strength • Marketing Myopia The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products

  7. A Modern Marketing System Major environmental forces • Consumer do marketing when they search for products and interact with companies through web, cell phone etc. • Right expectations should be set by the company Marketing Intermediaries Suppliers Company Consumers Competitors

  8. Designing a customer driven marketing strategy • Marketing Management The art and science of choosing target markets and building profitable relationships with them - selecting customers to serve e.g. Rolex – Upper class - choosing value proposition e.g. -BMW “ The ultimate driving machine” - Nokia “Connecting people- anyone, anywhere” -iPhone “Touching is believing”

  9. Marketing Management Orientations 1. The Production Concept Consumer will favor products that are available and highly affordable (Can lead to marketing Myopia) e.g. Lenovo 2. The Product Concept Consumers will favor products that offer the most in quality, performance and features and that the organization should therefore devote its energy to making continuous product improvements. e.g. Fan, AC, central cooling systems Mouse Trap

  10. Marketing Management Orientations Contd. • The Selling Concept Consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort. - Sell what the company makes, rather than making what the market wants • The Marketing Concept Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desire satisfactions better than the competitors do. e.g.- SouthWest airline- “We don’t have a marketing departments, we have a customer department” e.g.- Notebooks, ipods, digital cameras, cell-phones etc.

  11. Marketing Management Orientations Contd. Selling point Focus Means Ends Existing products Profits through sales volume Factory Selling and promoting The selling concept Customer needs Integrated Marketing Profits through customer satisfaction Market The marketing Concept

  12. Marketing Management Orientations Contd. • The Societal Marketing Concept Company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumer’s long-run interests, and society’s long run interests. e.g. Shell- go green PTC- Tree Plantation Society (Human welfare) ConsumersCompany (Want Satisfaction) (Profits) Societal marketing concept

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