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Marketing Process Stage 5: Build Profitable Customer Relationships

Marketing Process Stage 5: Build Profitable Customer Relationships. 5 Stage Marketing Process. Wants. Demands. Needs. Market = Customers w ith similar needs or wants and demand (buying power). Offering Product Service Experience. What is the potential market?.

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Marketing Process Stage 5: Build Profitable Customer Relationships

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  1. Marketing ProcessStage 5: Build Profitable Customer Relationships

  2. 5 Stage Marketing Process

  3. Wants Demands Needs Market = Customers with similar needs or wants and demand (buying power) • Offering • Product • Service • Experience What is the potential market?

  4. Strategy = target market + value proposition To identify the target market, we need to segment the total market. What is our marketing strategy?

  5. Marketing Program - P’s

  6. How customer feels about the product before they buy is “Perceived Value”. • How customer feels after they buy is “Customer Satisfaction”. • Long-term satisfaction builds “Customer Loyalty”. Customer Relationship

  7. Why are customer relationships important?

  8. Customer Referrals

  9. Lifetime economic value measures the expected value of a customer over the expected relationship period. Customer equity is the lifetime value of all of the company’s customer relationships. Repeat Purchases

  10. Definition: “process of building and maintaining profitable customer relationships ….. ….by delivering superior customer value and satisfaction.” Right relationship with right customers is key. Some customers need to be fired. Customer Relationship Management (CRM)

  11. Partner Relationship Management CRM is more than marketing. Includes all areas in company that touch a customer.

  12. Zappos Case Study Zappos on ABC

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