Marketing process

  1. Understand the marketplace and customer wants and needs
  1. Construct adn integrated program that delivers superior value
  1. Design a customer value-driven marketing strategy
  1. Build profitable customer relationships and create customer delight
  1. Capture value from customers to create profits and customer delightt

Five core marketplace and customer concepts

needs, wants and demands

market offerings (products, services and experiences)

exchanges and relationships

value and satisfaction

markets

Marketing management: art and science of choosing target markets and building profitable customer relationships

To design a winning marketing strategy, manager need to answer two questions

1.What's our target market

  1. What's our value proposition

market segmentation

target marketing

level, timing and nature of demand

value proposition is a set of all benefits and values that company promises to deliver to customers to satisfy their needs

value proposition differentiate one brand from another

companies must design strong value proposition that give them the greates advantage in the marketplace

Marketing management orientations

  1. Production concept
  1. Product concept
  1. Selling concept
  1. Marketing concept
  1. Societal marketing concept

Customer relationship management

Customer engagement

Customer engagement marketing

Customer generated marketing

consumer lifetime value

share of customer

customer equity

which customers should the company acquire and retain?

Types of consumer per profitability and loyalty

  1. Butterflies

2.True friends

  1. Strangers
  1. Barnacles