Marketing process
- Understand the marketplace and customer wants and needs
- Construct adn integrated program that delivers superior value
- Design a customer value-driven marketing strategy
- Build profitable customer relationships and create customer delight
- 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
- 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
- Production concept
- Product concept
- Selling concept
- Marketing concept
- 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
- Butterflies
2.True friends
- Strangers
- Barnacles