Marketing Definition and Process
Marketing Definition and Process
Marketing - is the management process for the identifying and satisfying customer requirements profitably
Marketing process
Create Value for customer and build customer relationship
Step 1 Understanding Customer needs and wants
Step 2 Design the customer driven marketing strategy
step 3 Construct an integrated marketing program that deliver superable value
Step 4 Build long term relationships and create a customer delight
Capture value from customer in return
Step 5 Capture value from customers to create a profit and customer equity
Customer needs wants and demands
Needs it is the basic human needs like clothes food water etc
Wants are the step ahead of need and are largely depend on the needs of human themselves
Demands it is individual want that are premium due to financial situation
Marketing Offers
Goods , services, experience , persons, place etc is all things that are offered in the market place .
Marketing Myopia is when the company is focusing just on a product or service and start to ignore the customer benefits and experience that customer will get from a product
Exchange and realtionship
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Exchange is what we offered what with the intention to get something in the return
The marketers will try o build the relationship with the customer in the return the customer will buy again
Markets
A market is a place where to buy res and sellers meet. It is a place where the good are offered for sale
Marketing Mix
Product
People
Physical evidence
Price
Place
Promotion
Process
Creating and Capturing customer value
Marketing Management orientation
Production concept **
the demand is greater than a suppler . Sellers had a full control on market
Product concept
selling concept
Philosophy
Quality products with affordable price
Objective
Minimise cost by taking advantage of economics of scale
Strategy
Focus on Production and distribution
this concept holds that consumer will favour products which are innovative and with the better feature so companies should focus on making one
High price
Hard to buy concentration just on product
Philosophy
consumers need to be convincing to buy a product
Objective
Maximise the sale volumes
Strategy
Aggressive promotion
The marketing concept
Philosophy
Satisfied customer wand and needs
Objective
All organisation pushing toward customer satisfaction
Strategy
Focus on integrated marketing mix
This concept have outside- inside perspective. Build long term customer satisfaction
The societal Marketing Concept
Philosophy
Satisfied customer wants and needs
Objective
All organisation pushing toward customer satisfaction with keeping I mind the society's interested
Strategy Focust on integrated marketing Mix with social concern
Customer Relationship Management (CRM)
Customer Value and satisfaction
customer perceived value
is customer psychological expectation thought the good or service
Economic dimension
if the cost is lower from the expectation the customer get higher satisfaction
Emotional
customer buy the product thought the felling and experience
Social value
service or good that have a ability to enhance the self-concept
Customer expectation
can be defined as a potential alternative that the product or service can give and satisfy several expect and implicit objectives
Customer satisfaction
Can be defined as a feeling a pleasure or disappointment from resulting of a purchase or experience
Customer relationship management
of attracting ,retaining, growing the valued long lasting relationship with the customers
Creating customer loyalty and retention
As the number of relationship grows , the loyalty customer themselves will frequently help to attract a new customers called Relationship market Leadder
Retention strategies will have a success unless there is a solid base of service and quality build on
Retention is a relationship that are already build and are long termed
Retention startegies
Financial Bonds
- Lowe price for the greater volume put
Social Bonds
- Social and interpersonal bonds
Structural Bonds
Building Customer equity
Value Equity
the customer's objectives evaluation of the firm offering
Brand equity
the customer's view of the strength of the relationship between the customer and firm
Retention equity
the customer view of the strength of the relationship between customer and firm