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Chapter 11- Marketing: Building Profitable Customer Connections (Marketing…
Chapter 11- Marketing: Building Profitable Customer Connections
Utility
Time Utility
Provide product at a convenient time eg: 7-11s
Place Utility
Convenient place eg: ATMs
Form Utility
Convert inputs into a finished form eg: potatoes to french fries
Marketing
(relationship era)
People Marketing
Celebrity to endorse
Place Marketing
Draws people to a particular place eg: Singapore's Passion Made Possible
Event Marketing
Sponsoring eg: FIFA
Idea Marketing
Market ideas that change how people think or act
Customer Relationship Management
eg: loyalty programme, membership
Acquire, maintain and grow profitable customer relationships
Create customer's satisfactions
Create customer loyalty
Create positive perceived value of products
Marketing Strategy
Market segmentation
Target Market
people who are most likely to buy your product
Demographics (age, gender)
Size (enough people to support business
Accessibility (how easy to reach through advertising channels)
Marketing Mix
Price
Fair and relative to benefits
Place
Deliver product to right place, right time, right people
Product
(name, product image and packaging)
Promotion
Advertising channels
Consumer Markets (B-to-C)
Computer shows
Market Research
Secondary Data
existing data
Types of market research
Surveys, questionnaires, focus groups or telemarketing
Primary Data
Costly but tailor to specific research
Social responsibility
Green Marketing (development and promotion of products with ecological benefits)
Types of Markets
Business Markets (B-to-B)
Airshow trade visitors