Marketing: Managing Profitable Customer Relationship. - Coggle Diagram
Marketing: Managing Profitable Customer Relationship.
Construct an integrated marketing program.
Build profitable relationships and create customer delight.
Design a customer value-driven marketing strategy.
Capture value from customers to create profit and customer equity.
Understand customer needs and wants.
Core concepts of marketing:
Products, services or information that satisfy customer needs and wants.
Value and Satisfaction
Marketers must provide value to satisfy customer expectation. This will ensure them to make another purchase.
Wants that are decided by buying power. Customer will choose products that benefit them the most.
Exchange, Transaction and Relationship.
Exchange is to offer something to someone and will be given desired object in return.
Relationship with customer is gained from delivering value and satisfaction.
Transaction is trade values between two parties.
New form of needs influence by culture and individual desire.
A group of potential buyer that is profitable to the marketers.
Basic need of human life. For example food, and cloth.
Marketing Management Orientations:
Company should observes the wants and needs of the target market and delivers better satisfaction better than competitors to gain profit.
Consumer will favor products that are available and affordable. Therefore, management should find ways to increase production,
Know conflicts between consumer short run wants and long run welfare. Honesty, integrity and the idea of consumer first before profit should be practiced.
Consumer will love to buy more products if there is large scale selling or more promotion efforts. Company should sell what they make instead of what the market wants.
Consumers will favor products with the best quality, performance and continuous product improvements. Management should be proactive in improving their products from time to time.
Marketing Mix: 4 P's
Managing Customer Relationships and Capturing Customer Value:
Partner relationship management. Join hands with partners from other department of the same company or outside the company to come out with greater value to consumers.
Consumer equity is the total of all customers' lifetime values.
Consumer-engagement marketing. Consumers are involve in shaping brand conversations.
Consumer-generated marketing. Brand exchanges created by consumers themselves. They are playing role in shaping brand experiences.
Consumer lifetime value is a value of the entire stream of purchases that the customer would make over a lifetime of patronage.
More options for purchasing and manufacturing.
Geographical and cultural distances have shrunk-borderless.
Market coverage expands.
Customer research and tracking.
Advances in telecommunications, information and transportation.
New advertising tools, E-commerce.
Growth of internet.