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The Marketing Process - Coggle Diagram
The Marketing Process
Create value for customers &build cusromer relationships
1- Understanding the Marketplace and Customer Needs
Market offerings
are some combination offered to a market to satisfy its
needs or wants
.
services
information
products
experiences
Marketing myopia(قصر النظر)
is focusing
only on existing wants
and losing sight of underlying consumer needs
Demands
Wants backed by buying power
Customer Value and Satisfaction
Marketers
Set the right level of expectations
Not too high or low
Customers
Value and satisfaction
Wants
Form that needs take as they are shaped by
culture and individual personality
Exchange
is the act of obtaining a desired object from someone by offering something in return
Needs
States of deprivation
Social
—belonging and affection
Individua
l—knowledge and self-expression
Physical
—food, clothing, warmth, safety
Relationships
Marketers aim at building strong relationships by consistently delivering superior customer value.
market
is the set of actual and potential buyers of a prouduct
A modern marketing system
Marketing intermediaries
Consumers
Suppliers
Company
Competitors
Each Parly in the system adds Value
A retailer like Geant cannot fulfill its promise of low prices unless its suppliers provide low costs
A carmaker like Mercedes cannot deliver high quality to car buyers unless its dealers provide outstanding service
2- Designing a Customer-Driven Marketing Strategy
Selecting Customers to Serve
Target marketing
refers to which segments to go after.
Demarketing
is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
Market segmentation
refers to dividing the markets into
segments
of customers.
Choosing a Value Proposition
is the set of
benefits or values
a company promises to deliver to customers to
satisfy their needs.
Marketing management
is the art and science of choosing target markets and building profitable relationships with them.
Marketing Management Orientations
2- Product concept
is the idea that consumers will favor products that offer the most
quality
, p
erformance, and features
. An organization should therefore devote its energy to making continuous product
improvements
3-Selling concept
is the idea that consumers will not buy enough of the firm’s products unless it undertakes
a large scale selling
and
promotion effort
.
Focus:
Existing Products
Means:
Selling&Promoting
Starting Point
:Factory
Ends:
Profits through sales volume
4- Marketing concept
is the idea that achieving organizational goals depends on
knowing the needs and wants
of the target markets and delivering the desired satisfactions better than competitors do.
Starting Point:
Market
Focus:
Customer needs
Means:
Integrated marketing
Ends:
Profits through Customer Satisfaction
5- The societal marketing concept
is the idea that a company’s marketing decisions should consider:
the company’s requirements
consumers’ long-term interests
consumers’ wants
society’s long-term interests.
Considerations:
Consumers (Want Satisfaction)
Company (Profits)
Society (Human welfar)
1- Production concept
is the idea that consumers will favor products that are
available and highly affordable
The selling &Marketing Concepts Contrasted
The selling concept takes an inside-out view that focuses on existing products &heavy selling.The aim is to sell what the company makes rather than making what the customer wants
3- Preparing an Integrated Marketing Plan and Program
The marketing mix
is the set of tools
(four Ps)
the firm uses to implement its marketing strategy
product
price
promotion
place
Integrated marketing program
is a
comprehensive
plan that communicates and delivers the intended value to chosen customers
4- Building Customer Relationships
Customer relationship management (CRM):
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Relationship Building Blocks:
Customer-perceived value
The difference between
total customer value
and
total
customer cost
Customer satisfaction
The extent to which a product’s perceived performance
matches a buyer’s expectations
Customer Relationship Levels and Tools
Basic Relationships
Full Partnerships
The Changing Nature of Customer Relationships
Relating with more carefully selected customers uses selective relationship management to
target fewer, more profitable customers
Relating more
deeply
and interactively by incorporating more interactive, two way relationships through
blogs, websites, online communities and social networks
.
Partner relationship management
Partners inside the company
refer to every
function area
interacting with customers:
electronically
cross-functional teams
Partners outside the company
refer to how marketers
connect
with their
suppliers, channel partners, and competitors
by developing partnerships.
involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers.
Supply chain
is a channel that stretches from
raw materials
to components to
final products
to
final buyers
:
Strategic partners
Strategic alliances
Supply management
5- Capturing Value from Customers
Growing Share of Customer
Share of Customer
is the portion of the customer’s purchasing that a company gets in its product categories.
Building Customer Equity
Customer equity
is the total combined customer lifetime values of all of the company’s customers
Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized
Different types of customers require different relationship management strategies
Creating Customer Loyalty and Retention
Customer lifetime value
is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
The Changing Marketing Landscape
Major Developments
Digital age
Ethics and social responsibility
Rapid globalization
Not-for-profit marketing