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CHAPTER 1 Marketing: Creating and Capturing Customer Value - Coggle Diagram
CHAPTER 1 Marketing: Creating and Capturing Customer Value
Preparing an Integrated Marketing
Plan and Program
Marketing mix
The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy product
It includes product, price, promotion, and place.
Integrated marketing program
Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.
integrated marketing program that will actually deliver the intended value to target customers
The company combines each marketing mix into a comprehensive integrated marketing program that communicates and delivers the intended value to selected customers.
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 Value and Satisfaction
Customer-perceived value:
The customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.
Customer satisfaction depends on the perceived performance of the product relative to the buyer's expectations
Customer Relationship Levels and Tools
Companies can build customer relationships at many levels, depending on the nature of the target market.
Many companies offer frequency marketing programs that reward customers who buy frequently or in large amounts.
Other companies sponsor club marketing programs that offer members special benefits and create member communities.
The Changing Nature of Customer Relationships
Relating with More Carefully Selected Customers: most marketers realize that they don’t want relationships with every customers. Instead, they target fewer, more profitable customers.
Relating More Deeply and Interactively:
Customer-managed relationships are marketed in which customers, aided by new digital technologies, interact companies together to form relationships with brands.
Deeper and more interactive relationships by incorporating more interactive two-way relationships through blogs, websites, online communities, and social networks
Brand exchanges is consumer-generated marketing, whereby consumers themselves are playing a larger role in shaping their own and others' brand experiences.
Partner relationship management
Partners Inside the Company
Marketing Partners Outside the Firm