,Creating and Capturing Customer Value,Creating and Capturing Customer Value,Define marketing and outline the steps in the marketing process Understanding the Marketplace and Customer Needs Designing a Customer-Driven Marketing Strategy Preparing an Integrated Marketing Plan and Program Building Customer Relationships Capturing Value from Customers The Changing Marketing Landscape,Topic Outline,What Is Marketing?,Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return,Understanding the Marketplace and Customer Needs,Customer needs, wants, and demands Market offerings Customer Value and satisfaction Exchanges and relationships Markets,Core Concepts,Understanding the Marketplace and Customer Needs,Customer Needs, Wants, and Demands,Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs,Understanding the Marketplace and Customer Needs,Understanding the Marketplace and Customer Needs,Customer Value and Satisfaction Expectations,Exchange is the act of obtaining a desired object from someone by offering something in return,Understanding the Marketplace and Customer Needs,Markets are the set of actual and potential buyers of a product or service,Understanding the Marketplace and Customer Needs,Designing a Customer-Driven Marketing Strategy,Marketing management is the art and science of choosing target markets and building profitable relationships with them What customers will we serve? How can we best serve these customers?,Designing a Customer-Driven Marketing Strategy,Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after,Selecting Customers to Serve,Designing a Customer-Driven Marketing Strategy,Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it,Selecting Customers to Serve,Designing a Customer-Driven Marketing Strategy,The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs,Choosing a Value Proposition,Designing a Customer-Driven Marketing Strategy,Marketing Management Orientations,Designing a Customer-Driven Marketing Strategy,Production concept is the idea that consumers will favor products that are available or highly affordable,Marketing Management Orientations,Designing a Customer-Driven Marketing Strategy,Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements.,Marketing Management Orientations,Designing a Customer-Driven Marketing Strategy,Selling concept is the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort,Marketing Management Orientations,Designing a Customer-Driven Marketing Strategy,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,Marketing Management Orientations,Designing a Customer-Driven Marketing Strategy,Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests,Marketing Management Orientations,The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place. Integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers.,Preparing an Integrated Marketing Plan and Program,Building Customer Relationships,The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction,Customer Relationship Management (CRM),Building Customer Relationships,Relationship Building Blocks: Customer Value and Satisfaction,Building Customer Relationships,Customer Relationship Levels and Tools,Building 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,The Changing Nature of Customer Relationships,Building Customer Relationships,Partner relationship management involves working closely with partners in other company departments and outside the company to jointly bring greater value to customers,Building Customer Relationships,Partners