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Chapter 1: Creating and Capturing Customer Value

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by

Josh Johnstone

on 29 September 2014

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Transcript of Chapter 1: Creating and Capturing Customer Value

Creating and Capturing Customer Value
Chapter 1
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

What Is Marketing?
Understand 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

Understanding the Marketplace and Customer Needs
Understanding the Marketplace and Customer Needs
Understanding the Marketplace and Customer Needs
What is Marketing?
The Marketing Process
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

Customer Value and Satisfaction
Expectations
Understanding the Marketplaceand Customer Needs
Exchange is the act of obtaining a desired object from someone by offering something in return


Understanding the Marketplaceand Customer Needs
Markets are the set of actual and potential buyers of a product
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?



Marketing: Another Definition
Figuring out what people want...and then determining how to get it to them
Designing a Customer-Driven Marketing Strategy
Selecting Customers to Serve
Market segmentation refers to dividing the markets into segments of customers
Target marketing refers to which segments to go after

Choosing a Value Proposition

Value proposition Set of benefits or values a company promises to deliver to customers to satisfy their needs

Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations


Designing a Customer-Driven Marketing Strategy

Production concept: the idea that consumers will favor products that are available or highly affordable


Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations



Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organization should therefore devote its energy to making continuous product improvements.

Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations


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

Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations


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


Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations


Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and society’s long-run interests


Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations


Designing a Customer-Driven Marketing Strategy
Preparing an Integrated Marketing Plan and Program
The marketing mix: set of tools (four Ps) the firm uses to implement its marketing strategy. It includes product, price, promotion, and place.
Integrated marketing program: comprehensive plan that communicates and delivers the intended value to chosen customers.
Preparing an Integrated Marketing Plan and Program
Product: An item that satisfies what a consumer demands. It is a tangible good or an intangible service.
Preparing an Integrated Marketing Plan and Program
Price: The amount a customer pays for the product. The price is very important as it determines the company's profit and hence, survival.
Preparing an Integrated Marketing Plan and Program
Promotion: All of the methods of communication that a marketer may use to provide information to different parties about the product. Promotion comprises elements such as: advertising, public relations, personal selling and sales promotion.
Preparing an Integrated Marketing Plan and Program
Place: Refers to providing the product at a place which is convenient for consumers to access. Various strategies such as intensive distribution, selective distribution, exclusive distribution and franchising can be used by the marketer to complement the other aspects of the marketing mix
Customer Relationship Management (CRM)

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction

Building Customer Relationships
Building Customer Relationships
Relationship Building Blocks: Customer Value and Satisfaction
Basic Relationships: Often used by a company with many low-margin customers .
Full Partnerships: Used in markets with few customers and high margins
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

Capturing Value from Customers
Creating Customer Loyalty and Retention

Customer lifetime value is the value of the entire stream of purchases that the customer wouldmake over a lifetime of patronage


Share of Customer: is the portion of the customer’s purchasing that a company gets in its product categories
Customer Equity: is the total combined customer lifetime values of all of the company’s customers

Capturing Value from Customers
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
Capturing Value from Customers
Building Customer Equity

The Changing Marketing Landscape
People are connected continuously to people and information worldwide
Marketers have great new tools to communicate with customers
Internet + mobile communication devices creates environment for online marketing
So, What Is Marketing?
Pulling It All Together
Full transcript