AB1501 Principles of Marketing
Marketing: Managing Profitable Customer Relationships
Marketing * Goal: Attract new customers by promising superior value and keep and grow current customers by delivering satisfaction * Involves satisfying customer needs * Definition: Process by which companies create value for customers and build strong customer relationships in order to capture value for customers in return * Process 1. Understand the marketplace and customer needs 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value ...view middle of the document...
Manufacturer of drill bits might think that customer needs a drill bit when customer really needs a hole * Sellers will have problem when new product comes that serves customer needs better or less expensively * Look beyond product attributes and existing customer wants to product benefits and experience and customer needs and offer superior customer value |
3. Customer value and Satisfaction * Customer form expectations about value and satisfaction that various market offerings will deliver and buy * Satisfied customers buy again and tell others of good experience * Dissatisfied customers switch to competitors and complain about product to others |
4. Exchanges and relationships * People decide to satisfy needs and wants through exchange relationships marketing * Exchange: Act of obtaining a desired object from someone by offering something in return * Marketing goal: beyond simply attracting new customers and creating transactions + retain customers and grow business with company * Marketers want to build strong relationships by consistently delivering superior value |
5. Markets * Market: Set of all actual and potential buyers of a product or service * Buyers share a particular need or want that can be satisfied through exchange relationships * Marketing means managing markets to bring about profitable customer relationships * Buyers also carry out marketing * Consumers market when they search for products, interact with companies to obtain information and make their purchases * Today’s marketers must deal effectively with customer-managed relationships |
Designing a customer-driven
marketing strategy *...