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University of Trier 2012 Dr. Declan Fleming Marketing Department [email protected] 1-1 Marketing! Previewing concepts (1) • Define marketing and outline the steps in the marketing process • Explain the importance of understanding customers and the marketplace and identify the core marketplace concepts • Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy 1-3 Previewing concepts (2) • Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return • Describe sustainable marketing and the major trends and forces that are changing the marketing landscape 1-4 What is marketing? Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. 1-5 Figure 1.1 A simple model of the marketing process Understand the marketplace and customer needs Design customer-driven marketing strategy Construct an integrated marketing programme Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity 1-6 Lets make this a little simpler • Marketing is about – Providing the right product or service – At the right price – Available where the customer wants to buy – And backed up by promotions which make the customer aware of what is on offer and convinces them to buy your company’s product – While making a profit for your company. 1-7 Core concepts: Understanding the marketplace and customer needs • • • • • Needs, wants and demands Market offering Value, satisfaction and quality Exchanges, transactions and relationships Markets and the marketing system 1-8 HOW DO YOU SUCCEED IN THE MARKETS FOR THESE PRODUCTS? • Fast Moving Consumer Goods (FMCGs) are a challenge for marketers • Why should a customer buy your product and not the competitors’? 1-9 Quotes about marketing • “There is only one boss – the customer. And he can fire everybody in the company, from the Chairman on down, simply by spending his money somewhere else.” Sam Walton WalMart 1-10 What is customer value? Customer value is the consumer’s assessment of the product’s overall capacity to satisfy his or her needs. 1-11 What is customer satisfaction? Customer satisfaction is the extent to which a product’s perceived performance matches expectations. If the product’s performance falls short of expectations, the buyer is dissatisfied, but if performance matches or exceeds expectations, the buyer is satisfied. 1-12 Figure 1.2 Elements of a modern marketing system 1-13 What is marketing management? Marketing management is the art and science of choosing target markets and building profitable relationships with them. 1-14 Selecting a target market 1-15 1-16 MARKETING AS A FUNDAMENTAL BUSINESS PHILOSOPHY • Distinguish between: – Marketing as a philosophy (e.g. a companywide culture of putting the customer first) – Marketing as a set of techniques (e.g. advertising, market research) • Techniques are likely to fail if the philosophy is not fully adopted 1-17 MARKETING IN RELATION TO OTHER CORPORATE FUNCTIONS • Viewed as a philosophy, everybody in an organisation should be a “part-time marketer” • “Marketing is so basic that it cannot be considered to be a separate function. It is the whole business seen from the point of view of its final result, that is, from the customer's point of view". - Peter Drucker 1-18 Figure 1.4 The societal marketing concept 1-19 Figure 1.5 The sustainable marketing concept 1-20 Components of an integrated marketing plan • Determine target customers • Create value • Plan marketing mix – – – – Product Price Place Promotion 1-21 The basic marketing mix (4Ps) 1-22 Figure 1.8 The four Ps 1-23 The extended marketing mix (7Ps) • Price. • Product. • Place. • Promotion. • People. • Processes. • Physical evidence. 1-24 1-25 What is customer relationship management? Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. 1-26 Prius creates customer value 1-27 Outcomes of creating customer value • • • • Customer loyalty and retention Share of market Share of customer Customer equity 1-28 The new marketing landscape • Sustainability • Not-for-profit marketing • The electronic marketplace • The global marketplace 1-29 Marketing Scope Consumer goods Non-profit marketing eMarketing B2B goods Small business marketing Service goods International marketing 1-30 The steps in the marketing process • • • • (1) analysing marketing opportunities (2) selecting target markets (3) developing the marketing mix (4) managing the marketing effort 1-31 Figure 1.7 Influences on marketing strategy 1-32 Figure 1.9 An expanded model of the marketing process 1-33