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12. Customer-Driven Marketing 1 How Marketing Creates Utility • Marketing indirectly influences form utility • Three kinds of utility are directly created by marketing: – Place utility – Time utility – Ownership utility • Marketing activities add value to goods & services – Contribute to customer satisfaction 2 Eight Major Marketing Functions • The exchange functions – Buying – Selling • The physical distribution functions – Transporting – Storing • The facilitating functions – Financing – Standardization & grading – Risk taking – Gathering marketing info. 3 The Marketing Concept • Philosophy that involves entire organization in satisfying customer needs while achieving organizational goals • Important to understand buyer behavior (Fig. 12.11) – Motivation of organizational buyers and consumers • Relationship marketing – Involves developing long-term partnerships with customers, suppliers, related businesses – Purpose: to enhance customer satisfaction and stimulate long-term loyalty – E.g., affinity programs, co-marketing & co-branding 4 Components of a Market: Broad Market Classifications • Consumer market – Non-reseller buyers who intend to consume product – Segmented according to: demographic, psychographic, geographic, product-related bases • Organizational market – Business-to-business market – Four categories: • Producer markets • Governmental markets • Reseller markets • Institutional markets – Segmented according to: geographic, demographic, end-use bases 5 Developing the Marketing Strategy • Two basic strategic elements: – Selection & analysis of the target market(s) • Direct marketing activities to it/them using – Undifferentiated approach (mass marketing) – Market segmentation approach (divide market into groups) » Concentrated approach (one segment) » Differentiated approach ( 2+ segments) – Creation & maintenance of the marketing mix • Product • Price • Distribution • Promotion • The marketing mix is the controllable part of the marketing environment 6 The External Marketing Environment • Generally uncontrollable forces that include: – – – – – Sociocultural forces Economic forces Competitive forces Technological forces Regulatory forces (political & legal forces) 7 Developing a Marketing Plan • Written document that specifies an organization’s resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group • Components usually include: – – – – Executive summary – Marketing strategies Environmental analysis – Marketing implementation SWOT analysis – Evaluation & control Marketing objectives 8 Marketing Research • Six steps: – Define the problem – Make preliminary investigation • Examine internal secondary information – Data mining & data warehouses • Examine external secondary published information, etc. – – – – Plan the primary research Implement the research Interpret the information Reach a conclusion 9