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1. The art and science of choosing target markets and building profitable relationships with them. Questions to ask: What customers will we serve? What is our target market? 2. How can we best serve these customers? What is our value proposition? Demand Management Demarketing Finding and increasing demand, also changing or reducing demand such as in demarketing. Temporarily or permanently reducing the number of customers or shifting their demand. Product Price Customer Needs Promotion Distribution Societal Marketing Concept Marketing Concept Selling Concept Product Concept Production Concept The set of benefits or values a company promises to deliver to consumers to satisfy their needs. It cleans and freshens like sunshine! Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. Dependent on the product’s perceived performance relative to a buyer’s expectations. Customer Lifetime Value › The entire stream of purchases that the customer would make over a lifetime of patronage. Share of Customer › The share a company gets of the customers purchasing in their product categories. Customer equity is the total combined customer lifetime values of all of the company’s customers. High Butterflies True Friends Good fit between company’s offerings and customer’s needs; high profit potential Good fit between company’s offerings and customer’s needs; highest profit potential Profitability Strangers Low Little fit between company’s offerings and customer’s needs; lowest profit potential Barnacles Limited fit between company’s offerings and customer’s needs; low profit potential Short-term customers Projected loyalty Long-term customers #1 Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate #2 Rapid Globalization Not-for-Profit Marketing Ethics & Social Responsibility New World of Marketing Relationships