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761 207 1-1 Name: Surej P John University: Assumption University Email: [email protected] Phone: 0809091393 Evaluation & Grading Quizzes (2x10%) 20% In-Class Assignment 10% Midterm Examination 30% Final Examination 40% Total 100% 1-3 Marketing : An Introduction An Asian Perspective Armstrong, Kotler & da Silva 1 Marketing: Managing Profitable Customer Relationships © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-4 © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-5 What Is Marketing? • Simple Definition: Marketing is managing profitable customer relationships. Goals: 1. Attract new customers by promising superior value. 2. Keep and grow current customers by delivering satisfaction. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-6 Marketing Old vs. New Old view of marketing: Making a sale -- “Telling and Selling” New view of marketing: Satisfying customer needs © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-7 Marketing Defined 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. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-8 Core Marketing Concepts Figure 1.3 © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-9 Needs, Wants, & Demands • Need: State of felt deprivation including physical, social, and individual needs. • Physical: – Food, clothing, shelter, safety • Social: – Belonging, affection • Individual: – Learning, knowledge, self-expression © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-10 Physical needs I am hungry!!! © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-11 Social needs © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-12 Needs, Wants, & Demands • Wants: Form that a human need takes, as shaped by culture and individual personality. • Wants + Buying Power = Demand © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-13 Demand © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-14 Need / Want Fulfillment • Needs and Wants Fulfilled through a Marketing Offer : – Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-15 What Satisfies Consumers’ Needs and Wants? Products Anything that can be Offered to a Market to Satisfy a Need or Want Persons Places Information Organizations Ideas Services Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-16 Persons © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-17 Places © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-18 Organizations © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-19 Marketing Myopia • Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. • They focus on the “wants” and lose sight of the “needs” © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-20 Value and Satisfaction Expectation 8 Performance Expectation Performance 10 8 10 If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-21 Customer Value • Customer value is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. • Customer Value = Benefits / Price Price = 15000 Baht Price = 2000 baht © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-22 Customer satisfaction © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-23 Exchange vs. Transaction • Exchange: • Transaction: – Act of obtaining a desired object from someone by offering something in return. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective – A trade of values between two parties. – One party gives X to another party and gets Y in return. Can include cash, credit, or check. 1-24 What is a Market? • The set of actual and potential buyers of a product. • These people share a need or want that can be satisfied through exchange relationships. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-25 Elements of a Modern Marketing System Figure 1.4 © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-26 Suppliers • Supplies the raw material to manufacturers. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-27 Competitors • Selling identical products to the market. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-28 Marketing Intermediaries • Those who are in between Manufacturer and customer in the supply chain management. • Eg. Retailors, Wholesalers, Brokers, banks etc © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-29 Marketing Management • The art and science of choosing target markets and building profitable relationships with them. Questions to ask: 1. What customers will we serve? What is our target market? 2. How can we best serve these customers? © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-30 Segmentation and Target Marketing #1 #2 Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-31 Marketing Management Demand Management Demarketing © Armstrong, Kotler & da Silva 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. Marketing : An Introduction An Asian Perspective 1-32 Demarketing © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-33 Marketing Management Philosophies Societal Marketing Concept Marketing Concept Selling Concept Product Concept Production Concept © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-34 The production concept The idea that consumers will favor products that is available and highly affordable. The production concept is useful under two situations: When the demand for a product exceeds the supply When the product cost is too high and improved productivity is needed to bring it down. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-35 The Product Quality The idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continues product improvements. Thus an organization should devote energy to making continuous product improvements. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-36 Marketing and Sales Concepts Contrasted Figure 1.6 © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-37 Societal Marketing Concept © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-38 The Marketing Philosophies Compared Figure 1.8 © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-39 Customer Relationship Management • The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-40 Customer Perceived Value • Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-41 Customer Perceived Value Is FedEx’s service worth the higher price? FedEx thinks so. It promises reliability, speed, and peace of mind. FedEx ads say “Need to get it there or else? Don’t worry. There’s a FedEx for that.” © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-42 Customer Satisfaction • Dependent on the product’s perceived performance relative to a buyer’s expectations. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-43 Customer Loyalty & Retention • Customer Lifetime Value – The entire stream of purchases that the customer would make over a lifetime of patronage. © Armstrong, Kotler & da Silva • Share of Customer – The share a company gets of the customers purchasing in their product categories. Marketing : An Introduction An Asian Perspective 1-44 Customer Lifetime Value To keep customers coming back, Stew Leonard’s has created the “Disneyland of dairy stores.” Rule #1— the customer is always right. Rule #2 —if the customer is ever wrong, reread Rule #1. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-45 Customer Equity • Customer equity is the total combined customer lifetime values of all the company’s customers. © Armstrong, Kotler & da Silva Marketing : An Introduction An Asian Perspective 1-46