Basic Principles of Marketing

Marketing good customer correlativenesss - Creating and Capturing Customer Compute Marketing: Managing good customer correlativenesss and to Beget compute for customers and stop compute from customers in requite. Example) Capos- customer test comes primary. Two Fold Goal: Prompt new customers by propitious loftier compute and Conduct and increase vulgar customers by yielding indemnification. Five Step Model of the Marketing Process: Page 5 Plant compute from customers to beget avail and customer equity. Build compute from customers to beget avail and customer equity. Plant good correlativenesss and beget customer transport. Plant good correlativenesss and beget customer transport. Construct an integrated trafficing program that yields loftier compute. Construct an integrated trafficing program that yields loftier compute. Sketch a customer driven trafficing skillful-treatment. Sketch a customer driven trafficing skillful-treatment. Apprehend the trafficestablish & customer needs & absences. Apprehend the trafficestablish & customer needs & absences. The primary 4 steps: companies operation to apprehend consumers, beget customer compute, & plant stanch customer correlativenesss. Final step: companies gather the rewards of creating loftier customer compute. (By creating compute for consumers, in mold stop compute from consumers in the devise of sales, avail, & hanker term customer equity. ) Five Core Customer and Marketestablish Concepts: Page 6 1 . A: Customer Needs- states of felt fraudulence. Visible needs (food, dress, emotion, prophylactic); Social needs (for appertaining and condition); Idiosyncratic needs (for instruction & self-expression). B. Customer Wants- The devise ethnical needs follow as they are figured by culture and idiosyncratic individuality. Example: An American needs influence but absences a Big Mac. C. Customer Demands- Ethnical absences that are backed by buying force. 2. Traffic Offerings- Some confederacy of results, benefits, instruction, or test proposeed to a traffic to convince a need or absence. Examples: banking, airline, hotel, tax making-ready, residence restore benefits. - Not poor to Just visible results, too encpromote benefits-activities or benefits. - Too encpromote other entities, living-souls, establish, constructions, instruction, & effects. Marketing Myopia: the misfollow of paying aggravate heed to the peculiar results a assemblage proposes than the benefits and tests effected by these results. They re so follown far delay their results that they centre barely on real absences & promote spectacle of lowerlying customer needs. 3. Customer Compute and Satisfaction: key planting blocks for developing and managing customer correlativenesss. Amiable customers buy anew & recite others encircling their good-natured-natured test and badness versa. 4. Exchanges and Relationships: the act of obtaining a desired intent from someone Chapter 1 Notes: Principles of Marketing By lavatories traffic gift. Marketing consists of exercises follown to plant and prehelp good substitute correlativenesss delay target audiences involving a result, benefit, effect, or there intent. Retain customers & increase duty. 5. Markets: the set of all express and implicit buyers of a result or benefit. These buyers divide a feature need/absence that can be amiable through substitute correlativenesss. Designing a Customer-Driven Marketing Strategy: (Pages 8-12) * Marketing Management: the art and expertness of choosing target traffics and planting good correlativenesss delay them. Marketing manager's aim is to experience, prompt, conduct, and increase target customers by creating, yielding, and communicating loftier customer compute. (Page 8). Selecting Customers to Serve: assemblage primary flows whom it obtain help. Does this by dividing traffic into segments of customers (traffic segmentation) and selecteding delay segments it obtain go following (target trafficing). Assemblage absences to selected ONLY customers that it can help well-behaved-behaved and profitably. Choosing a Compute Proposition: flow how it obtain help targeted customers. How it obtain verify and standing itself in the trafficplace. A infamy's compute prostanding is the set of benefits or computes it promises to yield to consumers to convince their needs. Marketing Skillful-treatment Orientations: easing strategies that obtain plant good correlativenesss delay target consumers. 5 choice concepts lower which constructions sketch & push out their trafficing strategies. 1 . The Formation Concept: the effect that consumers obtain benefit results that are advantageous and exceedingly affordable and that the construction should accordingly centre on decorous resultion and arrangement competency. . The Result Concept: the effect that consumers obtain benefit results that propose the most condition, operation, and features and that the construction should accordingly dedicate its distillation to making normal result improvements. Can control to trafficing myopia). 3. The Selling Concept: the effect that consumers obtain not buy abundance of the strong's results cosmical it lowertakes a great-scale selling and encouragement exertion. Typically practiced delay unwarranted good-natureds- those that buyers do not normally believe of buying. (Insurance or dignity donations). . The Marketing Concept: A philosophy that holds that achieving constructional goals remain on acute the needs and absences of target traffics and yielding the desired indemnifications emend than competitors do. Customer centre and compute are the paths to sales/profits; concept is a customer- entered "sense and respond" philosophy. 5. The Societal Marketing Concept: the effect that a assemblage's trafficing decisions should attend consumers' absences, the assemblage's requirements, consumers' hanker-run interests, and sociality hanker-run interests. Marketing skillful-treatment that yields compute to customers in a way that preserves or improves twain the consumer's and sociality well-behaved-being. Sustainable Marketing, socially & environmentally chargeable on trafficing that encounters bestow needs of consumers & dutyes & too preserving or enhancing the force of forthcoming generations to encounter their needs. "green images"). Preparing and Integrated Marketing Plan and Program: (Page 12) -Program plants customer correlativenesss by transforming the trafficing skillful-treatment into exercise. Consists of the strong's trafficing mix, the set of trafficing machines the strong uses to appliance its trafficing skillful-treatment and classified into filthy liberal groups (4 AS). The Filthy AS: Product- to yield in its compute sentence, strong must primary beget a need-satisfying Place- how it obtain effect the gift advantageous to target consumers. Promotion- impart delay target customers encircling the gift and influence them if its merits. Just merge each trafficing mix machine into a pregnant integrated trafficing program that imparts and yields the adapted compute to selected customers. Building Customer Relationships: (Pages 12-19) -Customer correlativeness skillful-treatment: the aggravateall course of planting and preserveing good customer correlativenesss by yielding loftier customer compute and indemnification. All aspects of acquiring, conducting, and increaseing customers. Customer Compute (customer-perceived compute): the customer's evaluation of the multiplicity among all the benefits and all the costs of a trafficing propose not-absolute to those of disregarding proposes. Customer Satisfaction: the quantity to which a result's perceived operation matches a buyer's expectations. Basic correlativenesss or ample connections. Tools: abundance trafficing programs or club trafficing programs are examples. Changing Nature of Customer Relationships: (Pages 17-18) - Customer Managed Relationships: trafficing correlativenesss in which customers, empowered by today's new digital technologies, interact delay companies and delay each other to figure their correlativenesss delay infamys. - Consumer Generated Marketing: Infamy substitutes begetd by consumers themselves- twain invited and invited by which consumers are unobstructed an increasing role in shaping their own infamy tests and those of other consumers. Partner Relationships Management: (Page 19) Working closely delay partners in other assemblage departments and beyond the assemblage to Jointly adduce main compute to customers. Partners Inside the Company: strongs are continuity all departments in the principle of creating customer compute. Firming cross-functional customer teams. "Marketing is far too significant to be left barely to the trafficing department". Marketing Partners Beyond the Firm: companies today are networked companies, trusting heavily on connection delay other strongs. Through yield compact skillful-treatment, companies today are strengthening their connections delay partners all ahanker the yield compact. Capturing Compute from Customers: (Pages 20-22) By creating loftier customer compute, strongs beget exceedingly amiable customers who come submissive and buy aggravate. - Creating Customer Loyalty ; Retention: Customer Breed Value: the compute of the perfect exoteric of purchases that the customer would effect aggravate a breed of buttress. - Growing Divide of Customer: Divide of Customer: the party of the customer's purchasing that a assemblage gets in it result categories. Firms can propose main multiplicity to vulgar customers or beget programs to cross-sell & up-sell to traffic aggravate results/services. Example: Amazon. - Construction Customer Equity: customers. It's a estimate of the forthcoming compute of the assemblage's customer grovelling. (Must plant the exact correlativeness delay the exact customer). The Digital Age: (Page 26-27) - Internet: A colossal national web of computer networks that connects users of all types all encircling the cosmos-people to each other and to an amazingly great instruction case. Online trafficing is now the fastest increaseing devise of trafficing and technology is providing new opportunities for trafficers.