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MKT 202

MKT 202. Spring 2015 INTRODUCTION TO MARKETING Instructor: Mr. Qudrat -E- Elahi Asif (QEA). Profile of Instructor Undergraduation : North South University (Major – Marketing & HRM) Postgraduation : Deakin University Australia (Major – Marketing)

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MKT 202

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  1. MKT 202 Spring 2015 INTRODUCTION TO MARKETING Instructor: Mr. Qudrat-E-ElahiAsif (QEA)

  2. Profile of Instructor • Undergraduation:North South University (Major – Marketing & HRM) • Postgraduation:Deakin University Australia (Major – Marketing) • Experience: Worked in ROBI AXIATA LTD., Beximco Textiles Limited in Bangladesh. In Energy Deal in Australia.

  3. Chapter 1 MARKETING: CREATING & CAPTURING CUSTOMER VALUE

  4. Learning Objectives • Define Marketing & Outline the Steps of Marketing Process • Discuss the Importance of Understanding Customers & Marketplace • Identify the 5 Core Marketplace Concepts • Identify the Key Elements of a Customer—driven Marketing Strategy & discuss the Marketing Management Orientations • Explain CRM & identify Strategies to Capture Value from Customers • Discuss the Major Trends & Forces which are Changing the Marketing Landscape

  5. Concept of Marketing • A way of Managing Profitable Customer relationship • Marketers have assembled new Marketing Approaches to reach Customers directly & personally • Kotler & Armstrong (2009), “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.”

  6. Outline Marketing Process • 5 Step Process forms the overall Framework of Marketing (Figure 1.1 – Simple Model of Marketing Process) Understand the Marketplace & Needs Design a Customer Driven Strategy Construct Integrated Marketing Program Capture Value from Customers to Create Profits Build Profitable Relationship & Create Delight

  7. Understanding Customers & Marketplace • There are 5 core Customer and Marketplace concepts which should be examined – • Customer Needs, Wants & Demand Needs vary from culture to culture. Wants are also shaped by one’s society and are expressed in terms of Objects. e.g. Southwest Airlines, P&G. • Market Offerings – Products, Services, Experiences It is a combination of 3 elements. Marketers use this combination to fulfill the needs and wants of customers. (pp.6) Smart marketers orchestrate several services and products to creates Brand Experiences, e.g. HP. A major mistake in point of view: Marketing Myopia

  8. Understanding Customers & Marketplace (con’t..) • Customer Value & Satisfaction - satisfied customers do Rebuy. - dissatisfied customers Switch to competitors products. • Exchanges & Relationships - marketers try to bring out Responses to offered products and services. Response may be simply more than just buying products or services - through providing superior value, marketers try to build and grow a long-term relationship with customers. • Markets A set of actual and potential buyers of a Product or Service. - both the Marketer and the Customer do marketing.

  9. Elements of Customer Driven Marketing Strategy • Marketers first do some initial activities before going to build a Marketing Strategy. • Segmentation Dividing the market into reachable and profitable customer segments. • Targeting Selecting which segments to enter and cultivate in future. • Positioning Map the product or service into the mind of the targeted customers in a way that will stand out from the competitors offers. e.g. Coca Cola brand name.

  10. Marketing Management Orientation • Organizations carry out their marketing strategies under 5 alternative orientations – • Production ConceptThe idea holds that consumers will buy those products which are readily available and affordable. E.g. LENOVO Computers. Companies following this strategy runs a major risk of focusing too narrowly to their own profit and misunderstand the actual needs of the customers. • Product ConceptIt holds that consumers will prefer those products and services which are best in quality, performance and innovative features. The major drawback of this concept is, it can create Marketing Myopia.

  11. Marketing Management Orientation (con’t..) • Selling Concept A theory which holds the idea that consumers will not buy an organization’s product unless the firm undertakes a large-scale selling & promotion effort. But, it carries high risk. e.g. Insurance, Blood Donation. Starting Point Focus Means Ends Factory Existing Products Selling & Promoting Profit Through Sales

  12. Marketing Management Orientation (con’t..) • Marketing Concept The philosophy that projects, achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors. An outside-in perspective. E.g. Southwest Airlines does not consider Marketing department, rather it is Customer Dept. Starting Point Focus Means Ends Market Customer Needs Integrated Marketing Profits Through Customer Satisfaction

  13. Marketing Management Orientation (con’t..) • Societal Marketing ConceptThe concept holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s & society’s well-being. e.g. ‘Green Packaging’ of bottled water. Society (human welfare) Consumers(want satisfaction) Company(profit) Societal Marketing Concept

  14. What Is CRM? • Marketing program consists of Marketing Mix tools (the 4 P’s), builds relationship by transforming strategy into action. • ‘The overall process of building & maintaining profitable customer relationships by delivering superior customer value.’ (pp.13) It involves carefully managing ‘Customer Touch-points’ to increase customer loyalty. • The 2 important customer relationship building blocks are – a) Customer Perceived Value Customer’s evaluation of the difference between all the benefits & costs of a marketing offer relative to those of competing offers. b) Customer Satisfaction The extent to which a products perceived performance matches buyer’s expectation. ‘Delighted’ customers become loyal & spread good Word-of-mouth.

  15. Key Strategies to Capture Value from Customers • Marketers aim is to build right relationship with right customers. • Firms adapt ways to make profit not by lowering the prices of the products but through delivering high quality product and service in market price. • A useful strategy to attract customers can be – Frequency Marketing Programs. e.g. Airlines industries run frequent flyer programs, Hotels give room upgrades to their frequent guests. • Consumer Generated Marketing is another useful strategy. Here, the ads, messages and brand exchanges all are created by customer themselves. e.g. HEINZ run contests for consumer generated TV commercials.

  16. Key Strategies to Capture Value from Customers (con’t..) • Creating Customer Loyalty & Retention It can be done through several ways – Creating Customer Lifetime Value The value of the entire stream of purchases that the customers would make throughout their lifetime. Losing a customer means losing more than 1 Sales. Share of Customers The portion of the customer’s purchasing a company gets in it’s product categories. A company variety of products to increase Share of Customer. Customer Equity is the total combined customer lifetime values of all the company’s customers. The more Loyal a firm’s customer, the higher is the customer equity for that firm.

  17. Trends & Forces Changing the Marketplace • After examining the major trends & forces that are changing the marketing landscape, we found 4 major developments – • The Digital Age The digital age has provided marketers with exciting new ways to learn about & track customers & to create products & services tailored to individual customer needs. Digital technology has brought a new wave of communication, advertising & relationship building tools, e.g. Internet. A current trend is : Online Marketing • Rapid Globalization Marketers are now connected Globally with customers. As a result, many local firms or brands are challenged by their international rivals. e.g. Toyota, Nokia, Samsung, Nestle.

  18. Trends & Forces Changing the Marketplace (con’t..) • More Ethical & Social Responsibility Consumerism and Environmentalism movements have matured worldwide. Consumers consistently expect the marketers to deliver exactly the same things which they advertise in media. Everything a company does effects the brand in the eyes of it’s customers. e.g. Google using solar energy for it’s server. • Growth of Not-for-Profit Marketing Society’s not-for-profit organizations is in need of sponsorship & promotion. Such as, School, Colleges, Club. Government organizations are now-a-days coming forward to design marketing campaigns. e.g. Social Marketing Campaign design to discourage smoking. U.S. Postal Service developed campaigns to promote Stamps, Postcards.

  19. END OF THE CHAPTER 1

  20. Thank You

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