principles of marketing (chapter 1).ppt
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PRINCIPLES OF MARKETINGPRINCIPLES OF MARKETING
Marketing:
Creating and Capturing Customer
Value
11
Saihad Shahid Rahman, Spring 2014-2015 Saihad Shahid Rahman, Spring 2014-2015
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WHAT IS MARKETING?WHAT IS MARKETING?
Marketing Defined
Marketing is the process by which companies
create value for customers and build strongcustomer relationships in order to capture value from customers in return.
Marketing is a social and managerial process by which individuals and groups obtain what they need and want, through creating,offering and exchanging products (goods
and services) of value with others.
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WHAT IS MARKETING?WHAT IS MARKETING?
The Marketing Process
1. Understand the marketplace and customer
needs and wants2. esign a customer!driven marketing strategy
". #onstruct an integrated marketing programthat delivers superior value
$. %uild profitable relationships and createcustomer delight (satisfaction)
&. #apture value from customers to create profitsand create customer e'uity
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WHAT IS MARKETING?WHAT IS MARKETING?
Source: Adapted from Kotler et al. (2008:7)
A Simple Model of the Marketing Process
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Needs !ants "
#emands
Mar$etO%erings(Products
Ser!ices "#$periences)
Value "Satis&a'tion
Mar$ets
E(')angeTransa'tions "
Relations)ips
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
5 Core and Marketplace Concepts
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UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
Customer Needs, Wants, and Demands
Needs are states of felt deprivation, he statesof mind (he basic human re'uirements)
* +hysical needfood, clothing, warmth, safety
* -ocial needbelonging and affection
* ndividual needknowledge and self!expression, recognition
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Customer Needs, Wants, and Demands
Wants are described in terms of ob/ectives that will satisfy needs. 0nd wants are form ofhuman needs shaped by ones society,culture individual personality.
Demands are human wants backed by buyingpower. o be demand the affordability of thecustomers and willingness to pay for anyproduct is important.
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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Customer Needs, Wants, and Demands
Needs: Needs: need 3ood4 #loth.
Wants:Wants: 0s a %angladeshi want rice and fish as food, 5ungiand 3otua as cloth whereas an 0merican wants sandwich or burger as food and /eans, t!shirt as cloth.
Demands: Demands: 0s Mr. Haque is a business magnate, hisdemand is having rice and fish from 6adisson hotel and
clothes from a designer house. %ut since Mr. Khan is astudent his demand is having rice and fish from 0U%canteen or -tar 7ebab and clothes from 8ew market.
If Mr. Khan demand Food from Radisson and Clothesfrom designer house that will be considered as his
want as he does not have the ability of buying it.
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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Market OfferingsProducts, Ser!ices, and "#periences
Market offerings are some combination of physical goods and service oriented benefits offered to a market to satisfy aneed or want of the customer.
! -o the 'uestion is, what are the different9fferings (+hysical goods, -ervices and:xperiences etc.) that can be marketed as+roduct;
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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WHAT CAN BE MARKETED?WHAT CAN BE MARKETED?
E(perien'esE(perien'es PersonsPersons Pla'esPla'es
Organi*ationsOrgani*ations IdeasIdeasIn&ormationIn&ormation
Physical GoodsPhysical Goods Ser+i'esSer+i'es E+entsE+ents
PropertiesProperties
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GoodsGoodsServicesServices
EventsEvents
ExperiencesExperiences
PersonsPersons
,illGates
Mar$-u'$er.erg
WHAT CAN BE MARKETED?WHAT CAN BE MARKETED?
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PlacesPlaces OrganizationsOrganizations
InformationInformation
IdeasIdeas
PropertiesProperties
WHAT CAN BE MARKETED?WHAT CAN BE MARKETED?
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$alue and Satisfaction
Value is the inner strength or capability of aproduct that can solve the problem of a
consumer.
Customer perceived value is the customersevaluation of the difference between totalcustomer benefits and total customer costs of
a market offering relative to those ofcompeting offers.
Satisfaction is the position of consumers mindresulted from their expectation and the actual
performance of the product.
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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"#changes, Transaction and %elationships
Exchange is the act of obtaining a desiredob/ect from someone byoffering something in return.
Transaction is a trade of values between twoor more parties. his is actuallyexchange of something in between two or more parties by setting themonetary value of their ob/ect.
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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"#changes, Transactions and %elationships
elationships elationships consist of actions to buildand maintain desirable relationships bydelivering superior value to the customers.
%&
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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Markets
Markets are the set of actual and potential
buyers of a product or service.
! hese buyers share a
particular need or want that can besatisfied throughexchange relationships.
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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Marketing S&stem
Marketing S!stem consists of all of the actors
(suppliers, company, competitors, intermediaries,and end users) in the system who are affected bythe following ma/or environmental forces<
* emographic
* :conomic* +hysical4=eographical* echnological* +olitical>legal* -ocio!cultural
%7
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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Source: Adapted from Kotler et al. (2008:%')
"lements of A Modern Marketing S&stem
UNDERSTANDING THE MARKETPLACEUNDERSTANDING THE MARKETPLACE
AND CUSTOMER NEEDS…AND CUSTOMER NEEDS…
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DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
Marketing Management
Marketing Management is the art andscience of choosing target markets and building profitable relationships with them.
! 3or managing customers properly we needthink about<
* ?hat customers will we serve;* @ow can we best serve these customers;* @ow can we increase our profitability
through satisfying our target customers;
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Selecting Customers to Ser!e
De"marketing refers to the set of activities toreduce demand temporarily or permanentlyfrom one place or specific time to anotherAthe aim is not to destroy demand but toreduce or shift it.
! t reduces the extra load from the regular business operations and make a balance between peak off!peak demand situations.
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
Marketing Management Orientations'Concepts of Marketing(
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Production Concept
#roduction concept is the idea thatconsumers will favor products that are widely available or highly affordable.
! 5arge production and effective distribution
#hannel is important.
! +rice of the products remains relatively lowand they are available almost everywhere.
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Production Concept)
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Product Concept
#roduct concept is the idea that consumers willfavor products that offer the most 'uality,performance, and features for which theorganiBation should therefore dedicate itsenergy for making continuous improvements.
! 6esearch evelopment activities for newinnovations and putting emphasis on customerpreference is essential.
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Product Concept)
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Selling Concept
Selling concept is the idea that consumers will not buy enough of the firms products
unless it undertakes attractiveadvertisements and large scale of selling andpromotion effort.
! #ommunicating with the customers properlyand creating strong appeal about theproducts or services among them.
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Selling Concept)
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Marketing Concept
Marketing concept is the idea that achieving
organiBational goals depends on knowingthe needs and wants of the target marketsand delivering the desired satisfactions better than competitors do.
! #ustomer is the king, -o meeting the changingdemand of customer is most importantpoint for marketers to emphasis.
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Marketing Concept)
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
Societal Marketing Concept
Societal marketing concept is the idea that
a company should make good marketingdecisions by considering consumers wants,the companys re'uirements, consumerslong!term interests, and societys long!runinterests.
! hinking and acting as a member or part ofthe society and participating in different #orporate -ocial 6esponsibilities C#-6Dactivities.
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Societal Marketing Concept)
Societal Marketing
Concept
To Company
(Profits)
To Consumers
(Want & Satisfaction)
To Society
(Human & Environmental Welfare)
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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Societal Marketing
Concept …
DESIGNING A CUSTOMER-DRIVENDESIGNING A CUSTOMER-DRIVEN
MARKETING STRATEGY…MARKETING STRATEGY…
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*ntegrated Marketing Program
$ntegrated marketing program is acomprehensive marketing plan to create,communicate and deliver the proposed valueto the chosen customers.
! %y #ombining the tools of marketing mix($ +s< +roduct, +rice, +lace, +romotion), we can formulate a proper integratedmarketing programs for the customers.
PREPARING AN INTEGRATEDPREPARING AN INTEGRATED
MARKETING PLAN AND PROGRAMMARKETING PLAN AND PROGRAM
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BUILDING CUSTOMER RELATIONSHIPSBUILDING CUSTOMER RELATIONSHIPS
Customer %elationship Management 'C%M(
Customer elationship Management isthe overall process of building andmaintaining profitable customer
relationships by delivering superior customer value and satisfaction.
- t deals with ac'uiring, keeping and growing customers.
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BUILDING CUSTOMER RELATIONSHIPSBUILDING CUSTOMER RELATIONSHIPS
Partner %elationship Management
Suppl! Chain is a channel that stretches
from raw materials to components to finalproducts to final buyers.
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CAPTURING VALUE FROM CUSTOMERSCAPTURING VALUE FROM CUSTOMERS
Creating Customer +o&alt& and %etention
Customer %ifetime Value is the value of theentire stream of purchases that the customer
would make over his or her lifetime.
- stimating Customer !ife "ime #alue$
0nnual customer spending to a company< aka 1&EE 0verage number of loyalty of that customers < 2E Fears #ompany regular profit margin< 1&G #ustomer lifetime value (revenue)< aka ; #ustomer lifetime value (+rofit)< aka ;
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Creating Customer +o&alt& and %etention
Suppose Ms. Zamila visits KFC thrice a week and
consume 1 pkt. of combo 1 every time, and she is
oin to consume it for the ne!t" last 1# years at the
same rate, if other thins remain constant, and price
of one pkt. of Combo 1 is $%& tk, Ms. Zamila's life
time value will be
'7
/00122t$
CAPTURING VALUE FROM CUSTOMERSCAPTURING VALUE FROM CUSTOMERS
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uilding Customer "-uit&
Customer quity is the total combined
customer lifetime values of all of thecompanys customers.
! his is companys cumulative sales values for allkinds of product or services for the time being.
! -o, #6H takes a long!term view not only tocreate profitable customers but to IownJ(making loyal) them for life and capturetheir life time value.
CAPTURING VALUE FROM CUSTOMERSCAPTURING VALUE FROM CUSTOMERS
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THE NEW MARKETING LANDSCAPETHE NEW MARKETING LANDSCAPE
Ma.or De!elopments 'Changes in Marketing(
igital age *lo+ali,ation
#t-ics and social responsi+ilit
/-e grot- of 1otforpro3t marketing 4-anging orld econom
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Emerging
Challenges
Emerging
Challenges
Non-profitMarketing
NewDigital Age
EthicalConcerns
RapidGlobalisation
ChangingWorld Economy
THE NEW MARKETING LANDSCAPETHE NEW MARKETING LANDSCAPE
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END of CHAPTER - 1
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