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Chapter 1. Marketing in a Changing World: Creating Customer Value and Satisfaction. Road Map: Previewing the Concepts. Define what marketing is and discuss its core concepts. Explain the relationships between customer value, satisfaction, and quality.

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chapter 1

Chapter 1

Marketing in a Changing World: Creating Customer Value and Satisfaction

road map previewing the concepts
Road Map: Previewing the Concepts
  • Define what marketing is and discuss its core concepts.
  • Explain the relationships between customer value, satisfaction, and quality.
  • Define marketing management and understand how marketers manage demand and build profitable customer relationships.
  • Compare the five marketing management philosophies.
  • Analyze the major challenges facing marketers heading into the new “connected” millennium.
what is marketing
What is Marketing?

Simply put: Marketing is the delivery of customer satisfaction at a profit.

Goals: Attract new customers by promising superior value and

keep and grow current customers by delivering satisfaction.

marketing defined
Marketing Defined

Process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.

what will satisfy consumers needs and wants
What Will Satisfy Consumers’ Needs and Wants?

Products

Anything that can be Offered to a Market to Satisfy a Need or Want

Experiences

Persons

Places

Organizations

Activities

Ideas

Services

Activity or Benefit Offered for Sale That is Essentially

Intangible and Doesn’t Result in the Ownership of Anything

how do consumers choose among products and services

Value Gained From Owning a Product and Costs of Obtaining the Product isCustomer Value

Product’s Perceived Performance in Delivering Value Relative to Buyer’s Expectations is Customer Satisfaction

Total Quality Management Involves Improving the Quality of Products, Services, and Business Processes

How Do Consumers ChooseAmong Products and Services?

Customer-Driven Quality

how do consumers obtain products and services
How Do Consumers Obtain Products and Services?

Transactions

Exchanges

  • Relationships
  • Building a Marketing
  • Network by Adding:
  • Financial Benefits
  • Social Benefits
  • Structural Ties
  • Profitable Customers
slide10

Interactive Student Assignments

  • Consider the following thought questions, formulate an answer, pair with the student on your right, share your thoughts with one another, and respond to questions from your instructor.
    • When was the last time you were completely satisfied with something you purchased?
    • What was it?
    • Why were you satisfied?
    • What did a marketer have to do with this?
marketing management
Marketing Management

Marketing

Management

Involves managing demand, which involves managing customer relationships

Demand

Management

Finding and increasing demand, also changing or reducing demand such as in Demarketing

Profitable

Customer

Relationships

Attracting new customers and

retaining and building

relationships with current

customers

marketing management practice

Stage 1. Entrepreneurial Marketing

Marketing Management Practice

Stage 2. Formulated Marketing

Stage 3. Intrepreneurial Marketing

marketing management philosophies
Marketing Management Philosophies

Production Concept

Product Concept

Selling Concept

Marketing Concept

Societal Marketing Concept

Customer-Driven

societal marketing concept fig 1 4
Societal Marketing Concept (Fig. 1-4)

http://www.johnsonandjohnson.com/

slide17

Discussion Question

  • What are the major differences between the Marketing Concept and the Societal Marketing Concept?
technologies for connecting
Technologies for Connecting

Create Products &

Services Tailored to

Meet Customer Needs

Learn About &

Track Customers

With Databases

Connecting Technologies in

Computers,

Telecommunications,

Information, & Transportation

Help To:

Distribute Products

More Efficiently &

Effectively

Communicate With

Customers in Groups

Or One-on-One

the internet
The Internet
  • The Internet has been hailed as the technology behind a New Economy.
  • New applications include:
    • “click-and-mortar” companies
    • “click-only” companies
    • Business-to-business e-commerce
  • Business-to-business transactions online are expected to reach $3.6 trillion in 2003.
  • By 2005, 500,000 companies will use the Internet to do business.
connections with customers
Connections With Customers
  • Most marketers are targeting fewer, potentially more profitable customers.
  • Asking:
    • What value does the customer bring to the organization?
    • Are they worth pursuing?
  • Connecting for a customer’s lifetime.
bankone marketing at work 1 3
BankOne (Marketing at Work 1-3)
  • BankOne focuses on connecting with customers they can serve profitably.
  • Premier One customers know that they are “special, exclusive, privileged, valued.”
  • http://www.bankone.com/
direct connections with customers
Direct Connections With Customers
  • Many companies use technologies to let them connect more directly with their customers.
    • Products available via telephone, mail-order catalogs, kiosks and e-commerce.
    • Some firms sell only via direct channels (i.e. Dell Computer, http://www.amazon.com/), others use a combination.
  • Direct marketing is redefining the buyer’s role in connecting with sellers.
    • Buyers are active participants in shaping the marketing offer and process; some buyers design their own products online such as at http://www.landsend.com/.
connections with marketing s partners
Connecting Inside the Company

Every employee must be customer-focused

Teams coordinate efforts toward customers

Connecting With Outside Partners

Supply Chain Management

Strategic Alliances

Connections With Marketing’s Partners
connections with the world around us
Connections With the World Around Us

Global

Connections

Broadening

Connections

Value

Connections

Social Responsibility

Connections

rest stop reviewing the concepts
Rest Stop: Reviewing the Concepts
  • Define what marketing is and discuss its core concepts.
  • Explain the relationships between customer value, satisfaction, and quality.
  • Define marketing management and examine how marketers manage demand and build profitable customer relationships.
  • Compare the five marketing management philosophies.
  • Analyze the major challenges facing marketers heading into the next millennium.