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12. Customer-Driven Marketing. How Marketing Creates Utility. Marketing indirectly influences form utility Three kinds of utility are directly created by marketing: Place utility Time utility Ownership utility Marketing activities add value to goods & services

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12. Customer-Driven Marketing


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how marketing creates utility
How Marketing Creates Utility
  • Marketing indirectly influences form utility
  • Three kinds of utility are directly created by marketing:
    • Place utility
    • Time utility
    • Ownership utility
  • Marketing activities add value to goods & services
    • Contribute to customer satisfaction
eight major marketing functions
Eight Major Marketing Functions
  • The exchange functions
    • Buying
    • Selling
  • The physical distribution functions
    • Transporting
    • Storing
  • The facilitating functions
    • Financing – Standardization & grading
    • Risk taking – Gathering marketing info.
the marketing concept
The Marketing Concept
  • Philosophy that involves entire organization in satisfying customer needs while achieving organizational goals
  • Important to understand buyer behavior (Fig. 12.11)
    • Motivation of organizational buyers and consumers
  • Relationship marketing
    • Involves developing long-term partnerships with customers, suppliers, related businesses
    • Purpose: to enhance customer satisfaction and stimulate long-term loyalty
    • E.g., affinity programs, co-marketing & co-branding
components of a market broad market classifications
Components of a Market:Broad Market Classifications

• Consumer market

    • Non-reseller buyers who intend to consume product
    • Segmented according to: demographic, psychographic, geographic, product-related bases
  • Organizational market
    • Business-to-business market
    • Four categories:
      • Producer markets • Governmental markets
      • Reseller markets • Institutional markets
    • Segmented according to: geographic, demographic, end-use bases
developing the marketing strategy
Developing theMarketing Strategy
  • Two basic strategic elements:
    • Selection & analysis of the target market(s)
      • Direct marketing activities to it/them using
        • Undifferentiated approach (mass marketing)
        • Market segmentation approach (divide market into groups)
          • Concentrated approach (one segment)
          • Differentiated approach ( 2+ segments)
    • Creation & maintenance of the marketing mix
      • Product • Price
      • Distribution • Promotion
      • The marketing mix is the controllable part of the marketing environment
the external marketing environment
The ExternalMarketing Environment
  • Generally uncontrollable forces that include:
    • Sociocultural forces
    • Economic forces
    • Competitive forces
    • Technological forces
    • Regulatory forces (political & legal forces)
developing a marketing plan
Developing a Marketing Plan
  • Written document that specifies an organization’s resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group
  • Components usually include:
    • Executive summary – Marketing strategies
    • Environmental analysis – Marketing implementation
    • SWOT analysis – Evaluation & control
    • Marketing objectives
marketing research
Marketing Research
  • Six steps:
    • Define the problem
    • Make preliminary investigation
      • Examine internal secondary information
        • Data mining & data warehouses
      • Examine external secondary published information, etc.
    • Plan the primary research
    • Implement the research
    • Interpret the information
    • Reach a conclusion