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Defining Marketing
for the 21st Century
What is Marketing?

Marketing is an organizational function


and a set of processes for creating,
communicating, and delivering value
to customers and for managing
customer relationships in ways that
benefit the organization and its
stakeholders.

Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 1-2


What is Marketing Management?

Marketing management is the


art and science
of choosing target markets
and getting, keeping, and growing
customers through
creating, delivering, and communicating
superior customer value.

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What is Marketed?

Goods
Services
Events
Experiences
Persons

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What is Marketed?

Places
Properties
Organizations
Information
Ideas

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Demand States

Negative Irregular
Nonexistent Unwholesome
Latent Full
Declining Overfull

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Figure 1.1 Structure of Flows in
Modern Exchange Economy

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Figure 1.2
A Simple Marketing System

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Key Customer Markets

Consumer markets
Business markets
Global markets
Nonprofit/Government markets

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Core Concepts

Needs, wants, and Marketing channels


demands Supply chain
Target markets, Competition
positioning, Marketing
segmentation environment
Offerings and Marketing planning
brands
Value and
satisfaction

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Types of Needs

Stated

Real

Unstated

Delight

Secret

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Target Markets,
Positioning & Segmentation

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Offerings and Brands

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Value and Satisfaction

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Marketing Channels

Communication

Distribution

Service

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Marketing Environment

Demographic Economic

Socio-cultural
Political-legal

Technological Natural

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Major Societal Forces

Network information Industry convergence


technology Retail transformation
Globalization Disintermediation
Deregulation Consumer buying power
Privatization Consumer participation
Heightened competition Consumer resistance

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Company Orientations

Production

Product

Selling

Marketing

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Holistic Marketing

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Relationship Marketing

Customers

Employees

Marketing Partners

Financial Community

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Integrated Marketing

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Internal Marketing

Internal marketing is the task of


hiring, training, and motivating able employees
who want to serve customers well.

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Performance Marketing

Financial Social Responsibility


Accountability Marketing

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Types of
Corporate Social Initiatives

Corporate social marketing


Cause marketing
Cause-related marketing
Corporate philanthropy
Corporate community involvement
Socially responsible business practices

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The Marketing Mix

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The New Four Ps

People

Processes

Programs

Performance

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Marketing Management Tasks

Develop market strategies and plans


Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth

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1
5
Creating Long-Term
Loyalty Relationships
Chapter Questions

What are customer value, satisfaction, and


loyalty, and how can companies deliver them?
What is the lifetime value of customers and
how can marketers maximize it?
How can companies attract and retain
customers and cultivate strong customer
relationships?
What are the pros and cons of database
marketing?

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Harrahs Builds Relationships

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Figure 5.1 Customer-Orientations

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Dell Reestablished
Its Commitment to Value

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What is
Customer Perceived Value?
Customer perceived value is the
difference between the prospective
customers evaluation of all the benefits
and all the costs of an offering and the
perceived alternatives.

Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 5-33


Figure 5.2 Determinants of
Customer Perceived Value
Total customer benefit Total customer cost

Product benefit Monetary cost

Services benefit Time cost

Personal benefit Energy cost

Image benefit Psychological cost

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Caterpillar Maximizes
Customer Value

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Steps in a
Customer Value Analysis
Identify major attributes and benefits that
customers value
Assess the qualitative importance of different
attributes and benefits
Assess the companys and competitors
performances on the different customer values
against rated importance
Examine ratings of specific segments
Monitor customer values over time

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What is Loyalty?

Loyalty is a deeply held commitment to re-


buy or re-patronize a preferred product or
service in the future despite situational
influences and marketing efforts having the
potential to cause switching behavior.

Copyright 2011 Pearson Education, Inc. Publishing as Prentice Hall 5-37


Top Brands in Customer Loyalty

Apple iPhone Google


Clairol Amazon
Samsung Bing
Mary Kay J.Crew
Grey Goose AT&T Wireless
Clinique Discover Card
Avis Verizon Wireless
Wal-Mart Cheerios

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Establishing Value

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Measuring Satisfaction

Periodic surveys
Customer loss rate
Mystery shoppers
Monitor competitive performance

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Managing Customers

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What is Quality?

Quality is the totality of features and


characteristics of a product or
service that bear on its
ability to satisfy
stated or implied needs.

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Maximizing Customer Lifetime Value

Customer Profitability

Customer Equity

Lifetime Value

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Figure 5.3 Customer-Product
Profitability Analysis

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Estimating Lifetime Value

Annual customer revenue: $500


Average number of loyal years: 20
Company profit margin: 10
Customer lifetime value: $1000

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What is
Customer Relationship Management?

CRM is the process of carefully managing


detailed information about individual
customers and all customer touch points to
maximize customer loyalty.

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Framework for CRM

Identify prospects and customers


Differentiate customers by needs and value to
company
Interact to improve knowledge
Customize for each customer

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Amys Maximized Word of Mouth

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Attracting and
Retaining Customers
Reduce the rate of defection
Increase longevity
Enhance share of wallet
Terminate low-profit customers
Focus more effort on high-profit customers

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Figure 5.4 The Marketing Funnel

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Loyalty Programs

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Database Key Concepts

Customer database Business database


Database marketing Data warehouse
Mailing list Data mining

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Using the Database

To identify prospects
To target offers
To deepen loyalty
To reactivate customers
To avoid mistakes

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Dont Build a Database When

The product is a once-in-a-lifetime purchase


Customers do not show loyalty
The unit sale is very small
The cost of gathering information is too high

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