BUSN 3rd kelly mcgowen chapter11
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BUSN
Marketing: Building a Profitable Customer Connection
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing:
Building Profitable Customer
Connections
• What are the objectives, processes and scope of
marketing?
• What is the customer’s role in marketing?
• What are the elements of the marketing strategy?
• What is the decision-making process for consumers?
Businesses?
• What are the key elements of marketing research?
• How have social responsibility and technology impacted
marketing?
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Marketing: Getting Value by Giving Value
Marketing – the activity, set of institutions,
and processes for creating, communicating,
delivering, and exchanging offerings that have
value for customers, clients, partners, and
society at large.
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Marketing: Getting Value by Giving Value
Form
Utility
Time
Utility
The ability of
goods and
services to
satisfy wants.
Place
Utility
BUSN
Ownership
Utility
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
The Scope of Marketing: It’s Everywhere!
• People Marketing
• Place Marketing
• Event Marketing
• Idea Marketing
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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BUSN
Marketing: Building a Profitable Customer Connection
The Evolution of Marketing:
From the Product to the Customer
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
The Marketing Concept
The marketing concept is a philosophy that makes
customer satisfaction—now and in the future—the
central focus of the entire organization.
Unmatched value to customers is the only way to
long-term profitability
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
The Customer: Front and Center
Customer Relationship
Management (CRM)
Limited
Relationships
Full
Partnerships
Value
Customer
Satisfaction
Customer Loyalty
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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•
•
•
•
Marketing: Building a Profitable Customer Connection
Perceived Value versus Actual Value
Low cost does not mean value
Value is a relationship between cost and benefits
Loyal customers will pay more for their products
Creating value is not enough
Customers must believe
that your product is simply
uniquely qualified to meet
their needs
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Customer Satisfaction
You have satisfied customers when
you deliver perceived value above
and beyond their expectations, but
Don’t overpromise
Don’t underpromise
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Marketing Strategy: Where Are You Going And How
Will You Get There?
• Marketing Plan – organizations may
have a formal or informal plan that
directs their efforts
• Marketing Segmentation – the first
step in planning your marketing
strategy.
Who are the people who will buy the products?
Divide the market into groups of people and
segments to target (target market)
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Marketing Strategy: Where Are You Going And How
Will You Get There?
A Well Chosen Target Market:
Size
Profitability
Accessibility
Limited Competition
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Consumer Markets versus Business Markets
Consumer
Markets
Products for
personal
consumption.
How will the
buyer use the
product?
Business
Markets
Products used
directly or
indirectly to
produce other
products.
Different approaches to select target markets.
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Consumer Market Segmentation
• Demographic
• Geographic
• Psychographic
• Behavioral
• Marketers may select multiple
segments to target
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Business Market Segmentation
• Geographic
• Customer-based
• Product-use based
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Color Me…Hungry?!
Surrounding customers with red, yellow, and orange
encourages them to eat a lot quickly and leave.
• Marketing researchers found that
American consumers associate red with
energy, passion, speed, and hunger.
• Yellow suggests happiness and warmth;
orange suggests playfulness, fun,
affordability.
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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BUSN
Marketing: Building a Profitable Customer Connection
The Marketing Mix
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
The Global Marketing Mix
• Do you need to change your marketing mix for
every country?
• Most consumer products require a new marketing
mix for each global market while many business
products do not
Change and growth in the world market requires understanding the global environment
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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BUSN
Marketing: Building a Profitable Customer Connection
The Marketing Environment
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Without a Map, Charting an Ethical Course:
When Less is More…
• In 2008, 30% of all packaged goods got smaller, mostly unnoticed by
consumers
•
Skippy peanut butter jars got 10% smaller
but the jar looks the same
•
PepsiCo reduced the size of its orange
juice by 7 ounces but touted a “new
ergonomic design”
•
Many argue that this is a distraction from
price increases
• Food manufacturers state these changes are needed in light of
skyrocketing costs
• Others say it is a game of deception, what do you think?
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Customer Behavior:
Decisions! Decisions! Decisions!
Consumer Behavior
How people act when
they are buying
products.
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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BUSN
Marketing: Building a Profitable Customer Connection
Consumer Decision Process
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Elements that Influence the Consumer DecisionMaking Process
Cultural:
Values, attitudes, customs,
social class
Social: Family, friends & reference
groups
Personal: Demographics, personality
Psychological: Motivation, attitudes,
perceptions, learning
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Business Buyer Behavior
Rationale Criteria
Specific Purchase Criteria
Objective Standards
Input from Multiple Internal Sources
Formal Process
Frequently Seek Customized Goods
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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Marketing: Building a Profitable Customer Connection
Marketing Research:
So What Do They REALLY Think?
Marketing research involves gathering,
interpreting, and applying information to
uncover opportunities and challenges
• Monitor and predict customer behavior
• Evaluate and improve marketing mix
• Better marketing decisions
• More value for consumers
• More profits for business
BUSN
©2011 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
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