Introduction to Marketing Process

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Questions and Answers

What is the primary benefit of customer loyalty for businesses?

Loyal customers are less expensive to retain (correct)

Loyalty programs are costly to implement

New customers are more likely to purchase

Repeat customers typically buy less

What is the first stage of the relationship process with customers?

Providing customer satisfaction

Building trust and goodwill

Converting contacts to loyal customers

Meeting and getting acquainted (correct)

Which of the following is a factor involved in providing a satisfying customer experience?

Limiting customer interactions

Enforcing strict return policies

Measuring customer satisfaction (correct)

Increasing product prices

What is meant by customer lifetime value?

The total purchases a customer makes over their lifetime Signup and view all the answers

In which relationship stage is it essential to convert contacts into repeat customers?

Providing a satisfying experience Signup and view all the answers

What is a key action to build awareness in the initial relationship stage?

Capturing new business Signup and view all the answers

Which aspect is NOT a focus during the second stage of customer relationship?

Increasing production efficiencies Signup and view all the answers

Which of the following best describes customer brand advocacy?

Customers initiate favorable interactions about a brand Signup and view all the answers

What is the primary aim of marketing as defined in the context provided?

To engage customers and build strong customer relationships Signup and view all the answers

Which of the following best describes a 'need' in marketing terms?

A state of felt deprivation such as food or safety Signup and view all the answers

What are 'demands' in the context of marketing?

Human wants that are supported by buying power Signup and view all the answers

Which element is considered a key factor in a customer value-driven marketing strategy?

Understanding customer needs and preferences Signup and view all the answers

How does Emirates Airlines leverage its strategic location?

By creating a unique customer value proposition in the airline industry Signup and view all the answers

What are case studies intended to achieve in the learning methods described?

To explore real-world marketing scenarios and applications Signup and view all the answers

What role do Emirates' premium services, like Dubai Connect, play in its marketing strategy?

They help in maintaining the ability to charge higher fares Signup and view all the answers

What would be an inappropriate focus for a customer value-driven marketing strategy?

Concentrating solely on corporate profits over customer needs Signup and view all the answers

What is the primary focus of the marketing concept?

Understanding and delivering value to target customers Signup and view all the answers

Which of the following is NOT a part of market offerings?

Sales strategies Signup and view all the answers

How does the societal marketing concept differ from traditional marketing strategies?

It considers societal and environmental well-being Signup and view all the answers

Customer perceived value is best defined as:

The evaluation of benefits minus costs relative to competitors Signup and view all the answers

Which company orientation focuses on having a strong sales team?

The Sales Concept Signup and view all the answers

What can happen if customers are dissatisfied with a market offering?

They often switch to competitors Signup and view all the answers

What is a common goal of customer relationship management?

To build strong bonds with customers Signup and view all the answers

What strategy might companies use to encourage repeat business from customers?

Offering frequency marketing programs Signup and view all the answers

Study Notes

Topic 1 Introduction: Defining Marketing and the Marketing Process

Marketing is the process by which companies engage customers, build strong relationships, and create value to capture value from customers in return.
The marketing process is a five-step process, starting with understanding the marketplace and customer needs and wants.
The process also includes designing a customer value-driven marketing strategy.
Constructing an integrated marketing program that delivers superior value is next.
Engaging customers, building relationships, and creating customer delight are crucial to the success of the process.
The process concludes with capturing value from customers to create profits and customer equity.

Introduction

Aisulu Issayeva is a senior lecturer with a master's in marketing.
Her teaching philosophy emphasizes the importance of education serving society and recognizing each student as a unique individual with a tailored approach.
The goal is to create an environment where students can realize their academic and personal potential.

Introduction: Syllabus and Questions

Students are expected to briefly introduce themselves and their interests.
Students will be asked to share their preferred learning styles and methods.

Introduction: Learning Methods

Case studies, focusing on real-world marketing scenarios.
Group projects.
Workshops, focusing on particular skills.
Written assignments and quizzes.

Topic 1 Objectives

Define marketing and outline the marketing process.
Explain the importance of the marketplace and customers.
Identify the key elements of a customer value-driven marketing strategy.

Marketing in Action

Discussion prompts on memorable air travel experiences.

Emirates' Customer Value-Driven Marketing

Discuss Emirates' service offerings to customers.
Examine how Emirates has leveraged its Dubai location to create a unique value proposition.
Analyze the role of the Skywards loyalty program in building customer relationships.
Assess Emirates' premium services, such as Dubai Connect and Chauffeur Drive, in relation to premium pricing.
Evaluate Emirates' digital and social media marketing strategies to deepen customer engagement.

What is Marketing?

Marketing is the process businesses use to engage with customers, build strong relationships, and generate customer value.

The Marketing Process

Understanding the marketplace and customer wants and needs.
Creating value for customers and building relationships.
Designing a customer value-driven marketing strategy.
Constructing an integrated marketing program that delivers superior value.
Engaging customers, building profitable relationships, and creating customer delight.
Capturing value from customers to create profits and customer equity..

Understanding the Marketplace and Customer Needs

Needs: States of felt deprivation (e.g., food, safety)
Wants: Desires shaped by culture and individuality.
Demands: Wants backed by buying power.
Consumer needs and demands are fulfilled by market offerings (products, services, experiences).

Market Offerings

Products, services, experiences, emotions, information, places, and ideas.

Advanced Market Offerings

Customers form expectations regarding value and satisfaction from market offerings.
Satisfied customers buy again and recommend the product.
Dissatisfied customers switch to competitors and negative feedback.

Customer-Driven Marketing Strategy

Identify target customers.
Determine a value proposition.

Company Orientations

Marketing Concept: Emphasizes better understanding, creating, delivering, and communicating value to target customers.
- Product Concept: Focuses on creating the best or most innovative product for the lowest price.
- Sales Concept: Relies on a strong sales team and incentives.
- Production Concept: Emphasizes mass distribution and low production costs.
- Societal Marketing Concept: Focuses on delivering value to all stakeholders (consumer and society) to improve well-being.

Managing Customer Relationships and Capturing Customer Value

Customer satisfaction: How well perceived performance meets expectations.
Customer perceived value: The difference between benefits and costs of an offering relative to competitors.

Customer Relationship

Companies build customer relationships at various levels, depending on the target market.
Frequency marketing programs are common tools.

Customer Relationship: Customer Brand Advocacy

Actions by which satisfied customers initiate positive interactions with others about a brand.

Customer Relationship: Customer Loyalty

Marketing concept that encourages repeat purchases.
Loyal customers often spend more and stay longer.
Keeping old customers is often more cost-effective than acquiring new ones.
Customer lifetime value: The overall value of a customer's purchases over the course of their relationship.

Relationship Stages

Meeting and getting acquainted (understanding target customers and their needs).
Providing a satisfying experience (measuring and improving satisfaction, understanding evolving customer needs).
Sustaining a committed relationship (converting customers to loyal repeat customers, deepening relationships).

In-class Assignment

Discuss five examples of observed marketing.
Analyze the product, location, and impact of the marketing.

Conclusion

Successful companies (large/small, profit/not-for-profit) share a customer focus.
Marketing is crucial for engaging and managing profitable customer relationships.

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Description

This quiz explores the fundamental concepts of marketing, focusing on how companies engage with customers and create value. It outlines the five-step marketing process, emphasizing the importance of understanding customer needs and building strong relationships. Test your knowledge of marketing strategies and customer value propositions.