Principles of Marketing Ch1 PDF

Chapter 1: Creating Principles of customer value and engagement Marketing Wachira Ponboon | Sarutanan Sopanik School of Management, MFU Do you agree with these statements?  When the price drops, there will be more people who are inte...

Chapter 1: Creating Principles of customer value and engagement Marketing Wachira Ponboon | Sarutanan Sopanik School of Management, MFU Do you agree with these statements?  When the price drops, there will be more people who are interested in buying more products?  To conduct a good marketing strategy, we always need a place to sell out product.  When we sell a premium product, then we don’t have to care whether we must have good service.  Everybody is our customer.  Customers always like to buy from the shop that it can be easily accessed by them.  Branding means to have a beautiful logo.  Customers always like product which we can produce up to the highest quality. Marketing is all around, but what actually is marketing? People vs Product People side What is…?  Need  Want  Demand willingness to pay Type text he Additional terms  Market offering  Marketing myopia Customer classification General approach Demographic age, gender, language, family size, life cycle, income, occupation, education, religion, race, nationality Geographic region, country size, city size, density, climate Specific approach Psychographic social class, lifestyle, personality Behavior purchasing occasion, user rate, loyalty status, readiness state, attitude towards product  Since when gender has a role on purchases? What are needs in each life stage? Who is the richest? Who has most free time? Who is a decision maker? What is difference between male and female customers? What are similarities & differences on human needs in each continent?  What we could tell about a person when we use… Specific approach? General approach? - Functionalist - Hedonist - 25± - Sporty - Single - Gym rat - Rich??? - Gamer - Just graduated - Metrosexual - First jobber - Party animal - Outdoor goer - Globetrotter - Fashionista Loyalty vs Brand switcher Personal consumption vs gift for someone? Product side Fundamental marketing: 4Ps  Product: feature and value  Price: premium or budget-friendly  Place: visibility and product access  Promotion: communication and promotional activity Product value: From budget to full service, these airlines operate direct flights to and from Bangkok and Hong Kong. By pricing strategy, what could customers expect to get from the service? And what is a reason involved when choosing one choice over the others? Building Customer Relationship  Customer Equity  The value of a company comes from the value of its current and future customers.  Building the Right Relationships with the Right Customers  Companies view customers as assets that need to be managed and maximized. But not all customers, not even all loyal customers, are good investments Customer equity types Shopee membership tiers PTT Blue Card Kbank’s the WISDOM credit card Bangkok Airways’ lounge The One’s Exclusive Parking