kotler_pom16e_inppt_01.pptx

Principles of Marketing Global Edition Kotler and Armstrong Chapter 1: Marketing Creating Customer Value and Engagement Copyright © 2016 Pearson Education, Inc. 1-1 Mark...

Principles of Marketing Global Edition Kotler and Armstrong Chapter 1: Marketing Creating Customer Value and Engagement Copyright © 2016 Pearson Education, Inc. 1-1 Marketing: Creating Customer Value and Engagement Learning Objectives Objective 1: Define marketing and outline the steps in the marketing process. Objective 2: Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts. Copyright © 2016 Pearson Education, Inc. 1-2 Marketing: Creating Customer Value and Engagement Learning Objectives Objective 3: Identify the key elements of a customer-driven marketing strategy and discuss the marketing management orientations that guide marketing strategy. Copyright © 2016 Pearson Education, Inc. 1-3 Marketing: Creating Customer Value and Engagement Learning Objectives Objective 4: Discuss customer relationship management and identify strategies for creating value for customers and capturing value from customers in return. Objective 5: Describe the major trends and forces that are changing the marketing landscape in this age of relationships. Copyright © 2016 Pearson Education, Inc. 1-4 Marketing: Creating Customer Value and Engagement Learning Objective 1 Define marketing and outline the steps in the marketing process. What Is Marketing? Copyright © 2016 Pearson Education, Inc. 1-5  What Is Marketing? Marketing Defined Marketing is a process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Copyright © 2016 Pearson Education, Inc. 1-6 What Is Marketing? The Marketing Process Copyright © 2016 Pearson Education, Inc. 1-7 Marketing: Creating Customer Value and Engagement Learning Objective 1 Define marketing and outline the steps in the marketing process. What Is Marketing? - creating value for customers - capturing value from customers Copyright © 2016 Pearson Education, Inc. 1-8 Marketing: Creating Customer Value and Engagement Learning Objective 2 Explain the importance of understanding the marketplace and customers and identify the five core marketplace concepts. Understanding the Marketplace and Customer Needs Copyright © 2016 Pearson Education, Inc. 1-9 Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands Needs States of deprivation Wants Form that needs take Deman Wants backed by ds buying power Copyright © 2016 Pearson 1-10 Education, Inc. Understanding the Marketplace and Customer Needs Market Offerings – Products, Services, and Experiences Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Marketing myopia is focusing only on existing wants and losing sight of Copyright © 2016 Pearson Education, Inc. 1-11 Understanding the Marketplace and Customer Needs Customer Value and Satisfaction Customer s Value and satisfacti on Marketers Set the right level of expectation s 1- Copyright © 2016 Pearson Education, Inc. 13 Understanding the Marketplace and Customer Needs Exchanges and Relationships Exchange is the act of obtaining a desired object from someone by offering something in return. Marketing actions try to create, maintain, and grow desirable exchange relationships. 1- Copyright © 2016 Pearson Education, Inc. 13 Understanding the Marketplace and Customer Needs Markets Copyright © 2016 Pearson Education, Inc. 1-14 Designing a Customer Value-Driven Marketing Strategy Selecting Customers to Serve Marketing management is the art and science of choosing target markets and building profitable relationships with them. What customers will we serve? How can we best serve these customers? Copyright © 2016 Pearson Education, Inc. 1-18 Designing a Customer Value-Driven Marketing Strategy Selecting Customers to Serve Market segmentation refers to dividing the markets into segments of customers. Target marketing refers to which segments to go after. Copyright © 2016 Pearson Education, Inc. 1-19 Designing a Customer Value-Driven Marketing Strategy Choosing a Value Proposition A brand’s value proposition is the set of benefits or values it promises to deliver to Twitter, Inc. customers to satisfy their Copyright © 2016 Pearson Education, Inc. 1-17  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Societal Product Marketi Product Selling Marketi ion ng concept concept ng concept concept concept Copyright © 2016 Pearson Education, Inc. 1-18  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Production concept: Consumers will favor products that are available and highly affordable. Copyright © 2016 Pearson Education, Inc. 1-19  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Product concept: Consumers favor products that offer the most quality, performance, and features. The focus is on continuous product improvements. Copyright © 2016 Pearson 1-20 Education, Inc.  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Selling concept: Consumers will not buy enough of the firm’s products unless the firm undertakes a large-scale selling and promotion effort. Copyright © 2016 Pearson Education, Inc. 1-21  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Marketing concept: Know the needs and wants of the target markets and deliver the desired satisfactions better than competitors. Copyright © 2016 Pearson Education, Inc. 1-22  Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Societal marketing: The company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long- run interests. Copyright © 2016 Pearson Education, Inc. 1-23 Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Copyright © 2016 Pearson 1-24 Education, Inc. Designing a Customer Value-Driven Marketing Strategy Marketing Management Orientations Copyright © 2016 Pearson Education, Inc. 1-25 Preparing an Integrated Marketing Plan and Program The marketing mix is the set of tools (four Ps) the firm uses to implement its marketing strategy. This set includes product, price, promotion, and place. An integrated marketing program is a comprehensive plan that communicates and delivers the intended value to chosen customers. Copyright © 2016 Pearson Education, Inc. 1-26  Capturing Value from Customers Creating Customer Loyalty and Retention Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage. Copyright © 2016 Pearson 1-27  Capturing Value from Customers Growing Share of Customer Share of customer is the portion of the customer’s purchasing that a company gets in its product categories. Copyright © 2016 Pearson Education, Inc. 1-28  Capturing Value from Customers Building Customer Equity Customer equity is the total combined customer lifetime values of all of the company’s customers. Copyright © 2016 Pearson Education, Inc. 1-29 The Changing Marketing Landscape The Digital Age: Online, Mobile, and Social Media Marketing Copyright © 2016 Pearson Education, Inc. 1-30 So, What Is Marketing? Pulling It All Together Copyright © 2016 Pearson Education, Inc. 1-31