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Strategic 3C’s of Marketing Chapter 1 Marketing -​ Customers -​ The process by which companies -​ To competently create value for customers and build satisfy the needs,...

Strategic 3C’s of Marketing Chapter 1 Marketing -​ Customers -​ The process by which companies -​ To competently create value for customers and build satisfy the needs, strong customer relationships in wants, and order to capture value from expectations of target customers in return customers -​ Is having the right product, with the -​ Competition right price, with the right place, and -​ To outperform with the right promotion competition at all -​ Activities through which goods and times services move from concept to the -​ Company customer -​ To ensure corporate -​ Goes beyond advertising and selling health and profit -​ The delivery of customer satisfaction at a profit Markets -​ Involves cultivating a relationship with customers by adding value to -​ Are the set of actual and potential the goods and services being buyers of a product offered Marketing management Marketing has 2 views:​ Old View (Telling and Selling) and New View -​ Is defined as the art and science of (Customer Relationships) choosing target markets and building profitable relationships with them Marketing process Value proposition Determine needs and wants -> design customer driven marketing strategy -> -​ Is the set of benefits or values a construct marketing program that delivers company promises to deliver to superior value -> build relationships and customers to satisfy their needs delight the customer -> capture value from customer to achieve profits 4P’s of Marketing -​ Product -​ Price -​ Promotion -​ Place Chapter 2 Marketing Process one or more market segments to enter 1. Understanding the Marketplace and -​ Positioning customer needs -​ The way the product is defined by consumers on Need important attributes; the place where the product -​ Are states of deprivation occupies in consumers’ -​ Deprived of something minds relative to competing Want products -​ Demographic -​ Are formed and shaped by culture -​ Dividing the market into and individual personality segments based on the variables such as age, Demand gender, family size cycle, income, occupation, -​ Are wants backed by buying or education, religion, race, purchasing power generation, and nationality -​ Geographic -​ Dividing the market into different geographical units Market Offerings -​ Psychographic -​ Are some combination of products, -​ Dividing the market into services, information, or experiences segments based on social offered to a market to satisfy a need classes or want. -​ Behavioral -​ Dividing the market into Marketing Myopia segments based on consumer knowledge, -​ Is focusing only on existing wants attitudes, uses, or responses and losing sight of underlying to a product. consumer needs Marketing Management Orientations 2. Designing a Customer-Driven Strategy -​ Production concept -​ Segmenting -​ Product concept -​ It is the process of dividing -​ Selling concept the total market into smaller -​ Marketing concept groups seeking similar needs -​ Societal concept and wants from a product or service 3. Preparing an Integrated Plan and -​ Targeting Program -​ Consists of evaluating each market segment’s attractiveness and selecting  -​ Is a comprehensive plan that Chapter 3 Swot Analysis communicates and delivers the intended value to chosen customers -​ Strengths, Weaknesses, Opportunities, and Threats 4. Building Customer Relationships -​ Framework used to evaluate a company’s competitive position and Customer Relationship Management to develop strategic planning -​ Used to facilitate a realistic, -​ The overall process of building and fact-based, data driven look at the maintaining profitable customer strengths and weaknesses of an relationships by delivering superior organization, its initiatives, or an value and satisfaction industry Customer Perceived Value Strengths -​ The difference between total -​ Resources and capabilities that can customer value and total customer be used as a basis for developing a cost of marketing offering relative to competitive advantage those of competing offers -​ Competitive advantage is defined as the strategic advantage that one Customer satisfaction business entity has over its rival -​ The extent to which product’s entities within its competitive perceived performance matches a industry buyer’s expectations Weaknesses 5. Capturing Value from Customers -​ Characteristics of a firm that causes Customer Lifetime Value it to be disadvantaged -​ Prevent a company from -​ The value of the entire stream of accomplishing its mission and purchases that customer would achieving its full potential make over a lifetime of patronage Opportunities and Threats Share of Customer -​ Are by their very meaning -​ The portion of the customer’s -​ Means potential threats purchasing that a company -​ Specific events that occur in the gets in its product categories external environment, more specifically the competitive general Customer Equity environment. -​ An event that causes an increase in -​ The total combined customer lifetime the level of competition (THREAT) values of all of the company’s -​ An event that will cause a decrease customers in the level of competition (OPPORTUNITY) Benchmarking -​ Forces in the buyer’s environment: economic, technological, political, -​ Process of comparing the business and cultural processes and performance metrics like cost, cycle time, and Consumer Black Box productivity, or quality to another that is considered to be an industry -​ Wants to understand how the stimuli standard benchmark or best practice from the environment are changed into responses inside the Tows Matrix consumer’s black box -​ A metaphor that signifies that we -​ An analysis tool which can help you cannot see what people are thinking generate, compare, and select one -​ Can only learn the components of or more strategies to pursue the black box through observable buyer responses Chapter 4 The Consumer Behavior -​ Has two parts Consumer Behavior -​ Buying behavior of final consumers, 1.​ Buyer characteristics influence how individuals, and households who buy the buyer perceives and reacts to goods and services for personal the stimuli consumption 2.​ The decision process itself affects the buyer’s behavior Consumer Market Consumer responses -​ Individuals who buy goods and services for personal consumption -​ Consumer responses include -​ Customers vary in age, income, purchasing and loyalty to the brand education level, and taste or outlet -​ Buy an incredible variety of goods and services Marketers learn more about -​ What consumers buy -​ Who buys -​ How they buy -​ When they buy -​ Where do they buy -​ Why they buy Environmental Stimuli -​ Inputs the consumption process include marketing stimuli (Four Ps)  Stages of decision process -​ Need recognition -​ Recognition of a new purchase need -​ From a perceived difference between consumer’s current state and desired state -​ Search -​ Will occur if consumer does not have information to make a purchase -​ Amount of search is commensurate with level of involvement in the purchase -​ Information Sources -​ May acquire information from a variety of sources -​ Choice -​ Consumer makes a choice using the information previously -​ Purchase -​ Consumer will purchase preferred brand -​ Situational factors may come into play -​ Time pressures, out of stock conditions, or store layout may come between purchase intention and final outcome -​ Post-Purchase -​ Satisfaction follows purchase -​ Purchase doesn't end with transaction -​ Consumers compare product performance against their expectations -​ If expectations are met or exceeded, buyer feels satisfied