Date post: | 12-Aug-2015 |
Category: |
Business |
Upload: | faindra-jabbar |
View: | 65 times |
Download: | 0 times |
Chapter Overview
• What is marke=ng? • Basic concepts of Marke=ng • The evolu=on of marke=ng • Societal marke=ng concept • Holis=c marke=ng concept • The marke=ng process
Home Lecture (HL) with Faindra Jabbar 2
What is Marke=ng?
Marke1ng is a process by which companies create value for customers and build strong customer rela=onships to capture value from
customers in return.
Home Lecture (HL) with Faindra Jabbar 3
Basic concepts of Marke=ng
• A simple defini=on of marke=ng is about managing profitable customer rela=onship.
• 2 important things to look at: -‐ Managing exis=ng customers and -‐ Acquiring new customers
Home Lecture (HL) with Faindra Jabbar 4
• States of felt depriva1on • Physical— food, clothing, warmth, safety • Social— belonging and affec1on • Individual— knowledge and self-‐expression • Eg: I am thirsty
Needs
• Form of human needs that are shaped by culture and individual personality.
• Eg: A hungry person needs food, but what do you want for food? Capa1, SpagheK, Rice or vegetarian food?
Wants
• Wants that is backed by buying power. • Eg: I’m hungry, I have money to but Pizza today. Yesterday, during lunch 1me, I can only buy a RM1 nasi lemak. Demands
Customer needs, wants and demands
Home Lecture (HL) with Faindra Jabbar 5
Market offerings
“…refer to a some combina=on of products, services, informa=on, or experiences offered to
a market to sa=sfy a need or want…”
Home Lecture (HL) with Faindra Jabbar 6
Marke=ng myopia
“Mistakes made by the organiza=on where they are too focusing on exis=ng wants and losing
sight of underlying consumer needs.”
Home Lecture (HL) with Faindra Jabbar 7
Market offerings
• Products -‐ anything that can be offered to a market for a[en=on, use or consump=on and that might sa=sfy a need or want.
• Services -‐ ac=vi=es or benefits offered for sale that are essen=ally intangible and don’t result in the ownership of anything.
Home Lecture (HL) with Faindra Jabbar 8
Customer Value & Sa=sfac=on
• Customer Value -‐ benefit that the customer gains from owning and using a product compared to the cost of obtaining the product. A customer buys from the firm that offers the highest customer-‐perceived value.
• Customer Sa1sfac1on -‐ depends on the product’s
perceived performance in delivering value rela=ve to a buyer’s expecta=ons.
• Product Performance vs Customer Sa=sfac=on. Product’s performance > buyer’s expecta=on = Sa=sfied Product’s performance < buyer’s expecta=on = Dissa=sfied
Home Lecture (HL) with Faindra Jabbar 9
What is Market?
A set of actual and poten=al buyers of a product who share a par=cular need and want
that can be sa=sfied through exchange rela=onships .
• Consumer market – customers who purchase for their own consump=on
• Industrial market – customers who purchase product for further processing or for reselling to other businesses or consumers.
Home Lecture (HL) with Faindra Jabbar 10
The Evolu=on of Marke=ng
Societal marke=ng concept (1980s)
Marke=ng concept (1950s – 1980s)
Selling concept (1920s -‐1950s)
Product concept (1869 – 1920s)
Produc=on concept (1869 – 1920s)
Home Lecture (HL) with Faindra Jabbar 11
Societal Marke=ng Concept
• Societal • Marketing
• Concept
Society (Long-term consumer & societal welfare)
Company (Profits)
Consumers (Short-term want
satisfaction)
Maintain & improve long-term well-being Social responsibility
Home Lecture (HL) with Faindra Jabbar 12
Holis=c Marke=ng Concept
• Four components of holis=c marke=ng are: § Rela1onship marke1ng – build mutually sa=sfying long-‐term
rela=onship with key par=es; customers, suppliers, distributors, etc § Integrated marke1ng – using a communica=on mix of sales,
promo=on, adver=sing, sales force, public rela=ons, direct mail, telemarke=ng, and interac=ve marke=ng to reach the trade channels and target customers
§ Internal marke1ng – ensuring everyone in the organiza=on embraces appropriate marke=ng principles.
§ Socially responsible marke1ng – incorpora=ng social responsibility marke=ng & understanding broader concerns, and the ethical, environmental, legal, and social context of marke=ng ac=vi=es.
Home Lecture (HL) with Faindra Jabbar 13
The marke=ng process
5- 14
Understanding Environment
Analysis of market, their needs and wants Analysis of other environment factors affecting marketing Develop and maintain marketing information
Develop Market-oriented
Marketing Strategy
Choose market to serve Develop positioning strategy for the chosen market
Develop relationship
with customers and
partners Continuously delight chosen customers Build good relationship with marketing partners
Develop Marketing Mix (4 Ps) Strategy
Product strategy Price strategy Distribution (Place) strategy Promotion strategy
Create satisfied customers Capture customer lifetime value Increase share of market and share of customer
Offer value to market
Gain value from customers
Home Lecture (HL) with Faindra Jabbar