Date post: | 11-Jan-2015 |
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The art and science of choosing target markets and building profitable relationships with them.
Questions to ask:
1. What customers will we serve?What is our target market?
2. How can we best serve these customers?What is our value proposition?
Finding and increasing demand, also changing or reducing demand such as in demarketing.
DemandManagement
Temporarily or permanently reducing the number of customers or shifting their demand.
Demarketing
CustomerNeeds
Product Price
Promotion Distribution
CustomerNeeds
Product Price
Promotion Distribution
Production ConceptProduction Concept
Product ConceptProduct Concept
Selling ConceptSelling Concept
Marketing ConceptMarketing Concept
Societal Marketing ConceptSocietal Marketing Concept
The set of benefits or values a company promises to deliver to consumers to satisfy their needs.
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Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.
Dependent on the product’s perceived performance relative to a buyer’s expectations.
Customer Lifetime Value› The entire stream of
purchases that the customer would make over a lifetime of patronage.
Share of Customer›The share a company gets of the customers purchasing in their product categories.
Customer equity is the total combined customer lifetime values of all of the company’s customers.
Projected loyalty
High
Profitability
Low
Long-term customers
Short-term customers
Good fit between company’s offerings and customer’s needs; high profit potential
Limited fit between company’s offerings and customer’s needs; low profit potential
Little fit between company’s offerings and customer’s needs; lowest profit potential
Good fit between company’s offerings and customer’s needs; highest profit potential
Strangers
Butterflies True Friends
Barnacles
Market Segmentation:
Divide the market into segments of customers
Target Marketing:
Select the segment to cultivate
#1 #2
Rapid Globalization
Ethics & SocialResponsibility
New World of MarketingRelationships
Not-for-ProfitMarketing