BUS 343 Lecture Notes - Voice Of The Customer, Marketing Mix, Starbucks
17 Jan 2018
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Friday, October 14, 2016
Chapter 1 Notes
Marketing: Creating and Capturing Customer Value
What is Marketing?
**Managing profitable customer relationships**
1. Attract new customers by promising superior value
2. Keep and grow current customers by delivering satisfaction
Marketing Defined
**Satisfying customer needs**
-selling and advertising part of a larger marketing mix (set of marketing tools that work
together to satisfy customer needs and build customer res.)
**Marketing - process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return
The Marketing Process
!1
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Friday, October 14, 2016
Can go back and forth from steps to refine
Understanding the Marketplace and Customer Needs
5 Core customer and marketplace concepts:
(1) Customer Needs, Wants, and Demands (2) market offerings (products, services,
and experiences) (3) value and satisfaction (4) exchanges and relationships (5)
markets
(1) Customer Needs, Wants, and Demands
Needs - states of felt deprivation
e.g. food, clothing, warmth
Wants - the form human needs take as they are shaped by culture and indiv. personality
Demands - human wants that are backed by buying power
-given their wants and resources, people demand products + services with benefits
that add up to the most value and satisfaction
-marketing companies great efforts to understand customer needs, wants, demands
(2) Marketing Offerings - Products, services, and experiences
market offerings - some combos of products, services, info, experiences offered to a
market to satisfy a need/want
e.g. banking, airline, hotel, retailing
or e.g. persons, place, org., info, ideas (e.g. David Suzuki Foundation)
marketing myopia - the mistake of paying more attention to the specific products a
company offers than to the benefits and experiences produced by these products
-lose sight of underlying customer needs
-brand experiences (Walt Disney World: Happiest Place of Earth)
(3) Customer Value and Satisfaction
-Customers form expectations about the value and satisfaction about the various
market offerings will deliver and buy accordingly
-Must set right level of expectations
(4) Exchanges and Relationships
!2
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Friday, October 14, 2016
Exchange - act of obtaining a desired object from someone by offering something in
return
-marketer tries to bring about a response to some market offering
-e.g. political candidate wants votes, a church wants membership
-marketers consists of actions taken to create, maintain, grow desirable exchange
relationships with target audiences involving a product, service, idea, etc.
-superior customer value
(5) Markets
market - the set of all actual and potential buyers of a product/service
-buyers share a particular need or want that can be satisfied through exchange
relationships
-marketing means managing markets to bring about profitable customer rel.
-buyers also carry out marketing (when they search for product, interact with
companies to obtain info)
-customer-managed relationships**
-marketing involves serving a market of final consumers in the face of competitors
Suppliers —> Company, Competitors —> Marketing Intermediaries —> Consumers
Suppliers and consumers = major environmental factors
Designing a Customer-Driven Marketing Strategy
marketing management - the art and science of choosing target markets and building
profitable relationships with them
-marketing manager’s aim is to find, attract, keep, and grow target customers by
creating, delivering, and communicating superior customer value
2 important questions:
1. What customers will we serve? (target market)
2. How can we serve these customers best (value proposition)?
Selecting Customers to Serve
Market segmentation
!3
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Document Summary
**managing pro table customer relationships*: attract new customers by promising superior value, keep and grow current customers by delivering satisfaction. Selling and advertising part of a larger marketing mix (set of marketing tools that work together to satisfy customer needs and build customer res. ) **marketing - process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Can go back and forth from steps to re ne. 5 core customer and marketplace concepts: (1) customer needs, wants, and demands (2) market offerings (products, services, and experiences) (3) value and satisfaction (4) exchanges and relationships (5) markets (1) customer needs, wants, and demands. Needs - states of felt deprivation e. g. food, clothing, warmth. Wants - the form human needs take as they are shaped by culture and indiv. personality. Demands - human wants that are backed by buying power.
