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Western University
Management and Organizational Studies
Management and Organizational Studies 2320A/B
John White

Chapter 1 MarkingCreating and Capturing Customer Value1092012 60400 PM What is MarketingMost Simplest definition Marketing is managing profitable customer relationships o Attract customers promising value o Deliver satisfactionMarketing DefinedSatisfying customer needsas opposed to telling and sellingMarketingthe activity set of institutions processes for creating communicating delivering and exchanging offerings that have value for customers clients partners and society at largeUnderstanding the Marketplace and Customer NeedsCustomer Need Wants and Demands o Wantsthe form human needs take as shaped by culture and individual personality o Demandshuman wants that are back by buying power o Market offeringssome combination of products services information or experiences offered to a market to satisfy a need or want o Marketing Myopiafocusing on consumer wants and losing sight of underlying consumer needsTheodore Levitt o Brand Experienceby orchestrating several services and products something beyond just the product Customer Value and Satisfaction o Customers form expectationsTell others about their satisfaction buzz marketingOr are dissatisfied and switch products Exchanges and Relationships o Exchangeact of obtaining a desired object from someone by offering something in return Markets o Marketset of all actual potential buyers of a product or serviceMarketing means managing markets to bring about profitable customer relationshipsDesigning a CustomerDriven Marketing StrategyMarketing Managementthe art of science of choosing target markets and building profitable relationships with them o Aim is to find attract keep grow customer target customers by creating delivering communicating superior customer value Selecting Customers to Server o Based off of market segmentation and target marketing o Demarketingis reduce demand temporarily to reduce or shift it Choosing a Value Proposition o How the company will differentiate and position itself in the marketplace Marketing Management Orientations o Production Conceptfavor a product that is available and affordable o Product Conceptfavor the product which is the best o Selling Conceptmass marketing is required for success o Marketing Conceptdelivering better satisfactions over competitors o Societal Marketing Conceptwhat is good for societys long run interest Preparing an Integrated Marking Plan and ProgramUsing the marketing mixBuilding Customer RelationshipsCustomer Relationship Managementthe process of building and maintaining profitable customer relationships by delivering customer value and satisfaction o Customer Perceived Valuecustomers evaluation of the differences between all the benefits and all the costs of a market offering relative to those of competing offers o Customer Satisfactionextent to which a customers perceived value matches the customers expectationConsumergenerated marketingmarketing messages ads and other brand exchanges created by consumers themselves both invited and uninvited Looking for xx postPartner Relationship Managementworking closely with partners in other company departments and outside the company to jointly bring greater value to customersCapturing Value from CustomersCreate not just satisfaction but delight for customer o Customer Lifetime Valuethe value of the entire stream of purchases that a customer would make over a lifetimeShare of Customerthe share a company gets of the customers lifetime valueCaused by good customer relationshipsOffer greater variety to current customers Building Customer Equity o Companies not only want to create profitable customers but to own them for life earn a greater share of their purchases and capture the customer lifetime valueCustomer Equitytotal combined customer lifetime values of all the companys customersBuilding the right relationships with the right customers
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