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Marketing Notes.docx

37 Pages
136 Views

Department
Commerce
Course Code
COMM 131
Professor
Jacob Brower

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Description
Customer Value and Marketing Planning 432013 75100 PM IntroMarketing is managing profitable customer relationships o Needs wants demands o Market offerings o Myopia paying attention to products not needswantsbenefitsexperiences Customer Driven Marketing StrategyCustomer ValueSegmentation followed by targetingCustomer and demand managementValue proposition how it will differentiate and position itself in the market set of benefits values offered to satisfy needsMarketing management concepts get people to buy o Production favour affordable and available o Product highest quality performance innovation o Selling largescale selling and promotion o Marketing know needs and wants and delivering better than competitors o Societal marketing consider consumer wants company needs consumer and society long run interests Integrated Marketing Plan and ProgramMarketing mix product price place promotion Building Customer RelationshipsUnderstand market and customer needsDesign customer driven marketing strategyConstructing marketing programsBuilding profitable customer relationships o Delivering superior value and satisfaction customer based value based on benefits and costs perceived performance vs expectations compared to others o Basic to full relationshipsFrequency marketing programsClub marketing programsChanging nature of customer relationships o Target fewer more profitable o Attraction not intrusion o Customer managed relationships o Consumer generated marketingPartner relationship management o Working with partners to bring greater customer value o Supply chain management Capturing Value from CustomersCreating customer loyalty and retention o Delighted customers word of mouth spread from this o Customer lifetime valueGrowing share of customer o Portion of customers purchasing that company getsBuilding customer equity o Total combined customer lifetime values of all companys customers o Groups depend on fit of offerings and needs o High profitshort term butterflies o Low profitshort term strangers o High profitlong term true friends o Low profitlong term barnacles Marketing Planning Defining Marketings RoleMarketing concept input to strategic planners strategies to reach objectivesStrategic planning process of developing and maintaining a strategic fit between organizations goals and capabilities and its changing marketing opportunitiesDefining market oriented mission o Mission statementpurpose defined in terms of customer needs and market orientedSetting company objectives and goals o Turns mission into supporting objectives for each level of managementBusiness portfolio o Collection of businesses and products that make up company analyze and shape future o Designing analysis of portfolio and its strategic business units based on growth share matrixHigh growthmarket share star high invest to finance growthLow growthhigh market share cash cow support for companyHigh growthlow market share question mark high invest to keep steadyLow growthmarket share dog enough to maintain itselfBuild hold harvest divestDoesnt take future into account only current o Productmarket expansion grid growthdownsizing AnsoffExisting productmarket market penetration marketing mix improvementsExisting productnew market market development reach new markets new uses directed marketingNew productexisting market product development market new products to current customersNew productmarket diversification complete shift in marketing efforts Partnering to Build Customer RelationshipsValue delivery network o Value chain series of internal departments that have value creating activities to design produce market deliver and support and firms product o Support within company can mean poorer job in their terms o Increased competition based upon value delivery Marketing Strategy and Marketing MixMarketing strategy marketing logic that company uses to create customer value and achieve profitable relationshipsCustomer driven strategy o Segmentation dividing market into distinct groups of buyers based on needs characteristics behaviours may require separate productsmarketing programs group of customers who respond similarly o Targeting process of evaluating each market segments attractiveness and selecting one or more to enter
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