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

12320 MidtermChapters 18 CHAPTER 1 CREATING AND CAPTURING CUSTOMER VALUEMarketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return The Marketing Process create value for customers and build customer relationships Understanding the Design a Customer Construct an Build profitable Capture value frommarketplace and Driven marketing integrated relationships and customers tostrategy customer needs marketing program create customer create profits andand wantsdelightcustomer equitythat deliverssuperior value Understanding the Marketplace and Customer NeedsCustomer Needs Wants and Demands Need State of felt deprivationWants the form human needs take as shaped by culture and individual personalityDemands wants which are backed by buying power Market Offerings products services experienceMarket Offerings are some combination of products services or experiences offered to a market to satisfy a needs or want physical products and servicesMarketing Myopia is focusing only on existing wants and losing sight of underlying customer needsValue and Satisfaction Marketers must set the right level of expectations not too high or low to create customer value and satisfactionExchanges and Relationships Exchange is the act of obtaining a desired object from someone by offering something in return Marketers want to build strong relationships by consistently delivering superior customer value Markets Markets are the set of actual and potential buyers of a product2Designing a Customer Driven Marketing StrategyMarketing Management is the art and science of choosing target markets and building profitable relationships with them What customers will we serveHow can we best serve these customersPut simply it is customer management and demand management Selecting Customers to Serve Market Segmentation refers to dividing the markets into segments of customersTarget Marketing refers to which segments to go after Demarketing is marketing to reduce demand temporarily or permanently the aim is not to destroy demand but to reduce or shift it Marketing Management Orientations Choosing a Value Proposition Production Concept consumer will favor products that are available and highly affordable management should focus on improving production and distribution efficiencyProduct Concept consumers will favor products that offer the most in quality performance and innovative features marketing strategy focus on continuous product improvements Selling Concept holds that consumers will not buy enough of the firms product unless it undertakes a large scale selling and promotion effort typically unsought goods example insurance o Job is to find right customers for your product insideoutMarketing Concept achieving organizational goals depends on knowing depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than sales and profitso Job is to find the right product for your customer outsidein o Societal Marketing Concept concept is the idea that a company should make good marketing decisions by considering consumers wants the companys requirements consumers long term interest and societys long run interests o Companies should balance 3 considerations company profits consumer wants and society interestsConstruct an Integrated Marketing Program that Delivers Superior ValuePreparing an Integrated Marketing ProgramThe Marketing Mix the set of tools four Ps the firm uses to implement its marketing strategy It includes product price promotion and placeIntegrated Marketing Program is a comprehensive plan that communicates and delivers the intended value to chosen customers
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