Marketing - Creating and Capturing Customer Value

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Marketing: Creating and Capturing Customer Value
By: Faisal Sultan Ali JAIBP Associate Chartered Banker MBA (Executive) IBA, Karachi M.Com, University of Karachi

Outline
• What is Marketing • Understanding the Marketplace and Customer Needs • Designing a Customer-Driven Marketing Strategy • Preparing an Integrated Marketing Plan and Program • Building Customer relationships • Capturing Value from Customers • The Changing Marketing Landscape

What Is Marketing?
Marketing is a process by which companies create value for customers and build strong customer relationships to capture value from customers in return

Marketing Process

Understanding the Marketplace and Customer Needs
• Customer needs, wants, and demands

• Market offerings
• Customer Value and satisfaction

• Exchanges and relationships
• Markets

Understanding the Marketplace and Customer Needs
Needs Wants Demands

Customer Needs, Wants, and Demands
• States of deprivation • Physical—food, clothing, warmth, safety • Social—belonging and affection • Individual—knowledge and self-expression

• Form that human needs take as they are shaped by culture and individual personality

• Human wants backed by buying power

Understanding the Marketplace and Customer Needs
• Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want • Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs

Understanding the Marketplace and Customer Needs
Customer Value and Satisfaction Expectations

Customers
• Value and satisfaction

Marketers
• Set the right level of expectations • Not too high or low

Understanding the Marketplace and Customer Needs
Exchange is the act of obtaining a desired
object from someone by offering something in return

Understanding the Marketplace and Customer Needs
Markets are the set of actual and potential buyers of a product or service

Designing a Customer-Driven Marketing Strategy
Marketing management is the art and science of choosing target markets and building profitable relationships with them ▫ What customers will we serve? ▫ How can we best serve these customers?

Designing a Customer-Driven Marketing Strategy
Selecting Customers to Serve

Market segmentation refers to dividing the markets into segments of customers Target marketing refers to which segments to go after

Designing a Customer-Driven Marketing Strategy
Choosing a Value Proposition

The value proposition is the set of benefits or values a company promises to deliver to customers to satisfy their needs

Designing a Customer-Driven Marketing Strategy
Selecting Customers to Serve

Demarketing is marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it

Designing a Customer-Driven Marketing Strategy
Marketing Management Orientations

Production concept

Product concept

Selling concept

Marketing concept

Societal concept

Production concept is the idea that consumers will favor products that are available or highly affordable

Product concept is the idea that consumers will favor products that offer the most quality, performance, and features. Organizations should therefore devote its energy to making continuous product improvements.

Selling concept is the idea that consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort

Marketing concept is the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do

The Selling and Marketing Concepts Contrasted

Societal marketing concept is the idea that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-term interests, and...
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