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1 12. Customer-Driven Marketing. 2 How Marketing Creates Utility Marketing indirectly influences form utility Three kinds of utility are directly created.

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Presentation on theme: "1 12. Customer-Driven Marketing. 2 How Marketing Creates Utility Marketing indirectly influences form utility Three kinds of utility are directly created."— Presentation transcript:

1 1 12. Customer-Driven Marketing

2 2 How Marketing Creates Utility Marketing indirectly influences form utility Three kinds of utility are directly created by marketing: –Place utility –Time utility –Ownership utility Marketing activities add value to goods & services –Contribute to customer satisfaction

3 3 Eight Major Marketing Functions The exchange functions –Buying –Selling The physical distribution functions –Transporting –Storing The facilitating functions –Financing– Standardization & grading –Risk taking– Gathering marketing info.

4 4 The Marketing Concept Philosophy that involves entire organization in satisfying customer needs while achieving organizational goals Important to understand buyer behavior (Fig. 12.11) –Motivation of organizational buyers and consumers Relationship marketing –Involves developing long-term partnerships with customers, suppliers, related businesses –Purpose: to enhance customer satisfaction and stimulate long-term loyalty –E.g., affinity programs, co-marketing & co-branding

5 5 Components of a Market: Broad Market Classifications Consumer market –Non-reseller buyers who intend to consume product –Segmented according to: demographic, psychographic, geographic, product-related bases Organizational market –Business-to-business market –Four categories: Producer markets Governmental markets Reseller markets Institutional markets –Segmented according to: geographic, demographic, end-use bases

6 6 Developing the Marketing Strategy Two basic strategic elements: –Selection & analysis of the target market(s) Direct marketing activities to it/them using –Undifferentiated approach (mass marketing) –Market segmentation approach (divide market into groups) »Concentrated approach (one segment) »Differentiated approach ( 2+ segments) –Creation & maintenance of the marketing mix Product Price Distribution Promotion The marketing mix is the controllable part of the marketing environment

7 7 The External Marketing Environment Generally uncontrollable forces that include: –Sociocultural forces –Economic forces –Competitive forces –Technological forces –Regulatory forces (political & legal forces)

8 8 Developing a Marketing Plan Written document that specifies an organization’s resources, objectives, marketing strategy, and implementation and control efforts to be used in marketing a specific product or product group Components usually include: –Executive summary – Marketing strategies –Environmental analysis – Marketing implementation –SWOT analysis – Evaluation & control –Marketing objectives

9 9 Marketing Research Six steps: –Define the problem –Make preliminary investigation Examine internal secondary information –Data mining & data warehouses Examine external secondary published information, etc. –Plan the primary research –Implement the research –Interpret the information –Reach a conclusion


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