Chapter 1 pom philip kotler
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Chapter 1 pom philip kotler

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  • Marketing is the act of connecting customers to products & services

Chapter 1 pom philip kotler Chapter 1 pom philip kotler Presentation Transcript

  • Principles of Marketing by Philip Kotler
  • Chapter 1 Marketing: Managing Profitable Customer Relationship
  • Marketing customer. Marketing Defined
  • What is Marketing?
    • Marketing is the process by which companies create value for customers & build strong customer relationships in order to capture value from customers in return.
    • Marketing is all about” satisfying customer needs”
  • Goal of Marketing:
    • To attract new customers by promising superior value.
    • To keep & grow current customers by delivering satisfaction
  • A simple model of the marketing process Understand the marketplace & customer needs & wants Design a customer driven marketing strategy Create value for customers & build customer relationships Capture value from customers in return Construct an integrated marketing program that delivers superior value Build profitable relationships & create customer delight Capture value from customers to create profits & customer equity.
  • Core definitions
    • Needs : Needs are the basic human requirements
    • e.g food, water, air, shelter.
    • Wants : Are the form human needs take as shaped
    • by culture and individual responsibility.
    • Demands : Human wants that are backed by buying power.
    • Market offering : Some combination of products, services, information, or experiences offered to a market to satisfy a need or want. Eg, banks, airlines.
    • Marketing Myopia : The mistake of paying more attention to the specific products a company offers than to the benefits & experiences produced by these products.
    • Exchange : Process of obtaining a desired product from someone by offering something in return.
    • Market : The set of all actual & potential buyers of a product or service.
    • Marketing Management : The art & science of choosing target markets & building profitable relationships with them.
    • Value Proposition : A company’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
  • Winning Marketing Strategy
    • What customers will we serve?
    • ( what’s our target market)
    • Divide the market into customer segments.
    • Select which segments will it go after.
    • How can we serve these customers best?
    • (what’s our value proposition )
    • - Differentiating & positioning the product in minds of consumers.
  • Five Organizational Concepts
    • Production Concept
    • Product Concept
    • Selling Concept
    • Marketing Concept
    • Societal Marketing Concept
  • Production Concept
    • The idea that consumers will favor products that are available & highly affordable & that the organization should therefore focus on improving production & distribution efficiency.
  • Product Concept
    • The idea that consumers will favor products that offer the most quality , performance , & features thereby devoting a company’s energy to making continuous product improvements .
    • Make & sell concept
    • Focus on making superior products
    • No customer input
    • Less competitor product examination.
    • “ Marketing Myopia”
  • Selling Concept
    • The idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling & promotion effort .
    • Practiced most aggressively with unsought goods eg, insurance, encyclopedias.
    • Focuses on creating sales-transactions rather than long term profitable relationships.
    • “ Political Relationships”
  • Marketing Concept
    • The marketing management philosophy that achieving organizational goals depends on knowing the needs & wants of target markets & delivering the desired satisfactions better than competitors .
    • Sense & respond philosophy.
    • Finding right products for customers
    • Customer-driving marketing – understanding customer needs even better than the customers themselves.
  • Contrast between Sales Concept & Marketing Concept Factory Products Selling &Promoting Profits through sales volume a. THE SELLING CONCEPT b. THE MARKETING CONCEPT Target Customer Integrated Profits through Market Needs Marketing customer satisfaction Starting Point Focus Means Ends
  • Societal Marketing Concept
    • Holds that marketing strategy should deliver value to customers in a way that maintains or improves both consumers & the societies well-being.
    Societal marketing concept Society (Human Welfare) Consumers (Want Satisfaction ) Company ( Profits )
  • Customer Relationship Management
    • CRM is the process of building & maintaining profitable customer relationships by delivering superior customer value & satisfaction.
    • Customer Perceived Value : The customers evaluation of the difference between all the benefits & all the costs of a market offering relative to those of competing products.
    • Customer Satisfaction depends on a product’s perceived performance relative to a buyer’s expectations.
    • Performance = Expectation
    • Customer Satisfaction= Customer Loyalty= Better Performance
    • Customer delight- promising only what a company can deliver, & then delivering more than promised.
  • Changing Nature of Customer Relationships
    • Relating with More Carefully selected Customers:
    • - Selective Relationship Management
    • Weeding out losing customers & targeting & pampering winning ones
    • Relating for the Long term:
    • Using CRM to retain current customers & building profitable long-term relationship s with them.
    • Relating Directly: Using direct marketing tools such as telephone, mail order catalogs & kiosks . Eg Dell & Amazon.
  • Creating Customer Loyalty & Retention
    • “ losing customers does not mean losing a single sale but in fact losing the entire stream of purchases that the customer would make over a lifetime”.
    • Customer lifetime value : The value of the entire stream of purchases that a customer would make over a lifetime of patronage.
  • Customer Equity
    • Companies should not just acquire customers, but keep & grow them as well.
    • The ultimate aim of customer relationship management is to produce high customer equity.
    • Customer Equity is the combined discounted customer lifetime values of all the company’s current & potential customers.
    • It is a better measure of a firms performance than current sales or market share.
    • More Loyal firm’s = Higher firm’s
    • Profitable customers Customer Equity
  • Building Right relationships with Right customers
    • Which customers should the company acquire & retain?
    • The company can classify customers according to their potential profitability & projected loyalty manage its relationships with them accordingly.
  • Customer Relationship Groups
    • Strangers …. Low profitability/ Less Loyal.
    • Butterflies …. Profitable/ not Loyal
    • True Friends …. Profitable/ Loyal
    • Barnacles …. Not Profitable/ Highly Loyal
    • Different types of customers require different relationship strategies, therefore goal is to :
    • “Build right relationships with the right customers”
  • Customer Relationship Groups Butterflies Good fit between company’s offerings & customer needs; High profit potential True Friends Good fit between company’s offerings & customer needs; Highest profit potential Strangers Little fit between company’s offerings & customer needs; Lowest profit potential Barnacles Limited fit between company’s offerings & customer needs; Low profit potential High Profitability Low Profitability Short- term customers Long-term customers Projected Loyalty