COMM 223 Marketing and marketing process ∙ Managing profitable customer relationships o Creativity value by discovering and satisfying needs ∙ Goals o Attracting new customer o Keeping and growing current customer base. How to form winning marketing strategies? 1. What customers will we serve? a. Target 2. How can we best serve these customers a. Value propositDon't forget about the age old question of biology chapter 5 notes
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ion Understanding the market place and customer needs Customer needs, wants and demands ∙ Wants: Wants are the form human needs take as they are shaped by culture and individual personality ∙ Demands: Given their wants and resources, people demand products and services with benefits that add up to the most value and satisfaction. ∙ Wants: Needs influenced by culture and personality Market Offerings – Products, Services and Experiences Market offerings: Some combination of products, services, information, or experiences offered to a market to satisfy a need or a want. Market myopia: Many sellers make the mistake of paying more attention to the specific products they offer than to the benefits and experiences produced by these products. These sellers suffer from marketing myopia Market segmentation ∙ Dividing the market in groups of customerTarget marketing ∙ Selecting one or more segments Designing a customerdriven marketing strategy Selecting the consumer to serve ∙ The company must first decide whom it will serve. It does this by dividing the market into segments of customers (market penetration) and selecting which segments it will go after (market marketing). Value proposition ∙ Benefits promised to consumers ∙ Different brands Marketing Management Orientations The production concept: the production concept holds that consumers will favour product that are available and highly affordable. Therefore the management should increase the focus on improving production and distribution efficiency. The product concept: The product concept holds that consumers will favour products that offer the most in quality, performance and innovative features. The Selling Concept: many companies follow the selling concept, which holds that consumer will not buy enough of the firm’s products unless it undertakes a largescale selling and promotion effort. The marketing concept: The marketing concept holds that achieving organisational foals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. Societal marketing concept: the societal marketing concept questions whether the pure marketing concept overlooks possible conflicts between consumer short run wants and consumer long run welfare. Building consumer relationships Customer relationship management is perhaps the most important concept of modern marketing. In the broadest sense, customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. Relationship building blocks: Customer value and satisfaction The key to building lasting customer relationship is to create superior customer value and satisfaction. Customerperceived value ∙ Different between benefits and costs of product relative to competitors Customer satisfaction ∙ Does a product perceived performance match buyers expectation? ∙ Depends on the product’s perceived performance relative to a buyer’s expectation. If the product’s performance falls short of expectations, the customer is dissatisfied. Customer relationship levels and tools ∙ Companies can build customer relationships at many levels, depending on the nature of the target market. At one extreme, a company with many lowmargin customers may seek to develop basic relationship with them. Trends ∙ Targeting fewer, more profitable customer ∙ Building twoway relationships through digital ∙ Attracting rather than intruding upon, the market ∙ Consumergenerated marketing ∙ Partnerrelationship marketing o Internally o Externally Engaging customers Significant changes are occurring in the nature of customerbrand relationships. Today’s digital technologies have not only profoundly changed the ways we relate to one another. Customer engagement and today’s digital and social media ∙ The digital age has spawned a dazzling set of new customer relationshipbuilding tools, from websites online ads and videos, mobile ads and apps. And blogs to online communities and the major social networks such as twitter, Facebook, YouTube, Instagram ext… Customerengagement marketing ∙ The old marketing involved marketing brands to consumers. The new marketing known as customerengagement marketing fosters direct and continual customer involvement in shaping brand conversations, brand experiences and brand community. Customergenerated marketing ∙ A growing form of customerengagement marketing is consumergenerated marketing, by which consumers themselves are playing a bigger role in shaping their own brand experience and those of others. Creating customer Loyalty and Retention ∙ Good customer relationship management creates customer satisfaction. In turn, satisfied customers remain loyal and talk favourably to other potential customer or friends. Studies show a big difference in the loyalty of customers who are less satisfied compare to the satisfied one. Growing share of customer ∙ Beyond simply retaining good customer to capture customer lifetime value, good customer relationship management can help marketers increase their share of customer the share they get of the customer’s purchasing in their product categories. Building Customer EquityWe can now see the importance of not only acquiring customers but also keeping and growing them. After all, the value of a company comes from the value of its current and future customers. What is Customer Equity? The ultimate aim of customer relationship management is to produce high customer equity. Customer equity is the total combined customer lifetime value of all the company’s current and potential customers. Building the right relationships with the right consumers ∙ Companies should manage customer equity carefully. They should view customers as assets that need to be managed and maximized. Every customer is different which is why it is very important to really take each customer apart and listen to each of his or her advice/problem. The Digital Age: Online, Mobile, and Social Media Marketing. ∙ The Explosive growth in digital technology has fundamentally changed the way we live - how we communicate, share information, access entertainment, and shop. It is very important to consider marketing on social media and other internet related website as now our days it is one of the best and most efficient ways of communicating The Changing Economic Environment ∙ The Great Recession of 2008-2009 and its aftermath hit consumers hard. After two decades of overspending, new economic realities forced consumers to bring their consumption back in line with their income and rethink their buying priorities. The growth of Not-for-Profit marketing ∙ In recent years, marketing has also become a major part of the strategies of many not for profit organisations, such as universities, hospital, museums, zoos. For these companies, marketing is essential to their revenue, which is why a market research is needed in order to analyse which best advertising strategies is the best fit for the organisation and what type of marketing. Most of them use the social media as it is the less costly and more efficient for teenagers and young adults. Rapid globalisation ∙ As they are redefining their customer relationships marketers are also taking a fresh look at the ways in which they relate with the broader world around them. With the new technology and Internet it became much more easier for companies to go abroad which made globalisation much more present. ∙ Nevertheless with the rapid growth of global warming, companies are trying their best to be eco-friendly which also in hence their image perceived from their customers.