MKTG100 CREATING AND CAPTURING CUSTOMER VALUE ALL WEEKS MKTG100
WEEK 1
Marketing: Creating Customer Value
The essential question you need to reflect on is What is marketing and how does it affect you as a consumer?
LECTURE NOTES
MARKETING; process for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large.
MARKETING PROCESS
1. Know the marketplace and your customers 2. Design a customer driven strategy
3. Construct an IMP (
4. Build profitable customer relationships 5. Capture value and create customer equity
Forward marketing.
DIFFERENCE BETWEEN NEEDS, WANTS AND DEMANDS?
Needs;
• Physical, social, individual
• Less economically developed societies try to reduce desires to satisfy
• Industrial societies try to develop objects themselves Wants;
• Shaped by culture and personality
• Wants expand as societies evolve Demands;
• Wants backed up by consumer/buying power
• Products = bundles of benefits
• Products that give best value for money
• Companies conduct customer research, analyse/monitor behaviour, complaints, inquiries, warranty and service data
Eg needing food, wanting pizza, demanding a fancy pizza restaurant over dominos
MARKET OFFERING; a product that’s a combination of goods, services, experiences, that can be offered to satisfy need/want. --Goods, services, experiences, persons, places, organisations, information, ideas--
EG. Quitline "need a holiday" for cigarettes combines rational and emotional appeal by showing statistics for $$$ and death rate. A social message trying to convey something.
EXCHANGE; act of obtaining a desired object from someone by offering something in return TRANSACTION; trade between 2 parties that involve atleast 2 things of value, agreed-upon conditions, at a time/place of agreement
Customers want value from every product they buy. Spending more money provides more expectations. Even cheap items have expectations, even if they're low.
DESIGNING A CUSTOMER- DRIVEN MARKETING STRATEGY Manager must answer;
1. What customers will we serve? (Target market)
2. How can we serve these customers best? (value proposition?)
Why's it important to a marketer to decide which customers they'll serve?
We should know which segment because segments have particular
attitudes/behaviours/needs/responses to products and you'll be more efficient in production and response when targeting your market