Marketing Management (Chapter-1)

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2.1
MARKETING MANAGEMENT
MBA 541
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Lewis and Thornhill, Research Methods for Business Students, 5th Edition, © Mark Saunders, Philip Lewis and Adrian Thornhill 2009
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Marketing:
Creating and Capturing
Customer Value
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Creating and Capturing Customer

Value
What Is Marketing?
Understand 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
Saunders, Lewis and Thornhill, Research Methods for Business Students, 5th Edition, © Mark Saunders, Philip Lewis and Adrian Thornhill 2009
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? What is Marketing
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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.
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What Is Marketing?
The Marketing Process
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Understanding the Marketplace

and Customer Needs
Customer Needs, Wants, and Demands
• States of deprivation
Needs • Physical—food, clothing, warmth, safety

• Social—belonging and affection
• Individual—knowledge and self-expression
Wants • Form that needs take as they are shaped by culture and
individual personality
Demands • Wants backed by buying power
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and Customer Needs
Exchange is the act of obtaining a desired object from
someone by offering something in return.
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and Customer Needs
Markets are the set of actual and potential buyers of a
product
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? What is Marketed?
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What is Marketed(Scope of Marketing)?

• Goods
• Services
• Events
• Experiences
• Persons
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Cont’d…
• Places
• Properties
• Organizations
• Information
• Ideas
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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?
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Strategy
Selecting Customers to Serve
Market segmentation refers to dividing the markets into

segments of customers
Identify the basis of Market Segmentation?
Target marketing refers to which segments to go after
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Strategy
Marketing Management Orientations
Productio Product Selling Marketing Societal

n concept concept concept concept concept
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Strategy
Production concept is the idea that consumers will favor

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

products that offer the most quality, performance, and
features. Organization should therefore devote its energy
to making continuous product improvements.
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Strategy
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
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Strategy
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.
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Strategy
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 society’s
long-run interests
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Identify the possible Marketing

Management orientations companies
might follow for the following products
TV
Beer
Commodities e.g. sugar, ect
Different Meals at Hotel etc
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Strategy
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Preparing an Integrated Marketing

Plan and Program
The marketing mix: set of tools (four Ps) the firm uses to
implement its marketing strategy. It includes product,
price, promotion, and place.
Integrated marketing program: comprehensive plan that
communicates and delivers the intended value to chosen
customers.
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Building Customer Relationships

Customer Relationship Management (CRM)
The overall process of building

and maintaining profitable
customer relationships by
delivering superior customer
value and satisfaction
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Building Customer Relationships

Customer Relationship Levels and Tools
Basic
Relationships
Full
Partnerships
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Capturing Value from Customers

Creating Customer Loyalty and Retention
Customer lifetime value is the value of the entire stream
of purchases that the customer would make over a
lifetime of patronage
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Capturing Value from Customers

Growing Share of Customer
Share of customer is the portion of the customer’s

purchasing that a company gets in its product categories.
Customer equity is the total combined customer lifetime

values of all of the company’s customers.
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Marketing Management Tasks

Develop market strategies and plans
Capture marketing insights
Connect with customers
Build strong brands
Shape market offerings
Deliver value
Communicate value
Create long-term growth
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The Changing Marketing Landscape

Uncertain Economic Environment
• New consumer frugality
• Marketers focus on value for the customer
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Digital Age
• People are connected continuously to people and
information worldwide
• Marketers have great new tools to communicate
with customers
• Internet + mobile communication devices
creates environment for online marketing
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• Rapid Globalization
• Sustainable Marketing
• Not-for-Profit Marketing
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So, What Is Marketing? Pulling It All

Together
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END
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Marketing Management (Chapter-1)

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Slide 1.

Creating and Capturing Customer

Understanding the Marketplace

Needs • Physical—food, clothing, warmth, safety

Demands • Wants backed by buying power

Understanding the Marketplace

Understanding the Marketplace

What is Marketed(Scope of Marketing)?

Designing a Customer-Driven Marketing

Designing a Customer-Driven Marketing

Market segmentation refers to dividing the markets into

Target marketing refers to which segments to go after

Designing a Customer-Driven Marketing

Productio Product Selling Marketing Societal

Designing a Customer-Driven Marketing

Production concept is the idea that consumers will favor

Designing a Customer-Driven Marketing

Product concept is the idea that consumers will favor

Designing a Customer-Driven Marketing

Selling concept is the idea that consumers will not buy

Designing a Customer-Driven Marketing

Marketing concept is the idea

Designing a Customer-Driven Marketing

Societal marketing concept is the

Identify the possible Marketing

Designing a Customer-Driven Marketing

Preparing an Integrated Marketing

Building Customer Relationships

The overall process of building

Building Customer Relationships

Capturing Value from Customers

Capturing Value from Customers

Share of customer is the portion of the customer’s

Customer equity is the total combined customer lifetime

Marketing Management Tasks

The Changing Marketing Landscape

The Changing Marketing Landscape

The Changing Marketing Landscape

So, What Is Marketing? Pulling It All

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