Transcript 13. Customer-Driven Marketing

12. Customer-Driven Marketing
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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
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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.
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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
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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
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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
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The External
Marketing Environment
• Generally uncontrollable forces that
include:
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Sociocultural forces
Economic forces
Competitive forces
Technological forces
Regulatory forces (political & legal forces)
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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:
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Executive summary
– Marketing strategies
Environmental analysis – Marketing implementation
SWOT analysis
– Evaluation & control
Marketing objectives
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Marketing Research
• Six steps:
– Define the problem
– Make preliminary investigation
• Examine internal secondary information
– Data mining & data warehouses
• Examine external secondary published information, etc.
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Plan the primary research
Implement the research
Interpret the information
Reach a conclusion
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