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Marketing Concepts: Understanding the Role of Marketing in Creating Customer Value, Apuntes de Administración de Empresas

Universitat de València (UV)Administración de Empresas

An overview of marketing concepts, outlining the steps in the marketing process, the importance of understanding customers and the marketplace, marketing management orientations, and customer relationship management. It emphasizes the role of marketing in creating value for customers and building profitable relationships.

Tipo: Apuntes

2016/2017

Subido el 29/03/2017

annadt32
annadt32 🇪🇸

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Topic 1. Marketing concepts
OBJECTIVES
1. Define key concepts in marketing
2. Outline the steps in the marketing process
3. Explain the importance of understanding customers and the marketplace
4. Discuss the marketing management orientations
5. Describe customer relationship management
6. Identify strategies for creating value for customers
7. Discuss the major trends that are changing the marketing landscape
1.1. MARKETING AND MARKET UNDERSTANDING. KEY CONCEPTS
1.1.1. WHAT IS MARKETING?
Marketing is a business function dealing with customers
The simplest definition:
Marketing is engaging customers and managing profitable customer relationships
The goal of marketing is twofold:
1.Attract new customers by promising superior value
2.Keep and grow current customers by delivering satisfaction
Sound marketing is critical to the success of every organization.
Both for-profit firms and not-for-profits organizations use marketing.
Marketing is around you: at home, at the university, at work, where you play, etc.
Marketing is not only selling and advertising; it is satisfying customers needs.
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Topic 1. Marketing concepts

OBJECTIVES

1. Define key concepts in marketing 2. Outline the steps in the marketing process 3. Explain the importance of understanding customers and the marketplace 4. Discuss the marketing management orientations 5. Describe customer relationship management 6. Identify strategies for creating value for customers 7. Discuss the major trends that are changing the marketing landscape 1.1. MARKETING AND MARKET UNDERSTANDING. KEY CONCEPTS 1.1.1. WHAT IS MARKETING? Marketing is a business function dealing with customers The simplest definition: Marketing is engaging customers and managing profitable customer relationships The goal of marketing is twofold: 1.Attract new customers by promising superior value 2.Keep and grow current customers by delivering satisfaction Sound marketing is critical to the success of every organization. Both for-profit firms and not-for-profits organizations use marketing. Marketing is around you: at home, at the university, at work, where you play, etc. Marketing is not only selling and advertising; it is satisfying customers needs.

We define marketing as the process by which companies create value for customers and build strong relationships to capture value from customers in return (Kotler and Armstrong, 2016) Most complete and accepted definition American Marketing Association (AMA, 2013), which defines Marketing as: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large This second definition is broader because involves all the stakeholders, I mean, all the people that can influence the Company. 1.1.2. THE MARKETING PROCESS MARKETING IS ALL ABOUT CREATING VALUE FOR CUSTOMERSSTEP 1. UNDERSTANDING CONSUMERS AND THE MARKETPLACE NEEDS : Basic states of felt deprivation Create value for customers and build customers relationships Capture value from customers in return

  • By value we are referring to the comparison between what we get through buying (benefits social, emotional…) a product and the sacrifice we have made.
  • By satisfaction we are referring to the difference between what we expected and what we eventually got. EXCHANGE : the act of obtaining a desired object from someone by offering something in return. RELATIONSHIPS : Marketing consists of actions taken to create, build and maintain desirable exchange relationships. It depends on the sector. We need to create lasting profitable costumer relationships. MARKET : The set of all actual and potential buyers of a product. These buyers share a particular need or want.  STEP 2 DESIGNING A CUSTOMER VALUE-DRIVEN MARKETING STRATEGY Marketing management must design a customer value-driven marketing strategy Marketing management is the ART and SCIENCE of choosing target markets and building profitable relationships with them. The marketing manager must answer two important questions when designing a marketing strategy: 1. What customers will we serve (target market)? This is one of the main decisions a company must make.

2. How can we serve these customers best (value proposition)? Do not fall in myopia. How can I differentiate from the others?  STEP 3 PREPARING AN INTEGRATED MARKETING PROGRAM The company develops marketing plans and programs, marketing mix: PRODUCT – PRICE – PLACE – PROMOTION  The 4 p’s What are its target market and value proposition? People with medium-high income. Provide good quality at a reasonable price. Therefore, the value proposition is the co- creation between the own company and the costumers, because they are the ones who set up the furniture.  STEP 4 BUILDING CUSTOMER RELATIONSHIPS Customer Relationship Management. Is starts by choosing the right target. Overall process of building and maintaining profitable customer relationships: 1.By delivering superior customer value and satisfaction. 2.Relating with more carefully selected customers 3.Relating more deeply and interactively. Keep communication with consumers. 4.Working together with other departments and partners outside the firm. All the departments have to collaborate it cannot be achieved just by the marketing department.  STEP 5 CAPTURING VALUE FROM CUSTOMERS The company can capture value from customers in return in the form of LOYAL CUSTOMERS who buy and continue to buy the company´s brand.

By this concept, I produce whatever I want and then I sell it by making a lot of effort on communication and promotion. But marketing has nothing to do with creating needs. Holds that consumer will not buy enough of the form’s products unless it undertakes a large-scale selling and promotion effort. Focus on creating sales. transactions instead of relationships. THE MARKETING CONCEPT This concept appears when supply is greater than demand, so companies realize that the first step they should take is focusing on customer value; consumers are not the end but the beginning. Now it is not producing what I want and sell but focusing on what consumers need and then produce depending on it. Holds that achieving organizational goals depend on knowing the needs and wants of target markets and delivering the desire satisfactions better than competitors do. Focus on customer and value THE SOCIETAL MARKETING CONCEPT Holds that marketing strategy should deliver value to customers in a way that maintains or improves both the consumer’s and society’s well-being. 1.3 CREATING VALUE AND CUSTOMER RELATIONSHIPS Good customer relationship management creates customer satisfaction. In turn, satisfied customers remain loyal and talk favourably to others about the company. Loyal customers are more profitable than new customers. Loyal customers are going to provide you with more costumers by good word-of-mouth. It is not enough with satisfied customers; the company needs delighted customers. Key concepts in customer relationships management:

 Customer Perceived Value: the customer’s evaluation of the differences between all the benefits and all the costs of a market offering relative to those of competing offers  Customer lifetime value: the entire stream of purchases that the customer will make over a lifetime of patronage.  Customer equity: total combined customer lifetime values of all the company’s current and potential customers. Addition of all the customer’s lifetime values.  Customer satisfaction: product’s perceived performance compared to prior expectations  Customer engagement: fostering direct and continuous customer involvement in shaping brand conversations, brand experiences and brand communities. It is not just selling but being a meaningful part of consumers lives. It refers to talk about the company, making brand be part of your daily life.  Partner relationship management: working closely with others inside and outside the company to jointly engage and bring more value to customers 1.4 EMERGING ISSUES IN MARKETING 1) Rapid globalization 2) The digital age: online, mobile and social media marketing 3) Social responsibility 4) Not-for-profit marketing