Profitable Customer Relationship I Flashcards
what is marketing
engaging customers and managing profitable
customer relationships.
what are the goals of marketing
- Attract new customers by promising superior value
- Keep and grow current customers by delivering satisfaction
marketing is about ____ What Your Target Customers’ Needs/Desires & Problems
are (Through Research)
And Then Producing Something that can ______ these Needs/Desires or Solve
their Problems,
finding out, satisfy
START WITH CUSTOMERS &
NOT COMPANY is called the ________ approach.
OUTSIDE IN
what does a business need to do to stand out and succeed
- A Great Product with superior value
- To Constantly Find out (Research on CB & Trends) What can Satisfy & then deliver Satisfaction
- To have a GREAT MARKETING Strategic Plan 4Ps - ALWAYS
what are the 5 key points you must know about marketing
1) WHAT are you Marketing? Comes in all forms.
2) WHY are you Marketing This Product?? To SOLVE a Problem, SATISFY a
Craving ..OR??
3) WHO are you marketing to? Segmentation
4) Understand Customers & their Behaviour
5) HOW & WHEN & WHERE to Market to them: 4Ps
what can be marketed ?
goods
services
events and experiences
persons
places and properties
organizations
Information
Ideas
what are 2 forms of marketing
traditional
contemporary
what is the traditional form of marketing
- Making a sale
- Abundance of products in
the nearby shopping
centers - Television, magazine,
and direct-mail ads –
Mass Marketing (for All)
what is the contemporary form of marketing
- Satisfying customer
needs - Imaginative Web sites
and mobile phone apps,
blogs, online videos, and
social media - Reach customers
directly, personally and
interactively
(Personalise)
what are the ‘Forces’ that are Changing the Marketing Landscape
- digital age: learn more abt customers, change the way distribution is done, customize dialogue with customers and more engagement
- changing economic environment: customers are more affluent (rich) and now are more demanding. marketers have to focus on value, practicality and durability.
- growth of non for profit marketing: marketing has become important for hospitals, gov and charity organizations.
- rapid globalization and sustainable marketing: global view of the industry. also glocalisation where you go global but tune the offerings for local.
- socially responsible marketing: greater responsibility for social and environmental impacts of their actions. (no animal testing, recycle more, etc)
what are the 7 core marketing concepts
- Needs, wants, and demands
- Marketing offerings
- Marketing Myopia
- Value & Satisfaction
- Exchange, Transaction & Relationship
- Target Market
- Marketing Mix
what is a need
Basic human requirements.
A state of felt deprivation
including physical, social,
and individual needs.
NEEDS ARE NOT CREATED BY MARKETERS
what are the types of needs
physical: decency & warmth, convenience, safety, shelter, hunger and thirst
social: communication, sense of belonging, affection
individuals: ego, learning, self-expression, knowledge
what is wants
A form that a
human need takes,
as shaped by culture
and individual
personality.
WANTS ARE
THINGS THAT CAN
SATISFY NEEDS.
example of need and want
thirst is need
water, coffee, coke is want
what is demand
DEMANDS ARE WANTS FOR A SPECIFIC PRODUCT, BACKED BY BUYING
POWER/ABILITY TO PAY.
want + buying power = demand
what is marketing offerings
Marketing offerings are a combination of product, services,
information or experiences offered to a market, to satisfy a need
or want.
what is products
Anything that can be Offered to a Market to Satisfy a Need or Want
what is services
Activity or Benefit Offered for Sale That is Essentially
Intangible and Does Not Result in the Ownership of Anything
what is marketing myopia
Marketing myopia occurs when sellers pay more attention to the
specific products they offer (Eg how they can improve and make it
better & better) rather than to the benefits and experiences produced
by the products (what the customers Original Needs or Wants are).
- IN SHORT – TOO SHORT-SIGHTED from a Business Perspective.
marketing myopia 2 examples ?
- Eg1. Train Companies – What biz are they in? Trains or
Commute? In which case, shouldn’t they also think of ways to
help customers Commute BEYOND Trains?? - Eg2. Nokia vs Apple – Epic Myopia
what is value proposition
Value Proposition - The set of benefits or values a company
promises to deliver to consumers to satisfy their needs.
It is the Thing that Differentiates product from others.
what is customer satisfaction
– Customer satisfaction: Extent to which a product’s perceived
performance matches a buyer’s expectations.
– If BUYERS’ EXPECTATIONS MET, A CUSTOMER WILL BE SATISFIED.
– If EXCEED BUYERS’ EXPECTATIONS, THEN A CUSTOMER WILL BE
DELIGHTED. Even greater chance for Loyalty.
