MARKETING REVISED

MARKETING PROCESS (KOTLER)

• DEFINITIONS• MARKETING PROCESS-5 STAGES • UNDERSTAND MARKETING NEEDS, WANTS, DEMANDS

AND MARKET PLACE– DESIGN CUSTOMER DRIVEN STRATEGY– INTEGRATED MARKETING PLAN TO DELIVER SUPERIOR

VALUE– BUILD PROFITABLE RELATIONSHIP & CREATE CUSTOMER

DELIGHT– CAPTURE VALUFROM CUSTOEMRTO CREATE PROFIT &

CUSTOMER EQUITY

I. UNDERSTAND MARKET PLACE

• Needs, Wants, Demands• Market offerings – marketing myopia• Customer value (CPV) and satisfaction• Exchange & Relationship• Markets

II. DESIGN CUSTOMER DRIVEN STRATEGY

• Selecting customer to serve-market research, segmentation, target marketing

• Choosing a value proposition- a set of benefits or values a company promises to deliver; differentiation, positioning

• Marketing management orientation -5 marketing concepts – Production concept– Product concept– Selling concept– Marketing concept– Societal marketing concept

III. INTEGRATED MARKETING PLAN

• Marketing Mix – 4 Ps extendable to 7 Ps• Orient towards corresponding 4 Cs• Building customer relationship by

transforming strategy into action

IV. BUILD PROFITABLE RELATIONSHIP AND CUSTOMER DELIGHT

• CRM- relationship building block – Customer Value (CPV) and Satisfaction- managing customer data and customer “touch points”

• CPV – perceived performance v/s expectation• Loyalty• CR levels and tools – basic & enhanced (relating with more

carefully selected customer)• Relating for long term• Relating directly• Partner relationship management- partners from inside

company

V. CAPTURE VALUE FROM CUSTOMERS AND CREATING CUSTOMER EQUITY

• Creating customer loyalty & retention (CLV)• Growing shares of customers• Building customer equity- “combined

discounted customer lifetime value of all the company’s current and potential customer

• Right relationship with right customer- butterflies/ true friends/ strangers/ barnacles

CHAPTER 2

• COMPANY AND MARKETING STRATEGY

COMPANY WIDE STRATEGIC PLANNING

• Defining marketing role• Process of developing and maintaining

strategic fit between company’s goals and capabilities & changing marketing opportunities

• Defining a marketing oriented mission• Setting objectives and goals• Designing business portfolio