Summary Marketing - 2858 Words

1 Marketing: Managing profitable customer relationships Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return ( satisfying customer needs 2 goals of marketing: †¢ Attract new customers †¢ Keep and grow current customers by delivering satisfaction Marketing process: understand the marketplace and customer needs and wants ( design a customer-driven marketing strategy ( construct and integrated marketing program that delivers superior value ( build profitable relationships and create customer delight ( capture value from customers to create profits and customer equity. 5 core customer and marketplace concepts:†¦show more content†¦In the past companies focused on mass marketing to all customers, today companies are building more direct and lasting relationships with more carefully selected customers (selective relationship management). Direct marketing (by telephone, mail-order catalogs, kiosks and online) is booming. Partner relationship management: working closely with partners in other company departments and outside the company to jointly bring greater value to customers ( every employee must be customer focused. Outcomes of creating customer value: customer loyalty and retention, share of market and share of customer, and customer equity. The aim of customer relationship management is to create not just customer satisfaction, but customer delight (emotional relationship with product or service). Customer lifetime value: the value of the entire stream of purchases that a customer would make over a lifetime of patronage. Share of customer: the portion of the customer’s purchasing that a company gets in its product categories. Companies want not only to create profitable customers, but to ‘own’ them for life, capture their customer lifetime value, and earn a greater share of their purchases. Customer equity: the combined discounted customer lifetime values of all of the company’s current and potential customers. Whereas sales and market share reflect the past, customer equity suggests the future. The goal is toShow MoreRelatedSummary Services Marketing4739 Words   |  19 Pagesand legal services Mental stimulus processing and information processing can be combined under the umbrella term: information-based services. 6. Name the managerial implications with the marketing challenges, due to a service differ from a product (8, page 43) | Difference | Implications | Marketing-related topics | Price and other user outlays | Most services cannot beinventoried | Customers may be turned away or have to wait | Smooth demand through promotions, dynamic pricing and reservationsWorkRead MoreMarketing: Chapter Summary1495 Words   |  6 PagesSummary chapter 3 The marketing environment is made up of a microenvironment and a macroenvironment. Micro environment Marketing management their job is to build strong relationships with customers by creating customer value and satisfaction. But marketing managers cannot do this alone. Marketing success will require building relationships with other company departments, suppliers , marketing intermediaries , customers , competitors and various publics. The company Marketing managers mustRead MoreUsing Perceptual Maps in Marketing Simulation Summary1214 Words   |  5 PagesUsing Perceptual Maps in Marketing Simulation Summary Nikitta Echols MKT/421 June 13, 2011 Instructor Chrisann Merriman Using Perceptual Maps in Marketing Simulation Summary The Business world is constantly thinking of innovative ideas to accomplish the goal of having an ample amount of information for current and future marketers. Subsequently marketing students were specifically instructed to complete the simulation, Using Perceptual Maps in Marketing, located on University of Phoenix’sRead MoreBook Summary the End of Marketing as We Know It3977 Words   |  16 PagesWISDOM IN A NUTSHELL The End of Marketing As We Know It By Sergio Zyman Harper Collins, December 1999 ISBN 0 00 257128 5 246 pages BusinessSummaries.com is a business book summaries service. Every week, it sends out to subscribers a 9- to 12-page summary of a best-selling business book chosen from among the hundreds of books printed out in the United States. For more information, please go to http://www.bizsum.com. The End Of Marketing As We Know It Page 2 Author’s website: http://wwwRead MoreGlobal Marketing Summary Chapter 5-106416 Words   |  26 PagesCHAPTER 5- The Political, Legal, and Regulatory Environments of Global Marketing Introduction †¢ The global marketer must attempt to comply with each nation’s laws and regulations with respect to the cross-border movement of services, people, money, and know-how. Laws and regulations that change frequently or are ambiguous can hamper the company’s activities. The Political Environment †¢ Made up of governmental institutions, political parties, and organizations that rulers and peopleRead MoreUsing Perceptual Maps in Marketing Simulation Summary1124 Words   |  5 PagesUsing Perceptual Maps in Marketing Simulation Summary Brenda Salima MKT/421 – Marketing February 27, 2012 Maureen Murphy Using Perceptual Maps in Marketing Simulation Summary The situation that is being explained in the simulation states of the declining sales of Thorr Motorcycles’s product, the CruiserThorr, because of its previous customers that are aging and no longer interested in what the product stands for. Another factor for the decline includes their youngerRead MoreMarketing Management, Kotler Keller Chapter Summaries1107 Words   |  5 PagesMarketing Management Chapter 8 key points * To develop the best marketing plans, managers need to understand what makes each segment unique and different. * Effective target marketing requires: market segmentation; market targeting, and market positioning. * A market segment consists of a group of customers who share a similar set of needs and wants. Market segments are generally defined by looking at descriptive characteristics or behavioral considerations. * GeographicRead MoreUsing Perceptual Maps in Marketing Simulation Summary1038 Words   |  5 Pageslessons it contained for marketing though, it was also interesting while still being entertaining as well. The situations it presented were realistic, while not being so overcomplicated that the material it was trying to present got lost. In the following paper I will discuss the situations from the simulation, the relationship between differentiation and positioning especially with regards to the product in the simulation, and the effect of the product life cycle on marketing again focusing on itsRead MoreKotler Chapter 1 Introduction to Marketing Summary1828 Words   |  8 PagesIntroduction To Marketing Chapter 1 Marketing: Managing Profitable Customer Relationships Marketing is the process my which companies create value for customers and build strong customer relationships in order to capture value from customers in return. The Marketing Process can be represented by a simple five-step model. In the first four steps, companies work to understand consumers, create customer value, build strong customer relationships. In the final step, companies reap the rewards of creatingRead MoreExecutive Summary This proposal is aimed at improving the marketing objectives of the School of1500 Words   |  6 PagesExecutive Summary This proposal is aimed at improving the marketing objectives of the School of Business and Computer Science Ltd.’s Trincity Campus by providing clear and powerful design ideas and concepts that would help increase student enrollment and strengthen its presence in the community. An analysis was done to look at SBCS’ corporate identity, brand and image and recommendations will be made to improve its advertising, promotion and marketing strategies that would achieve value and results