Marketing Concept

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The Marketing Concept:

The Marketing Concept Evolving Perspectives

What Is Marketing?:

What Is Marketing? Simple Definition: Marketing is managing profitable customer relationships. Goals: Attract new customers by promising superior value. Keep and grow current customers by delivering satisfaction.

Marketing Management Philosophies:

Marketing Management Philosophies Production Concept Product Concept Selling Concept Marketing Concept Societal Marketing Concept Customer-Driven

The Production Concept:

The Production Concept

The Product Concept:

The Product Concept

Marketing and Sales Concepts Contrasted:

Marketing and Sales Concepts Contrasted

Societal Marketing Concept:

Societal Marketing Concept

This Is a Need:

This Is a Need Needs - state of felt deprivation including physical, social, and individual needs.

Maslow’s Hierarchy of Needs:

Maslow’s Hierarchy of Needs

This Is a Want:

This Is a Want Wants - form that a human need takes, as shaped by culture and individual personality.

Need / Want Fulfillment:

Need / Want Fulfillment Needs and Wants Fulfilled through a Marketing Offer : Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

What Satisfies Consumers’ Needs and Wants?:

Products Anything that can be Offered to a Market to Satisfy a Need or Want Persons Places Organizations Ideas Information What Satisfies Consumers’ Needs and Wants? Services Activity or Benefit Offered for Sale That is Essentially Intangible and Does Not Result in the Ownership of Anything

Marketing Myopia:

Marketing Myopia Sellers pay more attention to the specific products they offer than to the benefits and experiences produced by the products. They focus on the “wants” and lose sight of the “needs.”

This Is Demand:

This Is Demand “Demand” Wants Buying Power

What is a Market?:

What is a Market? The set of actual and potential buyers of a product. These people share a need or want that can be satisfied through exchange relationships.

Segmentation and Target Marketing:

Segmentation and Target Marketing Market Segmentation: Divide the market into segments of customers Target Marketing: Select the segment to cultivate #1 #2

Customer Satisfaction:

Customer Satisfaction Dependent on the product’s perceived performance relative to a buyer’s expectations.

Value and Satisfaction:

Value and Satisfaction Expectation Performance 8 10 If performance is lower than expectations, satisfaction is low. If performance is higher than expectations, satisfaction is high. Expectation Performance 10 8

Customer Perceived Value:

Customer Perceived Value Customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

Customer Relationship Levels:

Customer Relationship Levels Basic Relationship Full Partnership Continuum

Loyalty and Retention:

Loyalty and Retention Financial Benefits Social Benefits Structural Ties Focus on Profitable Customers

Customer Relationship Management:

Customer Relationship Management The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Customer Loyalty & Retention:

Customer Lifetime Value The entire stream of purchases that the customer would make over a lifetime of patronage. Share of Customer The share a company gets of the customers purchasing in their product categories. Customer Loyalty & Retention