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Chapter 1
Marketing:Creating andCapturing
Customer Value
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Marketing: Creating and capturing customer value
Learning objectives
Objective 1 Define marketing and outline the steps in the marketingprocess
Objective 2 Explain the importance of understanding customers andthe marketplace, and identify the five core marketplaceconcepts
Objective 3 Identify the key elements of a customer-drivenmarketing strategy and discuss the marketing
management orientations that guide marketing strategy
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Marketing: Creating and capturing customer value
Learning objectives
Objective 4 Discuss customer relationship management and identifystrategies for creating value for customers and capturingvalue from customers in return
Objective 5 Describe the main trends and forces that are changingthe marketing landscape in this age of relationships
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What is marketing?
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The marketing process
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Understanding the marketplace and customer needs
Marketing is all about creating value for customers. So theorganisation must fully understand consumers and the
marketplace in which it operates
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Customer needs, wants and demands
Needs
Wants
Demands
a)
c)
b)
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Discussion question
What is the difference between
needs, wants and demands?Give specific examples
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Market offerings: Goods, services and experiences
Customer needs and wants are fulfilled through market offerings
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Customer value and satisfaction
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Exchanges, transactions and relationships
Exchange is the actof obtaining a desired
object from someoneby offering somethingin return
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Markets
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Designing a customer-driven marketing strategy
Marketing management is the art and science of choosing target markets and building profitablerelationships with them
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Designing a customer-driven marketing strategy
Selectingcustomers to
serve
Choosing avalue
proposition
Marketingmanagementorientations
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Discussion question
Why is it important to a
marketer to decide whichcustomers they will serve?
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Marketing management orientations
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Preparing an integrated marketing plan and
program
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Building customer relationships
Customer relationship management is the overall process
of building and
maintaining
profitablecustomer
relationships
by delivering
superior
customer valueand satisfaction
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Building customer relationships
Customerrelationship
management
Relationshipbuilding blocks:Customer value
and satisfaction
Partnerrelationship
management
The changingnature of customer
relationships
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Discussion question
What companies do
you personally feelrelate to you deeplyand interactively?
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Capturing value from customers
Creatingcustomer
loyalty andretention
Growing share of customer
Building the rightrelationship with
the rightcustomers
Buildingcustomer equity
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Capturing value from customers
Creating
customerloyalty andretention
Growingshare of customer
Buildingcustomerequity
Building the
right relationshipwith the right
customers
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Building the right relationship with the right
customers
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T
he changing marketing landscape
The uncertain world economy
Measuring marketing¶s contribution to organisational performance
The growth of not-for-profit marketing
Not-for-profit marketing
The digital age
Rapid globalisation
Sustainable marketing: The call for more social responsibility
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So, what is marketing? Pulling it all together