Scribd Logo
Upload

Welcome to Scribd!

    • 2 views

    Business Marketing Reviewer

    Uploaded by

    Kim
    Marketing involves creating and communicating value to customers to build relationships. The goal is to attract customers by promising value through a social and managerial process. Marketing consists of two interacting components - the company, which is a business that sells goods/services, and the market, which is customers willing and able to purchase. Marketing must be customer-oriented, coordinated across activities, and able to achieve performance goals to be effective. Developing strong customer relationships through consistent experiences, feedback, and innovation benefits organizations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Business Marketing Reviewer

    Uploaded by

    Kim
    2 views4 pages
    Marketing involves creating and communicating value to customers to build relationships. The goal is to attract customers by promising value through a social and managerial process. Marketing consists of two interacting components - the company, which is a business that sells goods/services, and the market, which is customers willing and able to purchase. Marketing must be customer-oriented, coordinated across activities, and able to achieve performance goals to be effective. Developing strong customer relationships through consistent experiences, feedback, and innovation benefits organizations.

    Original Description:

    Bmarketing reviewer

    Original Title

    BUSINESS-MARKETING-REVIEWER

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Marketing involves creating and communicating value to customers to build relationships. The goal is to attract customers by promising value through a social and managerial process. Marketing consists of two interacting components - the company, which is a business that sells goods/services, and the market, which is customers willing and able to purchase. Marketing must be customer-oriented, coordinated across activities, and able to achieve performance goals to be effective. Developing strong customer relationships through consistent experiences, feedback, and innovation benefits organizations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    2 views4 pages

    Business Marketing Reviewer

    Uploaded by

    Kim
    Marketing involves creating and communicating value to customers to build relationships. The goal is to attract customers by promising value through a social and managerial process. Marketing consists of two interacting components - the company, which is a business that sells goods/services, and the market, which is customers willing and able to purchase. Marketing must be customer-oriented, coordinated across activities, and able to achieve performance goals to be effective. Developing strong customer relationships through consistent experiences, feedback, and innovation benefits organizations.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    BUSINESS MARKETING

    • MARKETING
    • The creation and communication of value to customers.
    • Involves the customer’s maintenance relationship
    • Creates values for customer and build strong relationship
    • Occurs when people decide to satisfy needs and wants through exchange.
    • DR. PHILIP KOTLER
    - Marketing is a social and Managerial process
    • GOAL
    - Attract customer by promising value
    • TWO INTERACTING COMPONENTS OF MARKETING
    - Company -> Market
    • COMPANY
    - Is a business organization that makes money by selling goods or services.
    • MARKET
    - Group of individual or organizational customer who have both willingness and financial capability to purchase a particular
    product or service.
    • NEEDS
    - Things that satisfy the basic requirements
    - Necessary expenses for human to live healthy lives
    • WANTS
    - Request directed to specific type of items
    - Expenses that buyers choose to buy but can comfortably live without
    • MARKETING CONCEPT
    - Business philosophy, which holds the key to achieving organizational goals consist of determining the needs and
    wants of target market and delivering the satisfaction more effectively and efficiently than competitors do.
    1. Marketing must be customer oriented
    2. Marketing must be coordinated activities
    3. Marketing must be able to achieve the Performance target goals and objectives
    • FACTORS FOR DEVELOPING MARKETING CONCEPT
    1. Capturing marketing insight
    2. Effective financial management system
    3. The value of human resources
    4. The production process
    5. The presence of competitors
    • GOALS OF MARKETING AND THEIR SOCIAL EFFECTS
    1. Maximize the consumption of goods
    2. Maximize customer satisfaction
    3. Maximize choose of goods or Service
    4. Maximize the quality of life
    • GOALS OF MARKETING
    1. Focusing on customer wants and needs
    2. Integrating all the organization's activities to satisfy the customers wants and needs
    3. Achieving the organization long term goal
    • KEY PERFORMANCE INDICATOR (KPI)
    - Used to check that the Marketing Activities are on track
    • TRADITIONAL APPROACHES TO MARKETING
    - Evident up to late 1960
    - Refers to any type of marketing that isn’t online.
    - Include all print media
    - company focused
     ANSOFF’S MATRIX THEORY
    - Ansoff's Matrix Theory
    Traditional marketing theories include Ansoff's Matrix, a theory that suggests that a business' attempts to grow depend on
    whether it markets new or existing poducts in new or existing markets.
     THE MARKETING MIX
    - Made up of 7p's ( product, pricing, place, promotion, physical evidence, people, and processes)
    - combine, create a solid marketing proposal.
     CONTEMPORARY APPROACHES TO MARKETING
    - customer focused
    - offers product based on what target market desires

     TYPES OF MARKETING
    1. Business to business-B2B
    2. Business to consumer-B2C
    3. Brand Markeing
    4. Cloud Marketing
    5. Telemarketing
    6. Guerrilla Marketing
    7. Push marketing
    8. Influencer Marketing

     EMERGING TYPES OF MARKETING AND THEIR APPLICATION


    1. Search engine optimization
    - is majorly concerned with increasing a business' visibility and rankings on search engine result pages. It is a simple way
    of attracting organic traffic of potential customers to a website. SEO can be maximized with paid adverts Google AdWords,
    strategic content marketing and social media networks.
    2. Pay per Click advertising:
    - This is advertising presented on search engine result pages or web pages where the advertiser is only charged based on the
    number of times someone clicks on the ads to go to the advertiser's targeted website.
    3. Email marketing
    - is a type of marketing based on the distribution of messages through emails. Email marketing provides direct contact with
    customers and alows businesses to create relationships with their customers.
    4. Referral marketing:
    - is a type of marketing where an individual or customer pleased with the results gotten from a product refers the product
    to another person. If's a very subtle form of marketing that can provide great results especially when the person referring
    is an Influencer in that industry.
    5. Affiliate marketing:
    - is a prominent type of internet marketing where a third party promotes a product and earns commission, or a piece of
    the profit gotten from every sale made through that referral.
    6. Video marketing:
    - Videos act as one of the most interactive types of online marketing and can prove to be a great way to raise awareness
    about a business or product. In fact, according to Mushroom networks, YouTube is the second biggest search engine.
    Therefore, video marketing can prove to be a great way to pass messages to target
    7. Inbound marketing
    - is a very powerful contemporary marketing strategy that focuses on different tactics to draw consumers in and convince
    them to buy goods. It is one the result-oriented types of marketing that uses content to drive results. A key subset of
    Inbound marketing is Content marketing which the Content Marketing Institute refers to as "a strategic marketing
    approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly
    defined audience.
     GREEN MARKETING
    - It is the practice of marketing in which the services and goods are marketed from their environmental benefits.
    1. Being Genuine
    2. Educating the Customer
    3. Giving customers an opportunity to participate.

    TRADITIONAL APPROACHES TO MARKETING


     The Production concept
    - assumes that customers prefer products that are inexpensive, affordable, and widely available.
     The product concept
    - assumes that customers will always prefer and patronize products of high quality.
     The selling concept
    - emphasizes aggressive selling and promotional efforts.

    CONTEMPORARY APPROACHES TO MARKETING


     The Marketing concept
    - Determines the customers wants and needs.
     The Relationship Marketing concept
    - holds to long term relationship with customers
     The Societal Marketing Concept
    - similar to marketing conceopt
    - the societal marketing concept includes the well-being and interests of the customers, environment and the society.

    Customer Value
    - It is the relationship between benefits and the cost including money, stress, and time to sacrifice that is necessary to get
    those benefits.
    - simply stated in a mathematical equation: Benefits-Cost= Customer Value
    - products and services that are quality they expect and that are sold at prices they are able and willing to pay
    • SQIP
    1.SERVICE- the intangible value offered to the customer
    2. QUALITY – customers perception of how well a company’s products and services meet expectations
    3. Image- customers perception of the company or business they interact with
    4. Price – the price a company can command for its products and services and that its customer are able and willing to pay
    ……………………
    - Customer are the lifeblood of all business.
    - They are the source of current profits and the foundation of future growth.
    ………………………………
    3 WAYS TO ESTABLISH CUSTOMER VALUE
    1. Provide the consumer with the best cost
    - providing a product at a reasonable price
    2. Provide the consumer with the best product
    - Companies that offer top quality products increase the customer value of their offerings to their consumer by providing a
    high benefit which exceeds the highcost.
    3. Provide the consumer with the best service
    - Companies that provide high level of service to their consumer increase the customer value of their services by providing
    a high benefit which exceeds the cost for many consumer. Consumer who buy form these companies are willing to pay
    more to be treated with exceptional service.
    IMPORTANCE OF CUSTOMER VALUE
    1. Designing and providing superior customer value are the keys to successful business strategy in the 21st century
    2. Value reigns supreme in today’s marketplace and market space
    3.Customer will not pay more than a product is worth and will reward excellence.
    4. A customer Centric culture provides focus and direction for the organization , ensuring that exceptional value will be
    offered to customers
    5. Designing and delivering superior customer value propels organization, ensuring that exceptional value will be offered to
    customers.
    6. Providing outstanding customer value has became a mandate for management.
    7. In choice filled arenas , the balance of power has shifted from companies to value seeking customers.
    8. Managing customer value is even more critical to organizations in the new service and information-based economy.
    9. Firms not providing adequate value to customers will struggle or disappear- customer value is a key ingredients in
    building competitive advantage.
    10. Today’s customer are quite smart and sophisticated and are looking for companies that:
    a. Create maximum value for them base on their needs and wants, and
    B. demonstrate that they value their business.

    BENEFITS OF DEVELOPING CUSTOMER RELATIONSHIP


    - focuses on creating long term relationship
    - customers wants to know that they are valued and appreciated as individuals
    1. Consistent customer experience
    - organization shares information and work together to ensure customers need and efforts.
    2. Customers feedback
    - open communication and cooperation, complains and compliments can quickly be addressed.
    3. Customer profitability
    - Relevant Communications and offer motivate consumer to use the full complement of product and service offerings
    4. Customer Advocates
    – consumer who are pleased and enjoy a consistent experience increasingly share this information with each other.
    5. Innovation
    – Organization, like Starbucks through MyStarbucksIdea.com, invite their customer to provide ideas.

    STRATEGIES IN DEVELOPING CUSTOMER RELATIONSHIP


    - Make Every Customer Interaction Count
    - Follow through on commitments and claims about products or services
    - Develop employees
    - Offer Benefits and product value that responds to the customers desires.
    - Treat customers as individual who are respected and value.
    - Listen to customers
    - Build a strong brand identity
    - Surround customer with valuable information by using emails, website content, social media, and other method of
    outreach but do not invasive.
    - The business must have a website or social media page.
    - Reward loyal customers
    - Nothing Strengthens a bond more than appreciations.
    - Create a blog about the business where discussion is more casual and inviting

    You might also like