Chapter 11 Marketing Process and Consumer

Transcript:Chapter 11 Marketing Process and Consumer:
Chapter 11 Marketing Process and Consumer Behavior: Selected topics Prepared By Mostafa Kamel What is Marketing Prepared By Mostafa Kamel What is Marketing Marketing: is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.” Prepared By Mostafa Kamel Delivering Value – Value and Benefits Prepared By Mostafa Kamel Delivering Value – Value and Utility Utility is the Ability of a product to satisfy a human want or need. Marketing strives to provide four kinds of utility: Form utility. Designing products with features that customers want. Time utility. Providing products when customers will want them. Place utility. Providing products where customers will want them. Possession utility. Marketing creates a possession utility by transferring product ownership to customers by Setting selling prices, Setting terms for customer credit payments Providing ownership documents. Prepared By Mostafa Kamel Goods, Services, and Ideas Marketing apply to: Consumer Goods physical products purchased by consumers for personal use. (Medicine, car, food) Industrial Goods physical products purchased by companies to produce other products (Raw materials, Machines) Services products having nonphysical features or activity that can be purchased. (information, expertise) Marketers also promote ideas such as Ads warn us against copyright infringement and piracy. Advantages of avoiding fast foods. Prepared By Mostafa Kamel Relationship Marketing and Customer Relationship Management Relationship Marketing: is a marketing strategy that emphasizes building lasting relationships with customers and suppliers. Stronger relationships can result in: Greater long-term satisfaction. Greater customer loyalty. Greater customer retention. Customer Relationship Management (CRM): is an organized methods that a firm uses to build better information connections with clients, so that stronger company-client relationships are developed. Prepared By Mostafa Kamel Strategy: The Marketing Mix Prepared By Mostafa Kamel In planning and implementing strategies, marketing managers develop the four basic components (often called the “Four Ps”) of the marketing mix: Product, Pricing, Place, and Promotion. Prepared By Mostafa Kamel Product Product :is a good, service, or idea that is Marketed to fill consumers’ needs and wants. Product Differentiation creation of a product feature or product image that differs enough from existing products to attract customers Prepared By Mostafa Kamel Price Pricing process of determining the best price at which to sell a product. Successful pricing means finding a profitable middle ground between Costs and competitor’s prices. Prepared By Mostafa Kamel Place (Distribution)