Marketplace
Market
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-2
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.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-3
What is Marketing Management?
Marketing management is theart and science
of choosing target markets and getting, keeping, and growing
customers throughcreating, delivering, and communicating
superior customer value.
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 1-4
Core Marketing Concepts
• Needs, wants, and demands
• Target markets, positioning, segmentation
• Offerings and brands
• Value and satisfaction
• Marketing channels• Supply chain• Competition• Marketing
environment
MarketMarket:
Group of people who
have the needs or wants for certain
products or services and
willing to pay for it.
Marketplace
Market
Target Market
MarketMarket:
Group of people who
have the needs or wants for certain
products or services and
willing to pay for it.
Needs
Wants
Demand
CORE CONCEPTS OFCORE CONCEPTS OFMARKETINGMARKETING
NeedsA state of felt deprivation
Wants: Specific objective to satisfy
the need – “brand specifics”. Often
influence by culture, and personality/lifestyle
Demand:Wants supported by
purchasing power
Sellingversus
Marketing
Selling is only the tip Selling is only the tip of the iceberg !of the iceberg !
“There will always, one can assume, be need for some
selling. But the aim of marketing is to make selling
superfluous. The aim of marketing is to know and
understand the customer so well that the product or service fits him and sells
itself. Ideally, marketing should result in a customer who is ready to
buy.”
Peter Peter DruckerDrucker
Peter Peter DruckerDrucker(1909~2005)
On the 11th November 2005, the man who was revered as the father of modern corporate management died. Although he reputedly hated the label of ‘guru’, Peter Drucker was, by any standards, the greatest management guru the world has yet seen. In 1996, the McKinsey Quarterly journal described him as the ‘the one guru to whom other gurus kowtow’ and Robert Heller described him as ‘the greatest man in the history of management’, praise indeed for a man who described himself as ‘just an old journalist’.
Selling is only the tip Selling is only the tip of the iceberg !of the iceberg !
Peter Peter DruckerDrucker
Market:
Group of people who have the
needs or wants for certain products or services and
willing to pay for it.
What makes them willing to
pay?
Value
CUSTOMER PERCEIVED VALUE
Customers tend to be value-maximizers, within the bounds of search costs, limited knowledge, mobility and income.
Customer perceived value (CPV) – nilai tertanggap pelanggan:The difference between benefits and costs of an offering as perceived by the customers.
Benefits:Monetary value of the bundle economic, functional and psychological benefits of a product
Costs:Bundle of costs customer expect to incur in evaluating, obtaining, using and disposing a product-Including monetary, time, energy, and physic costs
Why customer value is so important?- It would help create customer satisfaction and ultimately customer loyalty
So, the key to generating high customer loyalty is to deliver
high customer value.
A company must design a competitively superior value
proposition aimed at a specific market segment.
Value Proposition:
- Consist of the whole cluster of benefits the company
promises to deliver.
- It is more than the core positioning of a product.
Ex;
Volvo’s core positioning has been “safest” but the
buyer is promised more than a safe car.
– “The safest and most durable wagon in which your
family can ride in.”
Total Customer Satisfaction
Performance < Expectation = Dissatisfied
Performance = Expectation = Satisfied
Performance > Expectation = WOW (Delighted)
Satisfaction:
A person’s feelings of pleasure or disappointment resulting
from comparing a product’s perceived performance in
relation to his/her expectations.
If expectation is raised too high, the buyer is likely to be
disappointed.
However, if the expectation is set too low, it wont attract
enough buyers
A highly satisfied customer generally:
a. Stays loyal longer
b. Buys more as the company introduces new products
and upgrades existing products
c. Talks favorably about the company and its products
d. Pay less attention to competing brands
e. Less sensitive to price
f. Offers product or service ideas to company
g. Costs less to serve than new customers because
transactions are routine.
Methods to measure customer satisfaction:
a. Customer complaint and recommendation system
b. Periodic surveys using standard questionnaires
c. Lost customer analysis (exit interview)
d. Mystery shoppers (ghost shopping)
RELATIONSHIP MARKETING
Proses membina suatu bentuk perhubungan perniagaan jangkapanjang dengan pelanggan, pembekal, pengedar
dan rakan pemasaran lain yang menguntungkan kedua-dua pihak.
Melibatkan ikatan ekonomi, teknikal mahupun sosial
HSBC Bank, The Relationship BankTM – Bukan Sekadar Nombor
INTEGRATED MARKETING
Kesemua elemen campuran pemasaran
perlu disepadukan perancangan dan
perlaksanaannya agar ia dapat
mengkomunikasikan dan seterusnya
memberikan nilai yang superior kpd pelanggan
The Four P’s
Marketing Management Tasks
• Developing marketing strategies
• Capturing marketing insights
• Connecting with customers
• Building strong brands
• Shaping market offerings
• Delivering value• Communicating
value• Creating long-term
growth
Satisfaction
Loyalty
The process of selecting target market (s) and
expanding the market by creating, delivering and communicating superior
customer values
MARKETING MARKETING MANAGEMENTMANAGEMENT
Segmentation
Targeting
Positioning
Product Positioning
How we want our target market to think about our product compared
to the competing products
What is Marketed?
GoodsGoods
ServicesServices
Events & ExperiencesEvents & Experiences
PersonsPersons
Places & PropertiesPlaces & Properties
OrganizationsOrganizations
Information & IdeaInformation & Idea
OthersOthers
watch
hotel
Le’ Tour De Langkawi
politicians,
KL Tower
consulting
charity orgs
Key Customer MarketsConsumer Markets
Business Markets
Global Markets
Nonprofit/ Government Markets
Marketing PhilosophyMarketing Philosophy
Production
Selling Marketing
Product
RELATIONSHIP MARKETING
The process of building long term business
relationship with customers for mutual benefits
The Four P’s
Holistic Marketing Dimensions
Factors Influencing Marketing Strategy
MARKETING
Marketers job is to find:
A. The right products for their customers
ORB. The right customers
for their products.
Answer: A or B ???
MARKETING
Marketers job is to find:
A. The right products for their customers
ORB. The right customers
for their products.
Answer: A