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Summary Global Marketing Communication IBM1
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GLOBAL MARKETING COMMUNICATION: CREATING CUSTOMER VALUE ANDENGAGEMENT
Marketing is the process by which companies create customer value and capture value in
return
The marketing process
Needs, wants and demands
- Needs: feeling hungry
- Wants: preference and culture
- Demands: backed by buying power
Market offerings
- Some combination of products, services, information or experience
Core activities of marketing
- Consumer research
- Product development
- Communication
- Distribution
- Pricing
- Service
Markets
- The set of all actual and potential buyers of a product or service
Environmental forces
- Demographic
- Technological
- Ecological
- Social/cultural
- Political
- …
1
,Value proposition
- A brand’s value proposition is the set of benefits or values it promises to deliver to
consumers to satisfy their needs
Marketing management
- The art and science of choosing target markets and building profitable relationships
with them
● Production (machinery)
● Product (VR glasses, product concept)
● Selling (scrub daddy)
● Marketing (umbrella academy)
● Societal (patagonia)
Selling concept
- The idea that consumers will not buy enough of the product unless the firm
undertakes a large scale selling and promotion effort
● Scrub daddy pitched on Shark Tank
● Pushed on pay-television
● Most successful product on shark Tank
● + $60M ($200K investment)
Marketing concept
- Knowing the needs and wants of target markets
● The Umbrella Academy targets Netflix subscribers interested in adoption,
coming of age dramas, superheroes, graphic novels and fans of actor Elliot
Page
Societal marketing concept
- 100% of the nonvoting stock has been given to the Holdfast Collective, a nonprofit
dedicated to fighting the environmental crisis and defending nature
- The funding will come from Patagonia: “each year the money we make after
reinvesting in the business will be distributed as a dividend to help fight the crisis”
- Also called marketing 3.0 or purpose-driven marketing
Marketing mix
Customer relationship management (perceived value + satisfaction)
- The process of building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction
2
,Customer-perceived value
The customer’s evaluation of
the difference between all the
benefits of a marketing offer
relative to those of competing
offers
Customer satisfaction
- The extent to which a product’s perceived performance matches a buyer’s
expectations
Satisfied Dissatisfied
● Loyal ● Often switches to competitors
● Repeated customers (buys
again, buys more)
● Positive word of mouth (WoM) ● Badmouths the product to others
(bad experience)
Marketing Channels
- They allow the seamless exchange of information between your brand and it buyers,
providing the opportunity to reach more people and expand awareness of your
product and services
- Ex: TikTok, product placement, radio, …
Distribution channels
- The network of businesses or intermediaries through which a good or service passes
until it reaches the final buyer or the end consumer
- Ex: retailer (supermarket, importer, online store, …
Partner relationship management
- FMCG = fast moving consumer
goods
- Working closely with partners
inside and outside the company
to jointly bring greater value to
customers
3
, Supply chain management
SCM = the management of the flow of goods and services and includes all processes that
transform raw materials into final products
Customer loyalty
- Loyal customers spend 33% more and create positive word on mouth
- It’s 5 times cheaper to keep an old customer then acquire a new one
Customer retention
- Churn = the rate at which customers stop doing business with an entity
- LTV = the value of the entire stream of purchases a customer makes over a lifetime
of patronage
Share of customer’s (wallet, stomach, garage, travel, …)
- The portion of the customer’s purchasing that a company gets in its product
categories
Effective customer relationship management
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