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Summary Chapter 11
- Instelling
- Erasmus Universiteit Rotterdam (EUR)
Chapter 11 of Introduction to Business: Processes and Context
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Voorbeeld 2 van de 7 pagina's
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Voorbeeld van de inhoud
Marketing: building profitablecustomer connections
11.1: Marketing: getting value by giving value
American marketing association: “activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Benefit that businesses seek from marketing: long-term profitability. First they need to
deliver value to customers and other stakeholders.
Successful marketer: delivers value by filing customer needs in ways that exceed their
expectations.
This maintains sales in the future, and thus runs into long-term profitability.
Utility: ability of goods and services to satisfy these wants. Since there is a wide range of
wants, products can provide utility in different ways
o Form utility: satisfies wants by converting inputs into a finished form. E.g. the
slicing, dicing and frying of potatoes into fries
o Time utility: Satisfies wants by providing goods and services and a convenient
time. E.g. evening delivery times or 24 hour restaurants
o Place utility: satisfies wants by providing goods and services at a convenient
place for customers. E.g. vending machines: refuel tired students on campus
o Ownership utility: satisfies wants by smoothly transferring ownership of goods
and services from seller to buyer. E.g. car dealers: financing options
Satisfying wants that exceed expectations is a job that never ends.
11.1.1: scope of marketing
For years, businesspeople have applied the principles of marketing to goods & services in
all categories.
In the past decade, other organisations adopted marketing strategies/tactics to expand
goals
Non-profit organisations – in private and public sectors – play a significant role in our
economy, employing more people than the federal government and all governments
combined.
These organisations use marketing to achieve goals. E.g. colleges markets itself to
prospective students and alumni donors
These organisations play an essential role in the expansion of marketing across our
economy. New marketing strategies:
o People marketing: sports politics and art dominate this category. Entertainers
and athletes us marketing. E.g. Paris Hilton, who builds her career on promotion,
including perfumes and fashion items.
o Place marketing: drawing people to a particular place. Cities and states use this
to attract businesses, or tourism E.g. Vegas: “what happens in Vegas… stays in
Vegas”
, o Event marketing: includes marketing or sponsoring athletic, cultural or charitable
events. Partnerships between public/private sectors are increasingly common.
E.g. Olympics
o Idea marketing: Public/private organisations market ideas that are meant to
change how people think or act. E.g. Don’t drink and drive.
Can be used in combination: e.g. Walk for breast cancer.
11.1.2: Evolution of Marketing: product to consumer
Production era
Marketing didn’t always begin with the customer. Consumers did not have overwhelming
number of choices that are available now. Products were purchased as soon as they were
produced/distributed.
Top business priority was to produce large quantities as efficiently as possible.
Selling era
Production capacity increased in 1920. Supply exceeded demand, which caused the
emergence of hard sell.
Especially when the depression and WW2 made consumers even more reluctant to part
with their limited money
Marketing era
In the 1950s an era of relative peace/prosperity emerged.
Marketers attempted to provide goods and services that met the customer needs better
than anything else on the market.
The marketing concept is a philosophy that makes customer satisfaction the central
focus.
Companies that embrace this, strive to delight customers, integrating it in all activities
Relationship era
Marketing concept has gathered momentum across the economy leading to the current
era: zeros in on long-term customer relationships
Acquiring new customers costs a lot of time and money. Satisfied customers can develop
advocates for your business, becoming powerful generators.
11.2: Customers: front and centre
11.2.1: Customer relationship management (CRM)
CRM is the centrepiece of successful marketing. It is the ongoing process of acquiring,
maintaining and growing profitable customer relationships by delivering unmatched
value.
It works best when marketers combine communication with one-on-one personalisation.
Information is essential: it is not possible without collecting, managing and applying the
right data at the right time for the right person.
Limited relationships
Scope of relationship does not depend only on data you gather, but on the industry.
E.g. companies cannot maintain a personal bond with every chocolate buyer
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