This textbook also provides students with hands-on learning tools through Connect Marketing, and provides professors with updated tools every month through the monthly newsletter. With Connect, students examine how firms analyze, create, deliver, communicate, and capture value by exploring both the fundamentals in marketing and new influences, such as social media, all in a format that allows for instructor assessment of learning outcomes, and provides students with a tight integration of topics.
What is ebook? An eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. The paintings are goods; appraisals are services. Pricing based on buyers' perceptions of value ensures that buyers believe the product is worth its price.
Some of the other answers include things that buyers might consider in arriving at a value perception, but they are incomplete answers. Some discount stores put products in large bins and let consumers hunt and find bargains. The price these consumers pay includes only the actual price they pay at the register. Price includes everything the customer gives up to get the product. Henriette offers financial counseling and management on a fee-only basis. She has found that different customers are willing to pay different rates for her services.
This shows that her pricing decisions should depend primarily on choosing an average price that she will charge all her clients. Page 9 of 33 Although the other factors might need to be considered in pricing, the primary consideration should be perceived value—and the reason different customers are willing to pay different rates is because they perceive the value differently. Marketing channel management is also known as endless chain marketing. Marketing channel management, also known as supply chain management, is the set of approaches and techniques that firms employ to efficiently and effectively integrate their suppliers, manufacturers, warehouses, stores, and other firms involved in the transaction into a seamless value chain in which merchandise is produced and distributed in the right quantities, to the right locations, and at the right time, while minimizing system-wide costs and satisfying the service levels required by the customers.
The question describes the place component of the marketing mix, which involves managing the supply chain. Yesenia, the new university course scheduling manager, is struggling with adjustments to the fall schedule.
She is trying to determine how to offer the classes students need at the times when students need them. Yesenia is struggling with the marketing function of communicating the value proposition. Getting a product in this case, a class to customers when and where they want it describes the place component of the marketing mix, which involves managing the supply chain.
The marketing goal of getting the right quantities to the right locations at the right time relates to communicating the value proposition. Marketers involved in value-oriented marketing are constantly balancing promotional effectiveness with ethical advertising standards.
Value-oriented marketers constantly measure the benefits that customers perceive against the cost of their offerings. They use available customer data to find opportunities to better satisfy their customers' needs, keep costs down, and develop long-term loyalties. The importance of supply chain management is often overlooked in the study of marketing because marketing has no responsibility for supply chain management. Supply chain management is extremely important—without it, customers would not be able to obtain products—but most of the activities take place in the background.
When considering career choices in marketing, many students overlook supply chain management because it is considered too quantitative. Effective promotion enhances a product or service's supply chain management system. Effective promotion communicates value by attempting to ensure that customers understand the value being offered. By promoting perfume based on youth, style, and sex appeal, Calvin Klein is attempting to influence social norms regarding sexuality.
Promotion communicates value to consumers so that they will more easily see the value offered by the product. Retailers accumulate merchandise from producers in large amounts and sell to consumers in smaller amounts.
Retailers make up one category of market intermediary, which refers to firms that assist in getting products from the manufacturer to the consumer. Page 12 of 33 As use of the Internet took off, car manufacturers were tempted to sell directly to consumers, but decided instead to continue to sell through their existing dealer networks.
Many universities provide physical or electronic bulletin boards to facilitate ride-sharing and exchange of used books among students. The Got Milk advertising campaign, designed to increase consumption of milk, was intended to help market a n individual. The Got Milk campaign advertised the dairy industry as a whole, not any particular brand of milk. The evolution of marketing progressed along the following continuum: sales, marketing, value-based marketing, production. The production-oriented era was followed by the sales-oriented era, then the marketing-oriented era, and finally the value- based marketing era.
Melanie works for a small computer software company. Her boss is constantly improving its products but neglecting customers, billing, and promoting the company. Firms found an answer to their overproduction in becoming sales oriented; they depended on heavy doses of personal selling and advertising. Near the end of the model year, Move-Them-Out automobile dealership had an unusually high inventory level.
The manager increased her advertising spending and gave extra incentives to its salespeople. Many U. During the market-oriented era, a good product would sell itself.
The market-oriented era was when most companies first started thinking in terms of meeting customer needs. It was a buyer's market and the customer was king. Value is the lowest cost option. Value is the benefits received minus the costs of acquiring a product, or what you get in return for what you give. Trey sells consumer electronics.
He knows his customers weigh the costs versus the benefits associated with the different options available. He decides which products to offer and what prices to charge based on the way his customers think. Serena studies her customer profiles, market research data, complaints, and other information, attempting to better understand what her customers want. In delivering value, marketing firms attempt to find the most desirable balance between the need for value and the perception of value.
The challenge for all firms is to provide the value customers expect while keeping costs low enough to allow the firm to be profitable.
Yolanda is the new restaurant manager in a major hotel. By improving products at the same cost, Yolanda would create additional value for her customers.
Christie has just started with a travel agency, and she has been offering clients and prospective clients a range of packaged tours. She is concerned, because the commissions she is earning on her sales are lower than she had hoped. Her colleague Peter, who has been with the agency for several years, is having a great deal of success by working closely with the clients, seeking their ideas, and building customized tour packages for each one based on their suggestions.
Peter's approach is based on transaction-oriented marketing. Peter is collaborating with his clients to build custom packages, which is an example of value co-creation. To become a more value-driven organization, Pokrah University is holding regular coffee-hour discussions with its students and surveying its graduates regarding students' educational needs and desires. Pokrah University is becoming more value driven through sharing information across the organization.
By communicating regularly with students and alumni, Pokrah University is working to build closer relationships with these groups. As owner of a retail franchise food store, Mary Gray purchases supplies based on specials advertised nationally throughout the franchise system. One Monday, she was surprised to find customers asking for specials she hadn't been informed of in advance. Apparently the national headquarters forgot to inform franchisees of the special, suggesting a failure of information sharing.
Page 17 of 33 In the past, manufacturers' representatives did not have up-to-minute data about the products they were selling. Today, manufacturers' representatives are often provided online access to inventory data for the companies they represent.
The online systems discussed help members of the supply chain share information about inventory levels. One of the benefits of value-driven marketing is that attention to customer needs and wants will likely result in higher prices than the market leader charges.
Value-driven marketing is likely to lead to loyal customers through the relationships that are formed. Even though they operate from out-of-the-way airports and offer few extra services, discount, no-frill airlines like Ryanair and EasyJet have been successful.
Consumers obviously consider the schedules these airlines offer to be the most convenient in the industry. People flying discount airlines have decided to bear some inconvenience in return for lower prices. The benefits are lower, but so is the cost, so the offering can have value despite the inconvenience. A relational orientation is based on the philosophy that buyers and sellers develop a complete understanding of each other's needs.
A relational orientation expects a relationship to develop over the long term. Many firms with complex products have missionary salespeople who assist customers with problems and implementation programs. These salespeople rarely sell products but often become involved in and knowledgeable about specific customers' needs and wants. After major hurricanes like Katrina, many ethical home repair and building supply businesses continue to charge pre- hurricane prices to their customers, even though due to the huge increase in demand they could charge much more.
These firms probably recognize that they can make more money from government contracts than from sales to customers.
By not raising prices when they could, the firms were resisting the temptation to make a quick profit and were instead demonstrating the value they placed on long-term relationships with their customers. After hurricanes like Katrina, many small building contractors will flock to the damaged area, charging whatever customers will pay for temporary repairs to roofs and other parts of damaged homes. The goal of customer relationship management is to manage every customer relationship differently.
Some of the answers include CRM themes but are carried to an extreme—for example, although CRM seeks to customize the relationship to meet the customer's primary needs, it doesn't mean that every customer must be managed differently from every other. And not every customer wants a relationship nor does the firm want a relationship with every customer.
But CRM does concern itself with building loyalty in the customer base. Franco uses a database software system to remind him when his customers should be ready to reorder his industrial cleaning products.
With this reminder system, Franco contacts his customers when they are most likely to be in the buying mode. Franco's system is part of C2C marketing. Franco's system is one element of a customer relationship management system, in that it tracks customers and seeks to meet their specific needs to build loyalty. Many catalog companies create special-run issues based on what customers have purchased in the past.
For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of C2C marketing.
The catalog is customized based on what is known about the customer's needs and habits. This is a typical element of a customer relationship management program. Marketing was once an afterthought to accounting. In the production-oriented era, marketing was considered unnecessary; all that mattered was producing good products. Many inventors struggle with the question, "I made it; now how do I get rid of it? Marketing should be considered at every step of the conception, design, and manufacturing of a new product, and not treated as an afterthought once the product exists.
Page 20 of 33 Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, one important function Georgia should provide is pushing her customers to buy products whether they need them or not. Georgia should share what she has learned with the production and purchasing departments so that they can plan accordingly.
She should not push her customers to buy things they don't need—this will damage her firm's reputation and will come back to haunt her when the downturn ends. Estimating profit isn't Georgia's responsibility, but someone in the firm should look at the impact of the slowdown if enough sales territories are affected. Jenny, the delivery and sales representative for a beer distributor, is calling on a retailer and sees the shelves are almost empty.
An unexpected sporting event held nearby resulted in a huge increase in sales. She calls her company's distribution manager and requests a special delivery for her customer. Jenny is providing the important marketing function of advising production on how much product to make. Jenny is arranging for a shipment through the distribution manager, who handles the logistics function.
After the previous sales representative in his territory infuriated an important customer, Benjamin visited the customer once a month, never asking for business but hoping to rebuild trust through listening and expressing concern. Finally, after more than two years, the customer gave Benjamin an order. Benjamin was providing the important marketing function of advising production on how much product to make. Benjamin was involved in a relational orientation, hoping to rebuild the long-term relationship with this customer.
Page 21 of 33 Leah is the marketing manager for an electronics company. While on vacation in Ecuador, she visited electronics stores in the major malls in Quito, the capital city. Most of her company's products were available, except for smart phones. When she returned to work, she mentioned this observation to her international sales manager.
Leah was providing the important marketing function of advising production on how much product to make. Leah was identifying a potential opportunity—the absence of the firm's smartphones from stores in Ecuador.
Greenbelt Construction has been a successful small home-building firm for years. The owner pays subcontractors slightly more than the usual rate for different tasks, reducing the company's gross margin. Greenbelt rarely changes subcontractors, has relatively few complaints from home buyers, and is able to get quick responses from subcontractors when buyers do have problems. Greenbelt is engaged in a traditional transactional orientation.
The third edition is designed to show students how organisations can create, deliver and capture value for customers, and how value can be used as a tool to build lasting customer relationships.
Covering topics like social media, marketing analytics and ethics, both individually and integrated throughout, the new edition illustrates how these areas now cross all aspects of marketing.
Every chapter is packed with up-to-date vignettes, case studies and example boxes that both illustrate and complement the theory with real, recognisable businesses and people. This site comply with DMCA digital copyright. We do not store files not owned by us, or without the permission of the owner.
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