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Introduction to Marketing Reference Book: MM Kotler & Armstrong Prof. Bahman Moghimi Seminar in Ilia State University, Tbilisi, Georgia Day-One 11 Oct, 2014
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B.M
oghimi@
yahoo.co.uk
Professor: Bahman MoghimiDoctor of Business AdministrationM.Sc. Of “Industrial Marketing & e-Commerce”
Day oneIlia State University
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former!
Albert EinsteinUS (German-born) physicist (1879 – 1955)
How did we think before? .
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B.M
oghimi@
yahoo.co.uk
How did we think before? ..
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oghimi@
yahoo.co.uk
How did we think before? ...
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oghimi@
yahoo.co.uk
How did we think before? ....
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B.M
oghimi@
yahoo.co.uk
How did we think before? .....
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oghimi@
yahoo.co.uk
How did we think before? ......
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oghimi@
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What is Paradigm?
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oghimi@
yahoo.co.uk
What is Paradigm Shift?
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oghimi@
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That’s Wi-Fi !!
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Old Economy V.S. New Economy
Old Economy New Economy
Organize by product units
Focus on profitable transactions
Look primarily at financial scorecard
Focus on shareholders
Marketing does the marketing
Build brands through advertising
Focus on customer acquisition
No customer satisfaction measurement
Over-promise, under-deliver
Organize by customer segments
Focus on customer lifetime value
Look also at marketing scorecard
Focus on stakeholders
Everyone does the marketing
Build brands through behaviorFocus on customer retention and growth
Measure customer satisfaction & retention
Under-promise, over-deliver
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What Customers want?
Before After
Cheap CheapFast FastConvenient ConvenientGood Quality Good Quality
Added-value
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Value
What is value really?
What is the first reason you buy something?
When do you feel valued?
How can we create value?
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Meeting Increasing Customer Needs
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Why do we do business?!!
1. Profit
2. Turn Over
3. Credit
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Why do we buy goods or services?
Differentiation
Price
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How can we create value? 3Qs!
1. What do others have that we don’t?
2. What do we have that others don’t?
3. What happens to our customers if we are not there for them?
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Quote .
“There is only one boss: the customer…. He can fire everybody in the company, from the Chairman on down, simply by spending his money somewhere else.”
Sam Walton. Founder of Wal Mart
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Quote ..
“Your most unhappy customers are your greatest source of learning.”
Bill Gates. “Business @ the Speed of Thought”
What is Marketing? .
Many different definitions of marketing
business philosophy to create and retain satisfied customers
exchange process – short term transactional marketing
relationship marketing - development of mutually beneficial long-
term relationships between suppliers and customers
creating memorable experiences
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B.M
oghimi@
yahoo.co.uk
What is Marketing? ..
Marketing involves in developing product that provides superior value, and prices, distributes and promotes them effectively.
AdvertisingAdvertising and sellingselling are only part of a larger marketing marketing mix, mix, set of tools that work together to satisfy customer needs (...) and build customer relationship
Thus Thus marketing is …marketing is … All All social and managerial social and managerial processes processes by which individuals and by which individuals and
groups obtain what they need and want through creating and groups obtain what they need and want through creating and exchange products and value with othersexchange products and value with others
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B.M
oghimi@
yahoo.co.uk
What is Marketing? …
... all processall processeses by which companies create by which companies create value for customers and build strong value for customers and build strong
customer relationships in order to customer relationships in order to capture value from customers in return. capture value from customers in return.
It involves building It involves building long, profitablelong, profitable, value , value exchange exchange relationship with customers……. relationship with customers…….
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oghimi@
yahoo.co.uk
INNOVATION: THE SECRET OF MARKETING!
Simple Model of Marketing Process
Needs, Wants & Demands
Needs: State of deprivation (ex: Physical Needs) Wants: The form of human needs shaped by culture & Individual
Personality Demands: Human wants that are backed by buying power
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B.M
oghimi@
yahoo.co.uk
NEED ! WANT !
$
Market OfferingsProducts, Service & Experiences
Customers needs and wants are fulfilled through “Market Offerings”,some combination of Products, Service, Information & Experiencesand include entities such as persons, places, organization,information & ideas
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oghimi@
yahoo.co.uk
Market
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oghimi@
yahoo.co.uk
What is Marketing Management?
The art and science of choosing target
markets and getting, keeping, and
growing customers through creating,
delivering, and communicating superior
customer value
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B.M
oghimi@
yahoo.co.uk
Marketing Management Orientation
The Production Concept (Focus on production and distribution)
The Product Concept (Focus on Quality & Performance)
The Selling Concept (Focus on large-scale selling & promotions)
The Marketing Concept (Sense & Response Philosophy)
The Social Marketing Concept (Both Customer & Society)
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B.M
oghimi@
yahoo.co.uk
Marketing Mix elements are the ingredients to Design a Marketing Plan!
The company’s
marketing strategy
should develop an
integrated marketing
program that actually
deliver the intended-
value to target
customers
Marketing Mix – Criteria & Start-Point
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B.M
oghimi@
yahoo.co.uk
Company
Customer Competitor
Product
Staff
1. External Marketing2. Internal Marketing3. The Moment of Truth
Peter Naudé, University of Manchester. UK
Before you start your marketing activities, you must:
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Define your Business-Model
Decide about company vision
Come up with your mission
Design your Process Management
Human Resource Development and Management
Evaluation and Control Systems (TARGET)
Look at a Sample Business Model: It guarantees the revenue circle…
Building Customer Relationships
CRM is the overall process of building and
maintaining profitable customers relationships by
delivering superior customer value and satisfaction
Customer (Perceived) VLUE (customers evaluation of differentiation)
Customer SATISFACTION (Product Perceived Performance)
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B.M
oghimi@
yahoo.co.uk
The Changing Nature of Customer Relationships
More Carefully selected Customers Long-Term Relationships Connecting Directly
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oghimi@
yahoo.co.uk
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CONNECT
Partner Relationship Management
Partners inside the company
– Marketing is far too important to be left only to the
marketing department!
Marketing partners outside the firm
– Supply Chain Management
– Strategic Alliances 49
B.M
oghimi@
yahoo.co.uk
Customer Loyalty & Retention
What is Customer Equity?
The ultimate aim of customer relationship management is to produce high customer equity that is combined discounted customer lifetime values of all the company’s current & potential customers
– The more loyal the firms profitable customer, The higher the firm’s customer equity
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B.M
oghimi@
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Customer Equity
Introduction of the SpeakerBahman Moghimi holds a PhD in "E-Business“ from an American University
in Dubai, DBA (Doctor of Business Administration) from Iran and a MA in
"Industrial Marketing & E-Commerce“ from Sweden. He also took part in
three different fields of MBA in the recent years and has passed several
domestic and international courses in the field of Relationship Marketing
and CRM. He conducted the first research paper of the country (I.R of Iran)
about CRM critical success factors (CSF) and published a book about it.
He not only had advised several theses of students of BA and MBA in
related fields but also advised different companies and industries and
lectured in different universities and business schools around the World
including Europe, Japan & China , Middle East and even Africa.
In the recent years Mr. Moghimi had a general project of Marketing
Management in Nestle as their Regional Sales Development Manager and
had thought or did the consultancy for some companies in Europe &
Caucasus region. Now he is a full time Professor in University of Georgia
in the school of Business and Economics and worked and published many
quantitative researches. For the first time in the world, he mixed the two
terms of marketing & management and invented “Markagement” !