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Mastering Customer Value in Marketing: Profitable Strategies and Agricultural Insights
This detailed guide explores the facets of creating and managing profitable customer relationships in marketing. It emphasizes the importance of understanding the marketplace and customer needs, formulating value propositions, and delivering superior customer value and satisfaction. The mind map also provides an insightful view into the unique aspects of agricultural marketing, tracing its evolution from the barter system to the relationship marketing of today. It serves as a crucial resource for marketers looking to refine their strategies to build lasting and profitable customer relations while also delving into the specific challenges and scope of agricultural marketing.
Edited at 2021-10-29 04:34:12Mastering Customer Value in Marketing: Profitable Strategies and Agricultural Insights
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- Outline
UNDERSTANDING AGRICULTURING MARKETING
WHAT IS AGRICULTURAL MARKETING?
DEFINITION
1. The marketing operation from innitial until the final consumer such as beginning supplier to farmers, producing, processing and marketing to the final consumer.
2. Kohls and Uhls ,1996 - All business activities involved in the flow of food products and services from the point of initial agricultural production until they are in the hands of final consumers.
3. Branson & Norvell, 1983 - All activities associated with agricultural production of food, feed and fiber assembly, processing and distribution to the final consumers.
MARKETING SCOPE
Buying
Selling
Other Activities
Transportation
Storage
Grading
Financing
Risks involvement
Products design
Price determination & Promotions
Distribution
Developing marketing channels
EVOLUTION OF MARKETING
Barter Era
1. Self-sufficiency
2. Limited supply
3. Exchange one resource for another
Trading posts
Traveling salespeople
General stores
Production Era
1. Industrial revolution (1860’s – 1920’s)
2. Mass production increased the availability of product in the marketplace.
3. The slogan “if you create it, they will come”
Sales Era
Saturated demand
Products became commodities
Price became the distinguish competitive advantage
Importance of the selling process
In the United States 1920’s – 1940’
“sell all you make”
Marketing Department Era
From 1940’s – 1960’s
Research- to determine what customer needs
Marketing- Subsidiary function.
Marketing Company Era
Integrated comprehensive role
The linchpins of the marketing company era
1. Marketing concept
2. Marketing philosophy
3. Customer service
4. Customer satisfaction
5. Relationship marketing
MANAGING PROFITABLE CUSTOMER RELATIONSHIP
Marketing- Managing profitable customer relationship.
The marketing process
1. Understand the marketing place,customer needs and wants.
2. Design a customer- driven marketing strategy
3. Construct and integrated marketing programme
4. Build profitable relationship and create delight.
5. Capture value from customer to create profit and customer equity.
Understanding Consumer and the marketplace.
Value
Consumers will form expectation regarding to the value of products
Key building block for developing and managing customer relationship
Marketer must deliver value to consumers
Customer Perceived Value- The customers’ evaluation of the difference between benefits and costs
Satisfaction
A satisfied consumers will buy again and tell others about their good experiences
Dissatisfied consumers definitely will switch to competitors
Customer Satisfaction- Product’s perceived performance relative to customers’ expectation.
Exchange
The act of obtaining a desired object from someone by offering something in return
Relationships are built through delivering value and satisfaction
Market
Set of actual and potential buyers of a product
Seek for potential buyers and fulfill their needs
Conducted activities
Customer-Driven Marketing Strategy
“the art and science of choosing target markets and building profitable relationships with them".
Choosing appropriate consumers to serve
Value Proposition
Marketing Management Orientations.
Production concept
- Consumers prefer goods and services that are widely available at low prices
Product concept
- Consumers prefer products with better quality, performance and innovative features
Selling concept.
- Assumes that consumers are unlikely to buy a product unless they are aggressively persuaded to do so
Marketing concept.
- Creating, delivering and communicating customer value to its selected target customers better than the competitors
Societal Marketing Concept
- Marketing strategy should deliver value to customers in a way that maintain and improves both consumer’s and society’s well-being
Customer Relationship Management
The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
MANAGING PROFITABLE CUSTOMER RELATIONSHIP
Company and Marketing Strategy
Definition: The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.
Steps in the Strategic Planning Process
Strategic Planning
Mission statements: the organization’s purpose, what it wants to accomplish
Guide the development of objectives and goal
1. Objectives are developed at each level in the organization hierarchy
2. Strategies are developed to accomplish these objective.
Business Portfolio
Strategic Business Units
1. Company division
2. Product line within a division
3. Single product or brand
Product/ market
Developing Strategies for Growth and Downsizing
Market penetration : increasing sales of current products to current market segments without changing the product
Market development: identifying and developing new market segments for current company products.
Product development: offering modified or new products to current market segments.
The Marketing Process
The Marketing Mix
1. Product
2. Price
3. Promotion
4. Place
Marketing Analysis- Conduct by SWOT analysis
1. Strength- Internal capabilities that may help company reach its objective
2. Weakness- Internal limitation
3. Opportunities- External factors.
4. Threats- Current and emerging external factors.
Concept Marketing in the Digital Age
Marketing Strategies in the Digital Age
1. Requires a new concept for marketing strategy
2. Electronic system for process of buying and selling
3. Retain and improve old skills and practice but need to add new competencies
E business- Use of electronic platforms to conduct company business such as websites, intranets , Extranets.
E-commerce- Buying and selling processes supported by the Internet.
E-commerce domains
E-marketing - The marketing side of e-commerce and include communication, promoting and sell products and services over the Internet.
Setting up for E-marketing
1. Use email
2. Create marketing website
3. Placing advertising and promotion online
3. Create web comunities.
Types of Website
Corporate website
To build customer goodwill and supplement to other sales channel
Marketing website
Engages consumers in an interaction that makes them closer to direct purchase.
Online Advertising and Promotion
• Forms of online advertising & promotion such as banner ads & ticker.
The Future of Online Advertising
1. Web communities
- Allows members to congregate online and share ideas on certain issues of common interest.
2. Email
- Allow people to opt-out promotion
Legal and Ethical Issues
1. Online privacy: consumer private information
2. Online security: Social Security data
3. Internet fraud: online auction fraud
4. Segmentation and discrimination: digital divide
5. Access by vulnerable or unauthorized groups: children’s access to adult sites, eBay.