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UT Knoxville BUAD 332 - BA 332 Final Study Guide

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BA 332: Demand ManagementFinal Study GuideChapter 1: Managing Profitable Customer RelationshipsSales & Operations Planning Demand Planning Demand (Sales and Marketing) – All About Customer Value!. Learning About Customers - Determining Customer Value. Giving Customers What They Want – Delivering Customer Value . Telling Customers About What You Can Give Them – Communicating Customer Value Demand Forecast – Want to Manage Demand so that Supply Chains can be run EffectivelyMarketing: Managing Profitable Customer Relationships Goals:. Attract New Customers by Promising Superior Value. Keep and Grow current customer base by delivering satisfaction; it is much cheaper to keep a customer than to get a new one  Views of Marketing  Old View: making a sale – “Telling & Selling”; starts with products New View: satisfying customer needs; start with a customer; determine what the customer wants and needs, then deliver!Marketing (Definition): A social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others Money in exchange for a benefit; an exchange of value You must understand what each customer valuesMarketing Process Understand marketplace and customer needs & wants  Design a customer-driven marketing strategy Construct a marketing program that delivers superiorvalue  Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity (cash and loyalty); capture value from customers in return cash  Needs: state of felt deprivation including physical, social, and individual needs Physical – Food, clothing, shelter, safety Social – Belonging, affection Individual – Learning, knowledge, self-expression Wants: form that a human need takes as shaped by culture and individual personality; marketers want to shape needs into wants (of their product)Wants + Buying Power = DemandMarketing Offer: some combination of products, services, info, or experiences offered to a market to satisfy a need or want Products: Anything that can be offered to a market to satisfy a need or want; persons, places, organizations, info, ideas Services: Activity or benefit offered for sale that is essentially intangible and does not result in the ownership of anything  Idea (as a product): Products do not have to be physical objects, but can be an idea; ex: idea of protecting animals Market: the set of actual and potential buyers of a product; people share a need or want that can be satisfied through exchange relationshipsElements of a Modern Marketing System. Suppliers. Company (and its competitors). Marketing Intermediaries (including retailers and distributors like Kroger, BP, etc). Final Consumers Marketing Management: the art and science of choosing target markets and building profitable relationships with them; Asks: What customers will we serve? What is our target market? How can we best serve these customers? What is our valueproposition? Market Segmentation: Divide the market into segments of customers  Target Marketing: Select the segment to cultivate Value Proposition: The set of benefits or values a company promises to deliver to a customer to satisfy their needs (ex: Tide [clean] vs. Gain [fresh scent])Marketing Concept:Market  Customer Needs  Integrated Marketing  Profits through Customer SatisfactionSelling Concept:Factory  Existing Products  Selling & Promoting  Profits throughSales VolumeSocietal Marketing Concept:Customers (want satisfaction)  Company (wants profits  Society(wants what’s best for human welfare)  This Marketing Concept Lies Between these three wantsMarketing Mix: Product  Promotion  Price  Place (Distribution)Customer Relationship Levels:Basic Relationship (Price Driven) – Continuum – Full PartnershipThe Internet: The Internet has been hailed as the technology behind a New Economy; Marketing applications include: Click and Mortar Companies – both internet and store shopping  Click Only Companies – Ebay, Amazon  Business to Business E-Commerce New Marketing Landscape: The recent technology boom has had a major impact on the ways marketers connect with and bring value to their customers Rapid Globalization  Ethics and Social Responsibility  New World of Marketing Relationships Not-for-Profit Marketing What is Customer Value?Customer Value: the customer’s perception of what they want to have happen in a specific use situation, with the help of a productor service, in order to accomplish a desired purpose or goal Values – a person’s or company’s value system; thingsthat are important in life  Value-Added – a seller focused view; product features that sellers think should be attractive to customers; customers will buy a product from a company that has goodcustomer service and other services that add value to the product; ex: Dell  Customer Lifetime Value – lifetime dollar value of a customer to the firm; what are companies willing to do today to keep long-term customers  A Value Deal – Value as low price; ex: Wal-MartCustomer Satisfaction: satisfaction is about falling short or exceeding expectations; satisfaction – how are we performing against customer standards?Quality: Predominant in an engineering sense; meeting standards Conformance Quality – Delivering what is promised; meeting standards  Customer Satisfaction – Providing what customers want; responding to customer complaints Customer Loyalty – Retaining your customer; getting them to recommend us Customer Value – Meeting critical needs of targeted customers; outperforming competitors; creating new, unique benefits Aspects of Customer Value:. Tradeof of benefits and sacrifices; what I get – what I give up = x; customer’s objective is to maximize x for themselves among perceived alternatives; what I get = benefits; what I give up = sacrifices . Interaction of both customer and product; value is interactive and relative; the situation will increase or decrease the judgment of the product; overall judgment is a combinationof buyers values and goals, use situation and occasion, and the product or service itself . Relative to competitors, individuals, and situations . Goal-driven by customers desired attributes, desired outcomes, and end goals; what customers are looking for


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UT Knoxville BUAD 332 - BA 332 Final Study Guide

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