Introduction to Marketing
Key learnings of the lecture «Introduction to Marketing», Fall 2016, Prof. Wangenheim @D-MTEC, ETH Zürich
Key learnings of the lecture «Introduction to Marketing», Fall 2016, Prof. Wangenheim @D-MTEC, ETH Zürich
Kartei Details
| Karten | 46 |
|---|---|
| Sprache | English |
| Kategorie | Marketing |
| Stufe | Universität |
| Erstellt / Aktualisiert | 04.01.2017 / 27.12.2019 |
| Lizenzierung | Kein Urheberrechtsschutz (CC0) |
| Weblink |
https://card2brain.ch/box/20170104_introduction_to_marketing
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| Einbinden |
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What is marketing?
«Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for
customers, clients, partners, and society at large.»
4P's?
- Product
- Product variety
- Quality
- Design
- Features
- Brand name
- Packaging, Size
- Services, Warranties, Returns
- Price
- List price
- Discounts, Allowances
- Payment period
- Credit terms
- Promotion
- Advertisement
- Personal selling
- Sales promotion
- Public relations
- Place
- Channels
- Coverage
- Assortment
- Locations
- Inventory
- Transportation
- Logistics
What are the 3 extensions of the 4 P's?
- People
- Employees
- Customers
- Communication calture and value
- Employee research
- Physical Evidence
- Facility Design
- Equipment
- Signage
- Employee Dress
- Other tangibles
- Processes
- Flow of activities
- Number of steps
- Level of costumer involvement
What is Customer relationship management (CRM)?
«Customer relationship management (CRM) is the process of building and
maintaining profitable customer relationship by delivering superior customer value
and satisfaction.»
4R's of CRM?
Recruitment/Relations, Retention, Referrals and Recovery
Formula for costumer life time value CLV?
\(CLV_j=\displaystyle\sum^{T}_{t=0} \frac {v \cdot p} { (1+i)^t}\)
Formula for Customer equity?
\(CE=\sum CLV\)
How to increase Customer Equity?
- Increase relationship length
- o Loyalty programs
- o Loyalty management (satisfaction, trust, repurchase intention)
- o Create customer lock in (eg. Nespresso)
- Increase relationship breadth
- o Cross-buying efforts (=> next product to buy models)
- Increase relationship depth
- o Increase purchase frequency or accelerate purchase
- o Increase purchase value (stimulate upgrades)
- Increase Word of Mouth
- o Customer Satisfaction
- o Customer Excitement, Customer Experience, Customer Involvement
- o Abnormal campaigns, social media, communities
- Reduce per-customer costs
- o Migrate to self-service
- o (selectively) charge service fee (eg. SWISS)
- o Customer service communities
