Marketing is engaging customers and managing profitable customer relationships

Managing Customer Relationships and Capturing Customer Value

Engaging Customers and Managing Customer Relationships

The first three steps in the marketing process—understanding the marketplace and customer needs, designing a customer value–driven marketing strategy, and constructing a marketing program—all lead up to the fourth and most important step: engaging customers and managing profitable customer relationships. We first discuss the basics of customer relationship management. Then we examine how companies go about engaging customers on a deeper level in this age of digital and social ...

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Managing Customer Relationships and Capturing Customer Value
Engaging Customers and Managing Customer Relationships
What is engaging customers and managing profitable customer relationships?
What is the role of marketing in building and managing customer relationships?
What is profitable customer relationship?
How marketing managers go about developing profitable customer relationship?

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The following data relate to notes receivable and interest for Viking Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.) June 3. Received a $24,000, 4%, 60-day note on account. July 26. Received a$27,000, 5%, 120-day note on account. Aug. 2. Received $24,160 on note of June 3. Sept. 4. Received a$60,000, 3%, 60-day note on account. Nov. 3. Received $60,300 on note of September 4. 5. Received a$36,000, 7%, 30-day note on account. 23. Received $27,450 on note of July 26. 30. Received an$18,000, 5%, 30-day note on account. Dec. 5. Received $36,210 on note of November 5. 30. Received$18,075 on note of November 30. Instructions Journalize entries to record the transactions.

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Omni Technology Holding Company has the following three affiliates. Which affiliate has the highest return on stockholders’ equity? | | Softwere | Personal Computers | Forein Operations | |---|---|---|---| | Sales | $\$40,200,000$ | $\$60,080,000$ | $\$100,680,000$ | | Net income (after taxes) | $2,086,000$ | $2,880,000$ | $8,510,000$ | | Assets | $5,820,000$ | $25,790,000$ | $60,630,000$ | | Stockholders’ equity | $4,090,000$ | $10,170,000$ | $50,950,000$ |

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What are the 4 Ps of marketing?
A.
Product, price, promotion, profit
B.
Product, people, price, promotion
C.
Product, price, people, packaging
D.
Product, promotion, price, packaging
E.
Product, price, place, promotion

Market offerings include ________.
A.
demands, exchanges, and relationships
B.
products, services, and experiences
C.
value, satisfaction, and markets
D.
needs, wants, and demands
E.
products, services, and exchanges

Imaginative websites, smartphone apps, blogs, online videos, and social mediaoReach you personally, directly, and interactivelyMarketing DefinedSatisfying customer needs“The aim of marketing is to make selling unnecessary” – Management guru PeterDruckeroSelling and advertising are only part of the bigger marketing mixMarketing is a social and managerial process by which individuals and organizationsobtain what they need and want through creating and exchanging value with othersoThe process by which companies engage customers, build strong customerrelationships, and create customer value in order to capture value from customersin returnThe Marketing ProcessFive step modeloUnderstanding the marketplace and customer needs and wantsDesign acustomer value-driven marketing strategyconstruct an integrated marketingprogram that delivers superior valueEngage customers, build profitablerelationships, and create customer delightCapture value from customers tocreate profits and customer equityCustomer Needs, Wants, and DemandsoPeople demand products and services with benefits that add up to the most valueand satisfactionoCompanies conduct consumer research, analyze mountains of customer data, andobserve customers as they shop and interact offline and onlineMarket Offerings – Products, Services, and ExperiencesoCustomers’ needs and wants are fulfilled throughmarket offerings– somecombination of products, services, information, or experiences offered to marketto satisfy a need or a want.Physical products and services (banking, airline, hotel, retailing, and homerepair services)Persons, places, organizations, information, and ideasoMarketing myopiaOrganizations are so taken with their products that they focus only onexisting wants and lose sight of underlying customer needsoBrand ExperiencesYou don’t just visit Walk Disney World, you immerse yourself and yourfamily in a world of wonder, a world where dreams come true and thingsstill work the way they shouldCustomer Value and Satisfaction

What is engaging customers and managing profitable customer relationships?

The simplest definition of marketing is: Marketing is managing profitable customer relationships.

What is the role of marketing in building and managing customer relationships?

Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. Maintaining positive relationships with customers is crucial.

What is profitable customer relationship?

A profitable customer is any client for whom the resources utilized to acquire and maintain his or her business is exceeded by the profits earned from having that business.

How marketing managers go about developing profitable customer relationship?

To manage profitable customer relationships, you have to interact with your customers. Social media is often a great platform to do so, so make sure you have a strong presence there. The previous principle of “know thy customer” could be easily achieved if you have a good interaction with them.