understanding the new consumer by adedoyin adebayo
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UNDERSTANDING THE NEW CONSUMER:DEVELOPING A CUSTOMER-CENTRIC MARKETING PLAN
By
ADEDOYIN ADEBAYO
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Course Overview
Marketing is an integral part of a business plan
which covers from the idea generation to the
point where it is designed to address or meet
needs in the manner it can be accepted by the
target market.
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Course Overview Contd.
The aim of this course is to furnish the
Participants with the needed understanding and
the skills on
How to grow their business exponentially
Develop winning negotiation skills
Understand the new consumer Develop a customer-centric marketing plan.
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Course Objectives
1. Introduce the basic concept of the marketing
concept - a vital key for running a successful
business.
2. Introduce marketing strategy through
information on consumer, trade and competition.
3.Provide an instructional hands on application of
the learning points from the course.4.Provide the needed skills to articulate marketing
and its components to business plan.
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Course Outline
Marketing Plan and Marketing Strategy
The new Consumer
Customer Centric Marketing
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Marketing Plan and Marketing Strategy
Definition of Marketing
We can think of marketing as the process via
which a firm CREATES VALUE for its chosen
CUSTOMERS.
The steps involved include:
a.Define your market b.Define your product/service
c.Business goals and objectives
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Marketing Plan and Marketing...Contd.
Marketing Strategy
This is a process that allows businesses to
concentrate its limited resources on the
greatest opportunities to increase sales and
achieve a sustainable competitive advantage.
It is fundamental underpinning plans designed
to fill marketing objectives.
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Marketing Plan and Marketing...Contd.
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Marketing Plan and Marketing...Contd.
A final step in developing a marketing strategy
is to create a plan to monitor progress and a
set of contingencies if problems arise in the
implementation of the plan.
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Marketing Plan and Marketing...Contd.
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Marketing Plan and Marketing...Contd.
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Marketing Plan and Marketing...Contd.
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Marketing Plan and Marketing...Contd.
Marketing Mix
These are the vehicles for creating value anddelivering value and capturing value.
a.People
b.Place
c.Promotion
d.Process
e.Price
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Marketing Plan and Marketing...Contd.
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Building Customer Value,Satisfaction
and Loyalty
Loyalty is defined as intention of a customer to
continue doing business with a company,
increase their spending, or say good things
about it (or refrain from saying bad things).
Creating loyal customer is at the heart of every
business.
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Factors Influecing Customer Loyalty
and Customer Satisfaction
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The New Consumer
Growing more sophisticated and price
sensitive
Short of time and want more convenience
They see growing product parity among
suppliers
High sense of service expectations
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Customer centric enterprises
Two examples of customer driven companiesinclude:
Amazon
IBM GTB**
These companies center their marketing and
sales on the customers (Thompson, 2000) Eventually, the effort results into product
driven strategy
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Customer centric enterprises: what
they do
1. Give promises to the customers and not justmissions for the companies (Thompson,2000)
2. The services are bundled in with the products3. Create an online community that is inviting
4. Customers have no problem contacting the
companies (Thompson, 2000)5. Customer friendly and cost effective
communication system
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Customer relationship
Customer relationship involves two sources of
customer satisfaction
1. The actual customer experience: represents
what and how customer receive goods andservices to satisfy their needs
2. The marketing dialogue: represents information
exchange to influence the attitude behaviors,and expectation of customers (Evans, 2002)
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Effect of customer centric approach to
the organization
Customer centric marketing approach brings
changes in the designs of various business
process
Technological support
Culture in marketing
Organizational culture
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Customer centric approach
Creates organizational culture since every part
of the organization is affected and caused to
focus on individual customer satisfaction
Marketing and sales personnel are charged
with the highest responsibility
The marketing and sales department have
direct and frequent contact with the
customers (Cronin, Brandy, & Hult, 2000)
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Process of customer centric marketing
Second step is knowing what the customers
want. It involves:
Segmenting the customer according to their needs
Making accurate forecast about the segments
Adjusting product development according to the
needs of the customers
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Process of customer centric marketing
The next step is ensure that the customers are
satisfied
The fourth step is to develop a culture that
involves every organizational organ in being
customer oriented (Anderson, Fornell, &
Mazvancheryl, 2004)
Finally, systems have to be put in place to
encourage customer orientation.
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Customer centric marketing and
customer satisfaction
Positive fulfillment involves delivery on their
words
Poor fulfillment has a negative effect to the
organization (Athanassopoulos, 2000)
Customer centric approach helps the
organization:
Capture information on customer fulfillment
Respond effectively
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Developing a customer-centric
Marketing Plan
Protect business against disintermediation: unable tounderstand or deliver against current and future consumerneeds and preferences face the prospect of losing theconnection with or being pushed further away from the end
customer. Redefine customer relationships: You need to better
understand the true needs of your customers in order toredefine the products and services you want to offer and theways in which they interact and serve them. They need toknow your customers better than ever and use theinformation and knowledge as a source of competitiveadvantage.
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Developing a customer-centric
Marketing Plan
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