Concept, Tools & Retention

A market is any place or bodywhere the sellers of a particulargood or service can meet withthe buyers of that goods andservice where there is apotential for a transaction totake place. The buyers musthave something they can offerin exchange for there to be apotential transaction.

Marketing management is the art and

science of choosing target markets and

getting, keeping, and growing customers

through creating, delivering, and

communicating superior customer value.

Thus Marketing concept is the way of life inwhich all the resources of an organization aremobilized to create, stimulate and satisfy theconsumer at a profit.

Marketing concept is a marketingmanagement philosophy that holds thatachieving organizational goals dependson knowing the needs and wantsof target markets and deliveringthe desired satisfaction betterthan competitors.

The marketing concept rests on four pillars:

A) Target market,

B) Customer needs,

C) Integrated marketing, and

D) Profitability.

TARGET MARKET

No company canoperate in everymarket and satisfyevery need. Nor canit always do a goodjob within onebroad market.

Customer needs

Marketing is aboutmeeting needs of targetmarkets profitably.The key to professionalmarketing is tounderstand theircustomers’ real needsand meet them betterthan any competitor can.

INTEGRATED MARKETINGWhen all the departments of companywork together to serve the customer’s interests,the result is integrated marketing.

Integrated marketing takes ontwo levels.

First, the various marketing functions-sales force, advertising, product management, marketing research, and so on –must work together.

Second must be well coordinated with other departments of company.

PROFITABILITY The ultimate purpose of the

marketing concept is to helporganizations achieve their goals. Inthe case of private firms, the majorgoal is profit. Marketing managershave to provide value to the customerand profits to the organization.Marketing managers have to evaluatethe profitability of all alternativemarketing strategies and decisionsand choose most profitable decisionsfor long-term survival and growth ofthe firm

5 Marketing ConceptsMarketing philosophy/concepts has their evolution with the

industrial revolutions in mid 19th Century and undergone to various changes and modifications from that time to modern marketing era.

Some of famous marketing philosophies are –

Production Orientation Philosophy

Product Orientation Philosophy

Sales Orientation Philosophy

Customer Orientation Philosophy

Social Orientation Philosophy

Marketing Tools are thetechniques and materials used by thosewho are involved inthe promotion of goods and services.Most business that need to sell their goods or services to the public will makeextensive use of various marketing tools,such as marketresearch and advertising to help furthertheir success.

Marketplace,

Market space,

Marketers and Prospects

Needs, Wants, and Demands

Products

Offers

Brand Value

Customer Satisfaction

Advertisement

Internet

Research & Development

Some Important Marketing Tools

Customer retention is about keeping thecustomers you’ve invested in to acquire.

Customer retention and customer retention marketingare key components in maintaining a profitablebusiness. The goal of customer retention marketing isto convert first-time or occasional buyers intoloyal, long term customers. And to accomplish this, abusiness needs to understand what it is that convertsthe occasional or first-time buyer into a loyalcustomer. Through customer retentionmarketing, businesses are able to uncover what it isthat makes this conversion happen.

Customer Retention Diagram

TOP 5 CUSTOMER RETENTION MARKETING TACTICS A) Regular Communication

with Customized Content andSpecial Offers. E.g. BigBazar, Nilgiri’s Strargy

B) Customer service e.g.Lenovo , LG, Samsung, Soni

C) Listen (and then talk) e.g.

Twitter, AOC, LIC, TATA group

D) Loyaltyprograms, appreciationawards and customerreferral rewards e.g.Software companies likepentaclesoftwares, Microsoft etc.

E) Bring Your CustomersTogether e. g. customsocial networks, face bookor LinkedIn groups, etc