PoM

• Marketing - is the process of continuously and profitably satisfying target customer's needs, wants, and expectations superior to competition.
• The main interacting components of marketing are the company and its target market.
• The Market, on the other hand, is composed of 2 other interacting components: CUSTOMER, COMPETITION
• The Strategic 3C's of Marketing:

  CUSTOMER, COMPANY, COMPETITION
• The Marketing Philosophy of "being better than before, better than others and better than expected" can provide a standard for judging marketing effectiveness.
• "Better than Before" must be the norm of the company in evaluating sales visual in the industry's growth rate.
• "Better than Others" must be demanded by the company in improving market share performance which reflects how they fare against competition and substitutes.
• "Better than Expected" must be practiced in evaluating profit performance, especially when a corporate budget is prepared.
• Traditional Marketing - is any form of marketing that uses offline media to reach an audience.
• Contemporary Marketing - they are strategies that, when implemented, offer greater support for their client base with a product range that varies depending on what the target market desires.
• Good marketing helps targeted consumers and customers make a decision to buy without remorse, leading to a profitable lifetime relationship.
• 4-step approach:

  AWARENESS

  AVAILABILITY

  TRIAL

  REPEAT PURCHASE
• AWARENESS - make your target market know you.

  Inform them, persuade them and remind them so your brand can be among the top.
• AVAILABILITY - make products available according to the purchase pattern of the target consumers.

  Attention should be given to coverage, placement, display, inventories, resale. prices and goodwill with customers.
• TRIAL - provide a low risk initial experience to allow target consumers and customers to form positive impression. This is typically done via sampling, introductory price, money back guarantee, among others.
• REPEAT PURCHASE - form an ongoing relevant relationship by continuously satisfying needs and wants of target consumers to be the preferred brand.

  Product and service quality must therefore deliver as advertised or promised.
• Relational Marketing - simply selling a product to customers is not good marketing.
• In marketing, there must always be customer satisfaction, no buyer's remorse, and consistent repeat purchase.
• Customer Satisfaction and Loyalty - customer satisfaction comes after trial of the product/service, while customer loyalty comes after the repeat purchase.
• Relationship Marketing - the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction, thus ensuring brand loyalty.
• Customer Value - is defined as the satisfaction derived from what a customer may experience or expect to experience by choosing a particular action relative to the cost of that action.
• Relationship Development Strategies:

  1. Understand what's your customers' value
  2. Show your genuinely care
  3. Model the behavior you want to see
  4. Reward Customer Loyalty
  5. Listen to Customer Feedback (and Make Changes)
• 1. Financial Bond - at this level, the customer patronizes a brand because of the financial incentives that he or she may receive from the company.
• 1. Social Bond - this type of bond focuses on the social and interpersonal relationship between the company and the customer.
• 1. Customization Bond - customer loyalty may be encouraged when customers are allowed to avail of tailored services to fit their individual needs.
• Structural Bond - at this level, financial, social and customization bonds are all combined in order to deliver services that fit the need of the client or customer.