Holistic Marketing

Holistic Marketing
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Holistic Marketing
• Four broad components of holistic marketing are :
relationship marketing, integrated marketing, internal
marketing, and performance marketing.
• The holistic marketing concept is based on the
development, design, and implementation of marketing
programs, processes, and activities that recognize their
breadth and interdependencies.
• Holistic marketing acknowledges that everything matters in
marketing and a broad, integrated perspective is often
necessary.
• Successful companies keep their marketing changing with
the changes in their marketplace – and marketspace.
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Relationship Marketing
• Relationship marketing aims to build mutually satisfying
long-term relationships with key constituents in order to
earn and retain their business.
• Four key constituents for relationship marketing are
customers, employees, marketing partners (channels,
suppliers, distributors, dealers, agencies), and members of
the financial community (shareholders, investors,
analysts).
• A key goal of marketing is to develop deep, enduring
relationships with people and organizations that directly
or indirectly affect the success of the firm’s marketing
activities.
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• The ultimate outcome of relationship marketing is a
unique company asset called a marketing network. It
consists of the company and its supporting stakeholders
– customers, employees, suppliers, distributors, retailers,
and others – with whom it has built mutually profitable
business relationships. The principle behind this is simple:
build an effective network of relationships with key
stakeholders, and profits will follow.
• Companies are estimating individual Customer Lifetime
Value (CLV) and design their market offerings and prices
to make a profit over the customer’s lifetime.
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• Attracting a new customer may cost five times as much
as retaining an existing one. Hence relationship
marketing also emphasizes customer retention through
Customer Relationship Management (CRM). Case of
loyalty programs
• Marketers should also focus on Partner Relationship
Management (PRM). Companies should strengthen their
relationship with key suppliers and distributors and
consider them to be partners in delivering value to final
customers so everybody benefits.
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Integrated Marketing
• When a hospital buys an MRI from General Electric (GE) ,
it not only expects good product quality but also good
installation, maintenance, and training services.
• Two key themes are that (1) many different marketing
activities can create, communicate, and deliver value and
(2) marketers should design and implement any one
marketing activity with all other activities in mind.
• All company communications also must be integrated.
Using an integrated communication strategy means
choosing communication options(i.e. television, radio,
newspaper, website etc.) that reinforce and complement
each other.
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Integrated Marketing
• The company must also develop an integrated channel
strategy. Company should avoid either having too many
channels or too few channels.
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Internal Marketing
• Internal marketing is the task of hiring, training, and
motivating able employees who want to serve customers
well.
• Smart marketers recognize that marketing activities
within the company can be as important – or even more
important – than those directed outside the company.
• It makes no sense to promise excellent service before the
company’s staff is ready to provide it.
• Marketing is no longer the responsibility of a single
department. It will succeed only when all departments
work together to achieve customer goals. 8
Internal Marketing
• Internal marketing is the task of hiring, training, and
motivating able employees who want to serve customers
well.
• When engineering department designs the right products,
finance department provides the right amount of funding,
purchasing buys the right materials, production
department makes the right products in the right time
limit, accounting measures the profitability in the right
ways and especially when senior management is
committed to the marketing philosophy to serve
customers well, the company can be said to be really
customer focused and marketing oriented.
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Performance Marketing
• Performance marketing requires understanding the
financial and nonfinancial returns to business and society
from marketing activities and programs.
• Along with the monitoring the sales figures, market share,
customer satisfaction marketers are also considering the
legal, ethical, social, and environmental effects of
marketing activities and programs.
• Financial Accountability: Marketers are increasingly
asked to justify their investments in financial and
profitability terms along with building the brand and
growing customer base.
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Performance Marketing
• Social Responsibility Marketing: Because the effects of
marketing extend beyond the company and the customer
to society as a whole, marketers must consider the
ethical, environmental, legal, and social context of their
role and activities.
• The organizations' task is to determine the needs, wants,
and interests of customers and satisfy them more
effectively and efficiently than competitors while
preserving or enhancing consumers’ and society’s long-
term well-being.
• Nokia’s initiative of tree plantation and mobile recycling,
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Holistic Marketing

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