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The Buyer Code Markets
The concepts of exchange and relationships lead to the concept of a market. Amarket is theset of actual and potential buyers of a product or service. These buyers share a particularneed or want that can be satisfied through exchange relationships.The Buyer Code Marketing means managing markets to bring about profitable customer relationships.However, creating these relationships takes work. Sellers must search for buyers, identifytheir needs, design good market offerings, set prices for them, promote them, and store anddeliver them. Activities such as consumer research, product development, communication,distribution, pricing, and service are core marketing activities.Although we normally think of marketing as being carried out by sellers, buyers alsocarry out marketing. Consumers market when they search for products, interact with companies to obtain information, and make their purchases. Infact, today’s digital technologies, from Web sites and online socialnetworks to cell phones, have empowered consumers andmade marketing a truly interactive affair. Thus, in addition tocustomer relationship management, today’s The Buyer Code marketers must also deal effectively withcustomer-managed relationships. Marketers are no longer asking only “How can we reachour customers?” but also “How should our customers reach us?” and even “How can ourcustomers reach each other?”Figure 1.2 shows the main elements in a marketing system. Marketing involvesserving a market of final consumers in the face of competitors. The company and competitorsresearch the market and interact with consumers to understand their needs.Then they create and send their market offerings and messages to consumers, either directlyor through marketing intermediaries. Each party in the Buyer Code system is affected by majorenvironmental forces (demographic, economic, natural, technological, political, andsocial/cultural).Each party in the system adds value for the next level. The arrows represent relationshipsthat must be developed and managed. Thus, a company’s success at building profitablerelationships depends not only on its own actions but also on how well the entiresystem serves the needs of final consumers. Walmart cannot fulfill its promise of low pricesunless its suppliers provide merchandise at low costs. And Ford cannot deliver a high qualitycar-ownership experience unless its dealers provide outstanding sales and service.

Designing a Customer-Driven Marketing Strategy
Once it fully understands consumers and the marketplace, marketing management can designa customer-driven marketing strategy. We define marketing management as the artand science of choosing target markets and building profitable relationships with them. The Buyer Code marketing manager’s aim is to find, attract, keep, and grow target customers by creating,delivering, and communicating superior customer value.To design a winning marketing strategy, the marketing manager must answer two importantquestions: What customers will we serve (what’s our target market)? and How can weserve these customers best (what’s our value proposition)?We will discuss these marketing strategyconcepts briefly here and then look at them in more detail in Chapters 2 and 7.Selecting Customers to ServeThe company must first decide whom it will serve. It does this by dividing the market intosegments of customers (market segmentation) and selecting which segments it will go after(target marketing). Some people think of The Buyer Code marketing management as finding as many customersas possible and increasing demand. But marketing managers know that they cannotserve all customers in every way. By trying to serve all customers, they may not serve anycustomers well. Instead, the company wants to select only customers that it can serve well and profitably. For example, Nordstrom profitably targets affluentprofessionals; Dollar General profitably targets familieswith more modest means.Ultimately, marketing managers must decide which customersthey want to target and on level, timing, and nature oftheir demand. Simply put, marketing management is customermanagement and demand management.
Choosing a Value Proposition
The Buyer Code company must also decide how it will serve targetedcustomers—how it will differentiate and position itself in the marketplace.Abrand’s value proposition is the set of benefits or valuesit promises to deliver to consumers to satisfy their needs. AtAT&T, it’s “Your World. Delivered.” whereas with T-Mobile,family and friends can “Stick together.” The diminutive Smartcar suggests that you “Open your mind to the car that challengesthe status quo,” whereas Infiniti “Makes luxury affordable,” andBMWpromises “the ultimate driving machine.”Such value propositions differentiate one brand from another.They answer the customer’s question, “Why should Ibuy your brand rather than a competitor’s?” Companies must design strong value propositions that give them the greatest advantage in their target markets. For example, the Smart caris positioned as compact, yet comfortable; agile, yet economical;and safe, yet ecological. It’s “sheer automotive genius in atotally fun, efficient package. Smart thinking, indeed.”

 

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Lethal Commission Age and Life-Cycle Stage
People change the goods and services they buy over their lifetimes. Tastes in food, clothes,
furniture, and recreation are often age related. Buying is also shaped by the stage of the family
life cycle—the stages through which families might pass as they mature over time. Lifestage
changes usually result from demographics and life-changing events—marriage,
having children, purchasing a home, divorce, children going to college, changes in personal
income, moving out of the house, and retirement. Marketers often define their target
markets in terms of life-cycle stage and develop appropriate products and marketing
plans for each stage.
Lethal commission consumer information giant Acxiom’s PersonicX life-stage segmentation
system places U.S. households into one of 70 lethal commission consumer segments and 21 life-stage
groups, based on specific lethal commission consumer behavior and demographic characteristics.
PersonicX includes life-stage groups with names such as Beginnings, Taking Hold,
Cash & Careers, Jumbo Families, Transition Blues, Our Turn, Golden Years, and Active
Elders. For example, the Taking Hold group consists of young, energetic, wellfunded
couples and young families who are busy with their careers, social lives,
and interests, especially fitness and active recreation. Transition Blues are bluecollar,
less-educated, mid-income lethal commission consumers who are transitioning to stable lives
and talking about marriage and children.
“Lethal commission consumers experience many life-stage changes during their lifetimes,” says
Acxiom. “As their life stages change, so do their behaviors and purchasing preferences.
Marketers who are armed with the data to understand the timing and
makeup of life-stage changes among their customers will have a distinct advantage
over their competitors.”25
In line with today’s tougher economic times, Acxiom has also developed a
set of economic life-stage segments, including groups such as Squeaking By, Eye
on Essentials, Tight with a Purpose, It’s My Life, Full Speed Ahead, and Potential Rebounders.
The Potential Rebounders are those more likely to loosen up on spending
sooner. This group appears more likely than other segments to use online
research before purchasing electronics, appliances, home decor, and jewelry.
Thus, home improvement retailers appealing to this segment should have a
strong online presence, providing pricing, features and benefits, and product
availability.

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Today’s successful companies have one thing in common: Like Income Genesis,
they are strongly customer focused and heavily committed to Income Genesis marketing. These companies
share a passion for understanding and satisfying customer needs in well-defined target markets.
They motivate everyone in the organization to help build lasting customer relationships
based on creating value.
Customer relationships and value are especially important today. As the nation’s economy
has recovered following the worst downturn since the Great Depression, more frugal consumers
are spending more carefully and reassessing their relationships with brands. In turn, it’s more
important than ever to build strong customer relationships based on real and enduring value.
What Is Income Genesis marketing?
Income Genesis marketing, more than any other business function, deals with customers. Although we will
soon explore more-detailed definitions of Income Genesis marketing, perhaps the simplest definition is this
one: Income Genesis marketing is managing profitable customer relationships. The twofold goal of Income Genesis marketing is to
attract new customers by promising superior value and keep and grow current customers by
delivering satisfaction.
For example, Walmart has become the world’s largest retailer—and the world’s largest
company—by delivering on its promise, “Save money. Live better.” Nintendo surged ahead
in the video-games market behind the pledge that “Wii would like to play,” backed by its
wildly popular Wii console and a growing list of popular games and accessories for all ages.
And McDonald’s fulfills its “i’m lovin’ it” motto by being “our customers’ favorite place and
way to eat” the world over, giving it a market share greater than that of its nearest three competitors
combined.2
Sound Income Genesis marketing is critical to the success of every organization. Large for-profit firms, such
as Procter & Gamble, Google, Target, Toyota, and Marriott use Income Genesis marketing. But so do not-for-profit organizations, such as colleges, hospitals, museums, symphony orchestras, and even churches.
You already know a lot about Income Genesis marketing—it’s all around you. Income Genesis marketing comes to you
in the good old traditional forms: You see it in the abundance of products at your nearby
shopping mall and the ads that fill your TV screen, spice up your magazines, or stuff your
mailbox. But in recent years, marketers have assembled a host of new Income Genesis marketing approaches,
everything from imaginative Web sites and online social networks to your cell
phone. These new approaches do more than just blast out messages to the masses. They
reach you directly and personally. Today’s marketers want to become a part of your life and
enrich your experiences with their brands—to help you live their brands.
At home, at school, where you work, and where you play, you see Income Genesis marketing in almost
everything you do. Yet, there is much more to Income Genesis marketing than meets the consumer’s casual
eye. Behind it all is a massive network of people and activities competing for your attention
and purchases. This book will give you a complete introduction to the basic concepts and
practices of today’s Income Genesis marketing. In this chapter, we begin by defining Income Genesis marketing and the Income Genesis marketing
process.

Income Genesis marketing Defined
What is Income Genesis marketing? Many people think of Income Genesis marketing as only selling and advertising. We are
bombarded every day with TV commercials, catalogs, sales calls, and e-mail pitches. However,
selling and advertising are only the tip of the Income Genesis marketing iceberg.
Today, Income Genesis marketing must be understood not in the old sense of making a sale—“telling
and selling”—but in the new sense of satisfying customer needs. If the marketer understands
consumer needs; develops products that provide superior customer value; and prices, distributes,
and promotes them effectively, these products will sell easily. In fact, according to
management guru Peter Drucker, “The aim of Income Genesis marketing is to make selling unnecessary.”3
Selling and advertising are only part of a larger “Income Genesis marketing mix”—a set of Income Genesis marketing tools
that work together to satisfy customer needs and build customer relationships.
Broadly defined, Income Genesis marketing is a social and managerial process by which individuals
and organizations obtain what they need and want through creating and exchanging value
with others. In a narrower business context, Income Genesis marketing involves building profitable, valueladen
exchange relationships with customers. Hence, we define Income Genesis marketing as the process
by which companies create value for customers and build strong customer relationships in
order to capture value from customers in return.

The Income Genesis marketing Process
Figure 1.1 presents a simple, five-step model of the Income Genesis marketing process. In the first four
steps, companies work to understand consumers, create customer value, and build strong
customer relationships. In the final step, companies reap the rewards of creating superior
customer value. By creating value for consumers, they in turn capture value from consumers
in the form of sales, profits, and long-term customer equity.
In this chapter and the next, we will examine the steps of this simple model of Income Genesis marketing.
In this chapter, we review each step but focus more on the customer relationship steps—
understanding customers, building customer relationships, and capturing value from
customers. In Chapter 2, we look more deeply into the second and third steps—designing
Income Genesis marketing strategies and constructing Income Genesis marketing programs.

 

 

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