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Session 5. Consumer Behaviour & Marketing Strategy November 21, 2005. Agenda. Review Consumer Behaviour & Marketing Strategy Terry’s Case Study. Learning Objectif. Analyze the interaction between marketing strategy and the insights provided by consumer behaviour research.

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Session 5

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    1. Session 5 Consumer Behaviour & Marketing Strategy November 21, 2005 Silvia Cacho-Elizondo

    2. Agenda • Review • Consumer Behaviour & Marketing Strategy • Terry’s Case Study Silvia Cacho-Elizondo

    3. Learning Objectif Analyze the interaction betweenmarketing strategy and the insights provided byconsumer behaviour research Silvia Cacho-Elizondo

    4. ReviewCulture & LyfestylesTeam conclusion

    5. Psychographic Segmentation Schemes • AIO (activities, interests & opinions) • Cohort Analysis (age groups) • PRIZM(regional lifestyles) • Value-based approach (VALS) Silvia Cacho-Elizondo

    6. VALS Framework • A research and consulting tool • Built by consumer futurist Arnold Mitchell in the 1970s • It was developed from the works of Riesman and Maslow for whom the strongest motivations are first linked to fundamental needs • In 1989, VALS was redefined to maximize its ability to predict consumer behaviour. A team of experts from SRI International, Stanford University and Berkeley University determined that consumers should be segmented on the basis of enduring personality traits rather than social values that change overtime Silvia Cacho-Elizondo

    7. The VALS Segments Silvia Cacho-Elizondo

    8. The VALS Segments Silvia Cacho-Elizondo

    9. Forces Identification of consumer segments More comprehensive than demographics, behavioral and socioeconomic measures alone Weaknesses It does not consider segment membership mobility over time Weak predictive power of new patterns Limited reliability and transparence ofmeasurement methods Lifestyles Research Silvia Cacho-Elizondo

    10. The link between consumer research and marketing strategy

    11. Strategy The choices a company has to do in order to attain its goals Silvia Cacho-Elizondo

    12. What constitutes a winning marketing strategy ? Prof Michael Porter of Harvard argues that “a company doesn’t really have a strategy if it performs the same activities as its competitors, only a little better. It is just operationally more effective” Being operationally excellent is not the same as having a robust strategy Silvia Cacho-Elizondo

    13. Types of strategies  Cost Differentiation (specialization or niche)  Volume  Prix  Technology  Human Resources  Relational Silvia Cacho-Elizondo

    14. The main objectif of these strategies is to build “demand” and therefore, “profits” for the company

    15. Nine ways to build demand Silvia Cacho-Elizondo

    16. Marketing strategy is too frequently associated or stereotyped as the outcome of mechanical application of traditional analytic frameworksand techniques (SWOT, portfolio analysis, scenario analysis etc.) to highly standardized situations (growth market, mature markets, etc) Silvia Cacho-Elizondo

    17. Swot Analysis • Strengths • Weaknesses • Opportunities • Threats Silvia Cacho-Elizondo

    18. Portfolio Analysis & Strategic Business Units The boston consulting group box (BCG box) Stars: high-growth, high-share produts Cash cow: low-growth,high-share established products Question marks: low-share products in high-growth markets Dogs: low-growth, low-share products Silvia Cacho-Elizondo

    19. Strategic Alliances & Relationships Silvia Cacho-Elizondo

    20. Consumer Research & Strategy A choice implies a decision … A decision implies an action Consumer research collect and analyse informationthat help managers make better decisions Silvia Cacho-Elizondo

    21. Questions to guide the information gathering needs • What type of information do you regularly get? • What types of special studies do you request? • What information would you want daily, weekly, monthly, yearly… • What presse support would you like to see regularly? • What types of data-analysis programs would you like to use? • What would be the most helpful improvements in the company’s marketing information system? Silvia Cacho-Elizondo

    22. Demographic, Economic Lifestyles, Technological Political/regulatory Sales and market share Orders and back orders Costs Customer profitability by customer, product, segment, channel, order size and geography Other infomation Types of Information needed Macro-environment Company Environment Task environment Consumer Information Collaborator Information Competitor Information Silvia Cacho-Elizondo

    23. Consumer Research & Strategy Marketing Strategies Silvia Cacho-Elizondo

    24. Marketing Strategy: a quick outlook It specifies a target market and a related marketing mix  and also arelational approach Silvia Cacho-Elizondo

    25. Economy Economy Technology Society Place Product Target Price Promotion Competition Regulation Silvia Cacho-Elizondo

    26. Economy Planning Analysis Place (convenience) Product (customer needs & wants) Target Price (cost to the consumer) Promotion (communication) Control Implementation Silvia Cacho-Elizondo

    27. Marketing Management Analysis The company analyze its markets and marketing environment. SWOT • Planning Through strategic planning the company decides what it wants to do with each business unit • Implementation The company turns strategic and marketing plans into actions. • Control The company measures and evaluates the results of marketing plans. Silvia Cacho-Elizondo

    28. The core of Marketing Strategy • Market Segmentation • Targeting • Product Positioning • Communication model Silvia Cacho-Elizondo

    29. “Competence in strategy is the sine qua non of the marketing manager. Yet even among well-schooled and experienced managers, strategy failure rates remain uncomfortable high”Dale Fodness, Journal of Business Strategy, 2005

    30. Silvia Cacho-Elizondo

    31. Thinking strategically about Marketing Thinking strategies: The use of critical thinking techniques to improve creative problem-solving skills Strategic Decision-making: Principles and techniques to ensure production and implementation of the best quality strategy Strategic Competences: The skills that make up strategic thinking Communication strategy: The techniques to reveal and share the substance rather than the process of marketing strategy Silvia Cacho-Elizondo

    32. Components of Marketing ROI Silvia Cacho-Elizondo

    33. Product development process Silvia Cacho-Elizondo

    34. Case Study Presentation Terry’s GroupDesigning novelty chocolates Silvia Cacho-Elizondo