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Strategic Marketing

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  1. Strategic Marketing Stowe Shoemaker, PhD Cornell University Executive Education Faculty University of Houston sshoemaker@uh.edu Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  2. Objectives • Introduce Strategic Marketing System Model – the Framework for the class • Review definition of marketing and discuss the future of marketing • Review the buyer purchase model • Discuss how to calculate the life time value of the customer and the value of WOM and why this is important Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  3. Objectives • Review Product Strategy (discuss four components of a service product) • Review Communication Strategy (discuss types of WOM, including blogs) • Review Pricing Strategy with focus on value pricing Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  4. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  5. Review Basics of Marketing Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  6. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  7. The Concept of Marketing • Definition of Marketing: • identifying evolving consumer preferences, then capitalizing on them through the creation, promotion and delivery of products and services that satisfy the corresponding demand. This is doneby solving the right customers’ problems, giving them what they want or need at the time and place of their choosing, and at the price they are willing to pay. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  8. 4 P of Marketing • P • P • P • P Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  9. 7 P of Marketing • P • P • P • P • P • P • P Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  10. Customer Categories of offerings Capabilities of firm Cost, profitability and value Control of process Collaboration within firm Customization Communications Customer measurement Customer care Chain of relationships Capacity management Competitors Cost to the customer Fourteen C’s of Marketing Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  11. Interactive Marketing • Refers to any activity that uses the Internet to advertise and sell goods and services to consumers, business, or nonprofit organizations and government • Marketer’s Toolkit by Harvard Business School Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  12. Contextual Marketing • Give the customer what she wants and make it useful and accessible so she can take action when it matters to her • Widget: widgets are basically little websites that display directly on the Dashboard, rather than in a web browser. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  13. Examples of Contextual Marketing: Widgets • Movable mini-applications used by consumers to craft custom experiences • http://www.clearspring.com/docs/introduction • http://www.kickapps.com/platform/ Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  14. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  15. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  16. Ultimate Travel Widget Ultimate Travel Widget Travel Widgets presents the "Ultimate Travel Widget". Now you can book your Hotels, Air, Cruises, Hotel and Air Packages all in one widget. No more clutter of 3 or 4 widgets to fill up your Dashboard. The Ultimate Travel widget utilizes World Choice Travel, a Travelocity company, so you can book with confidence. Air fares are compared with 28 sites. Hotels from over 20,000 locations and every cruise line can be searched for reservations. The 4 tab interfaces allows you to toggle quickly from section to section. World wide travel and many currencies supported. Download the Ultimate Travel Widgets today and start traveling right from your dashboard. http://www.jadewatertravel.com/Ultimate_Travel.zip Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  17. http://www.nimblefish.com/ Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  18. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  19. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  20. RSS is a family of web feed formats used to publish frequently updated digital content, such as blogs, news feeds or podcasts. Users of RSS content use programs called feed 'readers' or 'aggregators': the user 'subscribes' to a feed by supplying to their reader a link to the feed; the reader can then check the user's subscribed feeds to see if any of those feeds have new content since the last time it checked, and if so, retrieve that content and present it to the user. The initials "RSS" are variously used to refer to the following standards: * Really Simple Syndication (RSS 2.0) * Rich Site Summary (RSS 0.91, RSS 1.0) * RDF Site Summary (RSS 0.9 and 1.0) Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  21. From Expedia.com Website Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  22. The Evolution of Marketing Knowledge Relationships Profitability Brand Relationships Frequency Programs Targeted Promotions Sales Strategic Tactic “Price” driven, segmented, transaction based. Added value to product, support price, customized, strengthen brand. Knowledge, Help support VAR in loyalty Push traffic, no targeting, discounts, little measurement. Still push, discounts, some measurement. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  23. The Purchase Cycle WOM Brand Advocate Repeat Purchase Satisfaction Loyalty Circle Trial (Initial Purchase) Dissatisfaction • Barriers • Switching costs • Perceived risks • Lack of information Complain Switch Need Recognition Awareness/ Search/Evoked Set Why Switch? Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  24. Types of Risk • Financial risk • Social risk • Psychological risk • Performance risk • Physical risk Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  25. Buyers Most Sensitive to Risk Monetary Risk: Risk capital consists of money and property. Those with relatively little income and wealth are most vulnerable Physical Risk: Risk capital consists of physical vigor, health, and vitality. Those who are elderly, frail, or in ill health are most vulnerable Functional Risk Risk capital consist of alternate means of performing the function or meeting the need. Practical consumers are most sensitive . Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  26. Buyers Most Sensitive to Risk Social Risk Risk capital consist of self-esteem and self-confidence. Those who are insecure and most uncertain are most sensitive. Psychological Risk Risk capital consists of affiliations and status. Those lacking self-respect or attractiveness to peers are most sensitive . Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  27. Monetary Risk High-ticket items that require substantial expenditures are most subject to this form of risk. Functional Risk Products or services whose purchase and use requires the buyer’s exclusive commitment are most sensitive. Physical Risk Mechanical or electrical goods (such as vehicles or flammables), drugs and medical treatment, and food and beverages are most sensitive. Purchases Most Subject to Risk Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  28. Social Risk Socially visible or symbolic goods, such as clothes, jewelry, cars, home or sports equipment are most subject to social risk. Psychological Risk Expensive personal luxuries that may engender guilt, durables, and services whose use demands self-discipline or sacrifice are most sensitive. Purchases Most Subject to Risk Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  29. Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  30. Product Service Sub-strategy Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  31. Functional Value Includes the Dimensions of Service Quality • Reliability • Assurance • Tangible • Empathy • Responsiveness Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  32. The Four Components of the Process Physical Product • Whatever the organization transfers to the Customer that can be touched • Must be Customer-Oriented (create value) Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  33. The Four Components of a Service Process Process ServiceProduct • Core performance purchased by the Customer • Includes all interactions with the Customer • “Plan Your Work” • Incorporate RATER system into each plan; e.g. in-room dining Physical Product Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  34. Plan Your Work • Scripts for each service encounter • Hostess: • “We will be asking you throughout your visit how we can do things better. Please be aware that our goal is to provide a wonderful dining experience; if we fall short of that goal, please do not hesitate to tell us.” • Wait person: • “We have great desserts here. They are made locally by a woman named Cynthia. Cynthia has lived in area for ages and follows a family recipe.” Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  35. Plan Your Work • Scripts for each service encounter • About Our Fish • As you may know, one should not eat oysters in months that have an R. Therefore, we will not be serving oysters tonight as we only serve the freshest fish here. ” Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  36. The Four Components of a Service Process People ServiceProduct ServiceDelivery • Refers to what happens when your Customer interacts with employee • “Work Your Plan” • Example: What is said to the customer Physical Product Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  37. Work Your Plan • Goal is to incorporate some aspect of the RATER system in each interaction Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  38. The Four Components of the Process ServiceProduct ServiceDelivery • The physical backdrop that surrounds the service • 3 Elements: ambient conditions; spatial layout; and signs, symbols, & artifacts Physical Product Service Environment Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  39. CUSTOMER Expected Service GAP 5 Perceived Service External Communications to customers Service Delivery COMPANY GAP 4 GAP 3 GAP 1 Customer-driven service designs and standards GAP 2 Company perceptions of consumer expectations Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  40. CUSTOMER Expected Service COMPANY GAP 1 Company perceptions of consumer expectations Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  41. Reasons for GAP # 1 • Inadequate marketing research • Lack of upward communication • Insufficient relationship focus Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  42. Ways to Close GAP # 1 first four ways • Transactional surveys • Market-wide surveys • Employee Field Reporting • Mystery shopping Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  43. Next please think for a moment about the reason for visiting a specific legalized gambling establishment in Las Vegas. Please tell me how important each reason is for you in your decision to visit one specific property over another. Please use a 1 to 10 scale where a "1" means the reason is not at all important and a "10" means the reason is very important in your decision to choose one legalized gambling establishment over another. You may use any number on this 1 to 10 scale. Do you understand how this 1 to 10 scale works? (IF NOT REPEAT SCALE) [ASK QUESTIONS IN RANDOM ORDER How important is....____________________... in your decision to chose one place to visit over another? Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  44. Now I am going to read you a list of features that may or may not describe some of the casinos in the Las Vegas area. We'll use a 1 to 10 scale where 1 means it "does not describe the casino at all" 10 means it "describes the casino perfectly" If you have not been to the casino personally, please base your answers on what you have heard, or what you believe to be true. The first feature is: Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  45. Ways to Close GAP # 1 second 3 ways • Service reviews/ Customer advisory panels • Employee Research • Focus groups Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  46. Focus Groups • What Are They • Why Use • What They are Good For/Not Good For • Visual Stimuli in Focus Groups • Guidelines for Selecting Moderators • Focus Group Bill of Rights • Recruiting Focus Group Respondents • Moderator’s Guide Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  47. See article on buying and using marketing research Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  48. CUSTOMER COMPANY Customer-driven service designs and standards GAP 2 Company perceptions of consumer expectations Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  49. Reasons for GAP # 2 • No customer-driven standards • Inadequate service leadership • Poor service design Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D

  50. Reasons for GAP # 2 • Complete exercise starting on next page: • Use following scale: • 1 Very True • 2 Somewhat True • 3 Not applicable • 4 Somewhat untrue • 5 Very untrue Strategic Marketing GM Program (c) Stowe Shoemaker, Ph.D