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Marketing 101. (more or less). Starbucks as “the third place”. What is Marketing? (according to the academics). MARKETING:

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marketing 101

Marketing 101

(more or less)

slide3

What is Marketing? (according to the academics)

  • MARKETING:
    • the performance of activities that seek to accomplish an organization's objectives by anticipating customer or client needs and directing a flow of need-satisfying goods and services from producers to customer or client
  • MACRO-MARKETING:
    • a social process that directs an economy's flow of goods and services from producers to consumers in a way that effectively matches supply and demand and accomplishes the objectives of society
  • (New) AMA COMMITTEE DEFINITION:
    • marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders
what is marketing dunkin donuts crowd
What is marketing? (Dunkin’ Donuts crowd)

Insights= satisfying needs=success (repeat)

porter s five forces model
PORTER’S FIVE FORCES MODEL

The Five Forces Model helps business people understand the relative attractiveness of an industry and the industry’s competitive pressures in terms of

Buyer power

Supplier power

Threat of substitute products or services

Threat of new entrants

Rivalry among existing competitors

buyer power
Buyer Power

Buyer power – high when buyers have many choices and low when their choices are few

Competitive advantages are created to get buyers to stay with a given company

NetFlix – set up and maintain your movie list

United Airlines – frequent flyer program

Apple iTunes – buy/manage your music

Dell – customize a computer purchase

buyer power1
Buyer Power

Competitive advantage – providing a product or service in a way that customers value more than what the competition is able to do

First-mover advantage – significant impact on gaining market share by being the first to market with a competitive advantage

All competitive advantages are fleeting

E.G., all airlines now have frequent flyer programs

supplier power
Supplier Power

Supplier power – high when buyers have few choices and low when choices are many

The opposite of buyer power

threat of substitute products and services
Threat of Substitute Products and Services

Threat of substitute products and services – high when there are many alternatives for buyers and low when there are few alternatives

Switching costs can reduce this threat

Switching cost – a cost that makes buyers reluctant to switch to another product/service

Long-term contract with financial penalty

Great service

Personalized products based on purchase history

threat of new entrants
Threat of New Entrants

Threat of new entrants – high when it is easy for competitors to enter the market and low when entry barriers are significant

Entry barrier – product or service feature that customers have come to expect and that must be offered by an entering organization

Banking – ATMs, online bill pay, etc

rivalry among existing competitors
Rivalry Among Existing Competitors

Rivalry among existing competitors – high when competition is fierce and low when competition is more complacent

General trend is toward more competition in almost all industries

IT has certainly intensified competition in all sectors of business

slide13

The Delta Model - Three Distinct Strategic Options

System Lock-In

System Economics

Monopolistic Power

Google-Adwords

Total Customer Solutions

Customer Economics

Cooperation

Best Product

Product Economics

Rivalry

slide14

The Triangle: Options for Strategic Positioning

System Lock-In

Dominant Exchange

eBay

Proprietary Standard

Ipad/Iphone

Exclusive Channel

Low Cost

Horizontal Breadth

Accenture/Banks

Best

Product

Total Customer

Solutions

Redefining the

Customer Relationship

Netflix/Swiffer

Differentiation

local insurance market what is happening
Local insurance market-what is happening?

2009: 23% Prospect-to-Quote Ratio

2009: 86% Prospect-to-Quote Ratio

2008: 58% Prospect-to-Quote Ratio

at boathouse this is how we talk about it
At Boathouse, this is how we talk about it…

Research/analysis

Insights

Brand Positioning

Creative Strategy