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Marketing Overview (Spring 2009). Marketing Concept Marketing Planning 3C-4P Framework Customer Behavior Marketing Mix. AMA Definition of Marketing (2007).

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marketing overview spring 2009
Marketing Overview(Spring 2009)
  • Marketing Concept
  • Marketing Planning
  • 3C-4P Framework
  • Customer Behavior
  • Marketing Mix
ama definition of marketing 2007
AMA Definition ofMarketing (2007)

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

more memorable views of marketing
More Memorable Views ofMarketing

In the factory we make cosmetics. In the drugstore we sell hope (Charles Revson).

People don't want to buy a quarter-inch drill. They want a quarter-inch hole!" (Ted Levitt).

The aim of marketing is to make selling superfluous (Peter Drucker).

“Half the money I spend on advertising is wasted; the trouble is I don't know which half."(John Wanamaker)

In well-ordered states, the storekeepers and salesmen are commonly those who are weakest in bodily strength and therefore of little use for any other purpose (Plato, The Republic)

implementing the marketing concept
Implementing The Marketing Concept

A Customer Orientation

Supported by a Set of Activities, Institutions, and Processes to Facilitate the Exchanges Between Customers and the Focal Organization

To Achieve Organizational Goals by Delivering Customer Value on a Sustainable Basis

developing an effective marketing plan
Developing An Effective Marketing Plan

Conduct a Marketing Audit/Review (3-C’s)

Develop a Marketing Strategy (4-P’s)

Implement Strategy via Marketing Mix

Evaluate The Success of The Marketing Plan

conduct marketing review 3 c analysis
Conduct Marketing Review (3-C Analysis)

A. Understanding of Customer Needs, Wants, Perceptions,

Preferences,

Behavior, and their Trends

B. Assessment of

Company

Capabilities and

Current Marketing

Position

C. Analysis of

Competitors’

Current Positions,

Capabilities,

Actions

Opportunity Identification

tactics and implementation the marketing mix four p s
Tactics and ImplementationThe Marketing Mix (Four P’s)
  • Product (More generally, Offering)
  • Price
  • Place
  • Promotion
slide9

3C - 4P Framework

Tactics

Strategy

  • Product
  • Price
  • Promotion
  • Place
  • Customer
  • Company
  • Competitors
slide10

The 3C - 4P Framework in Value Terms

Creating

Value

Tactics

Strategy

  • Product
  • Price
  • Place
  • Promotion
  • Customer
  • Company
  • Competitor

Communicating

Value

Capturing

Value

key roles for today s marketing manager
Key Roles for Today’s Marketing Manager

Develop overall marketing strategy aligned with corporate strategy

Select target markets to pursue (and specify target markets not to pursue)

Define the brand (particularly within target segments)

Enhance customer experience and build relationships

Identify and develop new businesses

Articulate and measure the value of marketing investments

Optimize marketing mix

develop marketing strategy
Develop Marketing Strategy

Generic Strategies For

DIFFERENTIAL ADVANTAGE

* Differentiated Offerings

* Cost Leadership

* Special Market Focus

Selection of

TARGET MARKET

and Development of a

POSITIONING

STATEMENT

slide14

The New Market Environment

ECONOMY

INDUSTRY

COMPANY

YOU

Supply

  • Customer-centric markets
  • Disappearing boundaries (global, 24/7)
  • Product+Service combinations
  • Digital-Networked-Mobile
  • Digital+Nondigital combinations
  • Economies of scope
  • Survival of the fastest?
  • ……
  • Initiating contact
  • Establishing terms of trade
  • Exchanging value
  • Establishing relationships

Exchange

Value

CUSTOMER

MARKET

SOCIETY

Demand

14

typology of customer behavior
Typology of Customer Behavior

Customer

Involvement

High

Low

Variety Seeking

Behavior

Complex Buying

Behavior

High

Perceived

Differences

Among Brands

Habitual Buying

Behavior

Dissonance Reduction

Behavior

Low

the numerous factors influencing complex buying behavior
The Numerous Factors InfluencingComplex Buying Behavior

Department of Marketing & E-Commerce, Mitchell College of Business

a marketer s view of the customer decision process
A Marketer’s View of the Customer Decision Process

Word-

of- Mouth

Awareness

Advertising

Interest

Channel

Decision

Offering

Design

Action

Price

Satisfaction

slide18

$$

Spent

$$$

Got

Marketing Funnel(Online Example)

300

Visitors

100

Impressions (can also have

multiple impressions per visitor)

5%

Clickthroughs

10%

Conversion to

Sales

10%

1%

1%

ROI

brand equity pyramid
Brand Equity Pyramid

Resonance

Judgments Feelings

Performance Imagery

Brand Salience

Quality

Credibility

Reliability

Durability

Serviceability

Personality

Heritage

User

Situational

Depth

Breadth

new products and corporate strategy
New Products and Corporate Strategy

Markets

Existing

New

Market

Development

Market

Penetration

Existing

Products

(Diversification)

New Product

Development

New

possible business strategies supporting a new product
Possible Business Strategies Supporting a New Product

High

Establish

Foothold in New

Market

Preempt Market Segment

Combat Major Competitive Entry

Investment

Level

Offset Seasonal Cycle

Business Strategy

Utilize Excess Capacity

Increase Market Penetration

Utilize

By-Products

Capitalize on Existing Markets

Low

Source: Booz Allen & Hamilton Inc.

newness of products
“Newness” of Products

New to World

  • Repositioning
  • Breakthroughs - Major Product Modifications
  • Line Extensions
  • “Me Too” Products

New to Company

ideas for tv series
2,000 Ideas

100 Scripts

20 Pilots

5 Scheduled for prime time

1 Success

Ideas for TV Series
problems that led to successful products
Problems That Led to Successful Products

I’d like to clean my oven more often, but the fumes from the oven cleaners overwhelm me

The smell of my antiperspirant clashes with my perfume

It’s a pain in the neck to look for a bottle opener every time you want a beer

Frozen pizzas don’t taste like the ones at the pizzeria

I lock my keys out of the car

The cookies are crumbled and broken when I open the package

a proactive approach to new product development
A Proactive Approach to New Product Development
  • Two key steps
    • Identifying and evaluating new product concepts
    • Developing prototypes and launching products
  • More detailed outline of above steps
    • Concept generation
    • Concept development and testing
    • Business analysis
    • Product design, development, and testing
    • Market testing
    • Commercialization/Life cycle management
marketing channels key concepts
Marketing Channels (Key concepts)
  • Functional view of channels
  • Role of intermediaries
  • Relationships with Channel Partners
    • Conflict, trust, commitment, information exchange
  • Customer as a member of the channel
  • Emerging multi-channel customer
  • Channel captain
  • Push versus Pull strategy
primary value of intermediaries increased channel efficiency
Primary Value of Intermediaries: Increased Channel Efficiency

M

C

M

C

1

2

1

4

3

4

D

M

M

C

C

5

2

5

6

7

8

6

M

C

M

C

3

9

(a) Number of contacts

(b) Number of contacts

M x C = 3 x 3 = 9

M + C = 3 + 3 = 6

M = Manufacturer

C = Customer

D = Distributor

roles of marketing channels delivering service output levels
Roles of Marketing Channels:Delivering Service Output Levels

Lot size (Aggregate/Disaggregate)

Convenience (Spatial, Ordering, …)

Waiting time

Variety and assortment

Personalization

Service (Pre-sale and Post-sale)

Support price discovery?

Ensure liquidity?

slide32

Advertising

/PR

e-mail

A New Kind of Shopping Behavior is Emerging

Service

Channels

Communications

Channels

Transaction

Channels

Web Site

Web Site

Web Site

Catalog

HP

Dell

Telephone

Telephone

Fulfillment

Store

Store

National Semiconductor

Dow Chemical

Service

people

AutobyTel

Auto companies

Telephone

Kiosk

Store

Coach

WalMart

Sears

Sales

Force

Sales

Force

multi channel marketing
Multi-Channel Marketing

Supply Chain

New Product

Development

Sales

Force

Call

Center

Purchasing

Web

Site

Third Party

Logistics

Providers

Customers

Servicing

Store/

Retailers

Catalog

Corporate

Marketing

Product

Divisions

advertising planning process
Advertising Planning Process

Advertising Strategy

Target Market

Brand Positioning

Budget Decisions

Creative Strategy

Media Strategy

Campaign Evaluation

advertising objectives
Advertising Objectives
  • Create awareness (e.g., when there is low mind share)
  • Inform consumers
    • of product features and benefits
    • price changes
    • Important for building primary demand
  • Persuade (e.g., when there is high mind share and low market share)
    • Build brand preference or change buyer perceptions
    • especially important in competitive markets.
  • Remind: maintain top-of-mind awareness
a key challenge in ad copy decision making
A Key Challenge in Ad Copy Decision Making
  • Integrating message strategy (What to say?) and the message execution (How to say?) so they work together to enhance brand/company:
      • If strategy overpowers the creative idea, then the message will be dull and not remembered.
      • If the execution overpowers the strategy, then it may be remembered, but the intended message may have no impact.
ad execution styles
Ad Execution Styles
  • Slice of Life: Showing “typical” person/people using product in normal setting.
  • Lifestyle: Showing how product fits with particular lifestyle.
  • Fantasy: Creates a fantasy around the product or its use.
  • Mood/Image: Build mood or image around product (e.g., beauty, love, serenity).
  • Musical: Shows someone singing about product.
  • Personality Symbol: Character that represents the product.
  • Technical Expertise: Show company expertise at making the product.
  • Scientific Evidence: Present survey or scientific data showing that the brand is better than other brand(s).
  • Testimonial: Highly believable or likeable source endorsing the product.
media decisions key concepts
Media Decisions: Key Concepts

Reach: Percentage of target market exposed to ad during a given period of time.

Average Frequency: Average number of times a person in the target market is exposed to ad.

Media Impact: Qualitative value of an exposure through a given medium.

media decisions key concepts1
Media Decisions: Key Concepts

Amount

of advertising

Time

  • Media vehicles
  • Media scheduling
    • Continuity, flighting, pulsing

40

slide42

Customer Value

Potential Value Lost

Value Distributed or Economic Driving Force

Perceived Value

Value Created

Price

Margin

Value Added

Total Cost

Cost of Goods and Services

Cost, Price, and Customer Value

ad