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Marketspace Professor Chen School of Business Administration Gonzaga University Spokane, WA 99258 chen@gonzaga.edu PowerPoint Presentation
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Marketspace Professor Chen School of Business Administration Gonzaga University Spokane, WA 99258 chen@gonzaga.edu. Agenda at a Glance. Introduction 5 minutes Video Presentation 15 minutes Response to Video 5 minutes

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MarketspaceProfessor ChenSchool of Business AdministrationGonzaga UniversitySpokane, WA 99258chen@gonzaga.edu

agenda at a glance
Agenda at a Glance
  • Introduction 5 minutes
  • Video Presentation 15 minutes
  • Response to Video 5 minutes
  • Review of Concepts 10 minutes
  • Group Discussion 25 minutes
meeting goals
Meeting goals

Explore how information technologies (cable, Internet, etc.) can be used to increase profits by managing customer relationships in new ways.

Get beyond technology issues to business issues. We will see:

•What the Marketspace is

• Real Markespace successes

• A framework for thinking about managing customer relationships in

the Marketspace

Consider these questions:

• Do we have a Marketspace strategy?

• Does our strategy optimize the potential of the Marketspace?

• Have we integrated our strategies in “Space” and “Place”?

understanding the marketspace
Understanding the Marketspace

It is:

• Technology-enabled, not technology-driven

It offers:

• Opportunity-Totally new and often better ways of

attracting and retaining customers and of facilitating

customer interactions

• Risks-New tools our competitors can use to chip away at

our core customer franchise

meeting customer needs with information

Customer need

Marketspace solution

QVC

AUCNET

Baxter

Meeting customer needswith information

Learn about products, interact with friendly people, without leaving home

Product pictures and specifications, charismatic studio host, and friendly telephone staff

Dealer-Sell cars without having to ship them to a central auction site

Retailers-Get car information without traveling

Inspectors examine and photograph cars; information distributed and auctions conducted on-line

A broad selection of products and fast, easy, ordering

Product descriptions and photos on-line, linked to an ordering system

a way to think about transactions
A way to think about transactions

Both “Place” and “Space” transactions have 3 components

 Content-

What companies are offering

 Context-

How they are offering it-the look and feel of the customer’s experience when finding out about and obtaining the content

 Infrastructure-

What enables the transaction to occur (including the technology platform)or the distribution of content and context to occur

Component, usually linked in the “Place,” can be separated in the “Space”.

Marketplace

Brand

Content

Context

Infrastructure

Marketplace

Brand

Content

Context

Infrastructure

Brand

Brand

defining content
Defining content

Content can be

Information about products and services

– Demonstrations and data about product (QVC)

– Product specifications (Baxter)

The product itself

– Information:Bank balances (ATM)

–Tangible product:Cash (ATM)

Transactions

–Account transfers (ATM)

–Ordering product (Baxter)

Community

–Customers talking to customers (QVC)

the role of context
The role of context

Key question:

What does the customer want from the transaction experience?

  • Transaction speed? (Baxter)
  • A fun and friendly experience? (QVC)
  • Scope of information? (Baxter)
  • Options for transaction location and time? (ATM)
  • A personalized relationship? (QVC)
choosing infrastructures
Choosing infrastructures

What infrastructure (ours, someone else’s, or combination) will best meet our business objective?

  • Internet/WorldWide Web (Baxter, QVC)
  • Broadcast/cable TV (QVC)
  • Proprietary networks (ATM)
  • Telecommunications networks (QVC)
  • Other infrastructures such as mail and fax machines
do we have a marketspace strategy
Do we have a Marketspace strategy?

Questions to consider:

How do we use the “Space” to improve access to, and communications with, customers?

Acquisition

 Retention

 Revenue generation

How does the “Space” fit in the overall company strategy?

Do we integrate “Space” and “Place” efforts? Can customers move smoothly from one to the other?

?

?

?

brainstorming a successful space strategy
Brainstorming a successful “Space” strategy
  • Identify current positions in the “Space” and “Place”.
  • Identify met and unmet customer needs.
  • Explore solutions in the “Space” (remember-consider content, context, and infrastructure separately as well as together)
identifying current position in the space and place

Example: Department store

Customer Acquisition

(finding customers)

Revenue Generation

(selling, repeat sales)

Customer Retention

(service, support)

Identifying current positionin the “Space” and “Place”

Storefront

display

Face to face

Interaction with

salesperson

Face to face

interaction with

customer

service

“Place”

“Space”

Advertising and promo (radio, newspaper, direct mail)

Toll-free telemarketing, direct mail catalog

Mailing coupons to customer list

identifying current position in the space and place1

Example: Department store

Customer Acquisition

(finding customers)

Revenue Generation

(selling, repeat sales)

Customer Retention

(service, support)

Identifying current positionin the “Space” and “Place”

“Place”

“Space”

possible next steps
Possible next steps

Develop new strategies to meet identified customer needs.

  • Could we meet the needs with information?
  • What other content might be appropriate?
  • What are customers seeking from the experience? What context will meat those needs?
  • What infrastructure would best support those business goals?

Review current activities in the “Space” and “Place’

  • Are our strategies integrated?
  • Would customers say so, based on their encounters with us in the “Space” and “Place”?

Reach competitive activities in the ‘Space”.