View
225
Download
0
Category
Preview:
Citation preview
8/8/2019 Lecture One -Class
1/34
8/8/2019 Lecture One -Class
2/34
2
Introductions
Name
15 - 30 second resume
Position and responsibilities Next or Ideal position
Objectives for the course
How to help you accomplish your objectives
8/8/2019 Lecture One -Class
3/34
3
Marketing Insights
Your name
What: Brief description of marketing piece
Marketing strategy: Brief description of what you think the
marketers strategy is
Effectiveness: Tell how effective you think the
strategy is and why
8/8/2019 Lecture One -Class
4/34
4
L
ecture OneChapter 1 & 2
Strategic Planning and Customer
Relationships
8/8/2019 Lecture One -Class
5/34
5
Todays Lecture Objectives
Basic overview of the marketing flow
Setting objectives and strategic planning
Understanding the customer relationship
Note: relationship to final project
8/8/2019 Lecture One -Class
6/34
6
Marketing Definition vs. Purpose
The process of building profitable
customer relationships by creating value
for customers and capturing value inreturn
Bringing a product or service to the
marketplace
8/8/2019 Lecture One -Class
7/34
7
Marketing Flow
Develop Strategy
Conduct Research
Decide on Targeting and PositioningProduct Management
Marketing Communications (marcom)
Measurement
8/8/2019 Lecture One -Class
8/34
8
Setting Objectives &
Strategy
8/8/2019 Lecture One -Class
9/34
9
Business Objective
Marketing Strategy
Tactics
The four Ps: Product, Price, Promotion and Place
The four Cs
Segmentation
Targeting
Positioning
8/8/2019 Lecture One -Class
10/34
10
Bus. Objective and Mark. Strategy
Keeps core competency in focus
Sets boundaries for business expansion
New products and acquisitions Puts definition around business portfolio
Frames day to day operations
Gives Wall Street short and long term vision
Helps define strengths/weaknesses Brands or divisions that are failing
Those that are under-valued and can grow
8/8/2019 Lecture One -Class
11/34
11
Strategy
8/8/2019 Lecture One -Class
12/34
12
What is a Strategy?
The roadmap or game plan on how you
are to achieve your objective
It is an integrated set of actions aimed at
securing a sustainable, advantageous and
competitive position
8/8/2019 Lecture One -Class
13/34
13
What is a Strategy?
A strategy should:
Create a unique and valuable position
Measurable Definitive
Should have a clear fit within organization
Choose what and what notto do
Clear and realistic timeline Distinctive
Shouldnt imitate anyone
8/8/2019 Lecture One -Class
14/34
14
Strategy is the Tough Part
Force tough decisions
Cannot be all things to all people
Unique = sustainable and competitive
Fit within the organization
Play off your strengths
Interact and reinforce broader mission/efforts
Trade-offs Delivering value to one set of customers means
ignoring another set of customers
The most difficult decision is what we will not be.
8/8/2019 Lecture One -Class
15/34
15
Creating A Strategy
A strategy position can come from three
distinct sources:
Serving the few needs of many customers
Jiffy Lube
Serving the broad needs of few customers
J.P. Morgans Private Banking
Serving the broad needs of many customers ina narrow market
Ikea
8/8/2019 Lecture One -Class
16/34
16
Creating A Strategy
Identify the implicit assumptions about yourproduct/service and the existing choices abouthow you are to compete.
Utilize research about your customers needs,competitors offerings and value propositions
Identify your options and choose a path to
success
Above all should be customer centric
8/8/2019 Lecture One -Class
17/34
17
Customer- Centric Marketing Strategy
Key elements in customer identification:
Segmentation
Targeting
Positioning
8/8/2019 Lecture One -Class
18/34
18
Segmentation
Groups of consumers who respond in
similar ways to marketing efforts.
GeographicDemographic
Psychographic
Behavioral
8/8/2019 Lecture One -Class
19/34
19
Targeting
After segments are identified:
Evaluate worth and profitability
Short and long term opportunitiesPotential barriers
Single or multi-segment target?
8/8/2019 Lecture One -Class
20/34
20
Positioning
The place a product occupies in the
mind of a consumer
Relative to other products in andoutside of the category
Should be distinct
Whats the competitive advantage?
Should be desirable
Should be clear and focused
8/8/2019 Lecture One -Class
21/34
21
Customer Relationships
8/8/2019 Lecture One -Class
22/34
22
The Customer Relationship
Marketing: The process of building
profitable customer relationships by
creating value for customers and capturing
value in return
Understanding their demand for value
Creating demand for value
Fulfilling that demand
8/8/2019 Lecture One -Class
23/34
23
Needs, Wants and Demand
Key marketplace drivers:
Needs
State of felt deprivation
Basic physical, social and individual needs
Wants
Needs shaped by culture/personality
Demands Wants turn into marketplace buying power
8/8/2019 Lecture One -Class
24/34
24
Value and Satisfaction
To fulfill want/demand, provide:
Value
Expectations and understanding of product/service
Satisfaction
Fulfillment of this satisfaction
Value
Positive = lead to a sale
Negative = no consideration
Satisfaction
Positive = relationship
Negative = lost customer or
word of mouth
8/8/2019 Lecture One -Class
25/34
25
Value and Satisfaction
How do you adequately set expectationswith consumers?Value Proposition
Benefits or values you promise to customers tosatisfy their needs.
Simple formula Customer need + product/service experience = benefit
Ex. You driving our car = The ultimate driving experience
Ex. You using our software = Realize your potential
Turns the rational offerings of a product/serviceinto an emotionally fulfilling experience
8/8/2019 Lecture One -Class
26/34
26
Customer Satisfaction
Depends on the productsperceived
performance relative to buyers
expectations
Dissatisfaction Satisfaction
Dissatisfaction Satisfaction
Dissatisfaction Satisfaction
LOW
HIGH
8/8/2019 Lecture One -Class
27/34
27
Marketing Management Orientations
How do you create a marketing strategy
that balances what a company wants and
what a customer wants?
How far do you cater to marketplace
demand?
8/8/2019 Lecture One -Class
28/34
28
Marketing Orientation vs. Mission
How is a marketing management
orientation different than a company
mission?
Review mission is a reason the company
exists i.e. in the business of X
Marketing orientation is how they go about
accomplishing that Push product into the marketplace
Or develop products based on marketplace demand
8/8/2019 Lecture One -Class
29/34
Mission statements
Walt Disney: To make people happy
WalMart: "Wal-Marts mission is to help people
save money so they can live better.
Starbucks: Our mission: to inspire and nurture
the human spirit one person, one cup and one
neighborhood at a time.
Microsoft:
At Microsoft,
wew
ork to help peopleand businesses throughout the world realize
their full potential.
29How do each go about accomplishing their mission?
8/8/2019 Lecture One -Class
30/34
30
New Directions
CRM
Keeping loyalty
Gathering data
Managing data
Lifetime Value
Get them in and keep them in
Customer relationship management is the overall process of
building and maintaining profitable customer relationships by
delivering superior customer value and satisfaction
acquiring, keeping and growing customers.
8/8/2019 Lecture One -Class
31/34
55% of marketers cannot measure ROI
31
8/8/2019 Lecture One -Class
32/34
32
Organizational Challenges
Selling within a strategy
Building consensus
Successful marketing = think different
Being an advocate
Remove the risk
Measurement
The market will speak --- listen
8/8/2019 Lecture One -Class
33/34
33
Next Class
Evaluating the environment through research
Competitors
Potential targets / customer segments
Deciding on a position
Confirming or changing your strategy
How to turn customer research into an insight
8/8/2019 Lecture One -Class
34/34
Final project groups
34
Tom
Marta
Melinda
Abbie R
Wiles
1. Angelica
Daniel
Abbey P
Rob
Kristin
2.
Ryan
Tammy
Mary
Pat
Gretchen
3.
Recommended