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marketing
2
a framework for mktg mgmt
3
topics for midterm exam
contextconsumer
competitioncompany
placeprice
promotionproduct
segment > target >position
profits + payoffs
contextconsumer
competitioncompany
contextconsumer
competitioncompany
placeprice
promotionproduct
placeprice
promotionproduct
segment > target >position
profits + payoffs
marketing: 4C STP 4P $
contextconsumer
competitioncompany
placeprice
promotionproduct
segment > target >position
profits + payoffs
contextconsumer
competitioncompany
contextconsumer
competitioncompany
placeprice
promotionproduct
placeprice
promotionproduct
segment > target >position
profits + payoffs
marketing: 4C STP 4P $
situation
strategy
specifics
success
4
C1: defining marketing
A. marketing today1. industrial age vs information age
“cards” “chess”
2. make a market, take a market (blue-ocean) (red-ocean)
5
1: the new economy
A. the digital revolution 1.consumers2.companies
B. information age vs industrial age1.recognize potential quickly
2.marketing: “meeting needs profitably”
6
2. marketing tasks
A. radical marketingB. decisions marketers makeC. scope of marketingD. marketing concepts and tasksE. defining marketing
A social and managerial process by which individuals and groups obtain what they need and want through creating, offering, and
exchanging products of value with others
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2. marketing tasks
F. core marketing concepts1.target markets, segmentation2.marketplace, marketspace, metamarket 3.marketers, prospects 4.needs, wants, demands5.product, offering6.value, satisfaction7.exchange, transaction
8
2. marketing tasks
F. core marketing concepts8. relationships and networks9. channels10. supply chain 11. competition
brand, industry, form, generic12. marketing environment13. marketing program
9
3. company orientations
A. production conceptB. product conceptC. marketing conceptD. integrated marketingE. profitabilityF. internal marketingG. customer conceptH. societal marketing concept
10
4. how businesses…changing
A.major forcesmore wants, more brands, stores hurt
B.company responsesreengineering, outsourcing, ecommerce, benchmarking, alliances
C.marketer responsesrelationship mktg, lifetime value, cust-share, target-mktg, individualized, databases, integrated mktg, channel partnerships, everone is marketer, fact-based decision
11
C2:adapting marketing
A. optimizing effort1. response curves
2. equate marginal returns for all efforts
saturation
threshold
RESPONSE
EFFORT
Marginal Response$1
12
5. in…the new economy
A. hybrid economyB. different activities
subcontract, keep core, benchmark, partner, multi-func., new advantages, intangibles, information, consumer groups vs products
C. old vs new economyrelationships, information
13
6. major drivers of the n.eco
A. tech’y, globalization, deregulationB. specific drivers- digitalization and connectivity - disintermediation and reintermediation - customization and customerization - industry convergence - industry boundaries are blurring rapidly - there are several examples of this- new opportunities at the intersection
14
7. business practices… change
A. old economy business beliefs B. new economy business beliefsC. the new hybrid
15
7. business practices… change
Old Economy New Economy
Organize by product unitsFocus on profitable transactions
Look mostly at financial scorecardFocus on shareholders
Marketing does the marketingBuild brands through advertising
Focus: customer acquisition
No customer satisfaction measurement
Overpromise, underdeliver
Organize by customer segmentsFocus on customer lifetime valueLook also at marketing scorecardFocus on stakeholdersEveryone does the marketingBuild brands through behaviorFocus: customer retention / growthMeasure customer satisfaction and retention rateUnderpromise, overdeliver
16
8. marketing…change
A. e-business, e-commerce, e-purchasing, e-marketing
B. b2b, b2c, c2c, c2b, search enginesC. why did dot-coms fail?
17
9. setting up websites
A.move to emarketing, epurchasingB.design an attractive sitecontext, content, community, customization, communication, connection, commerce
C.build a revenue, profit modeladvertising, sponsorship, alliance, membership, profile, sales, transactions, research/info, referral
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10. CRM
A. CRM & database marketing- realtime service- customize- reduce defections- inc. longevity- inc. share of wallet- improve/terminate low-profit customers- focus on high value customers
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10. CRM
Mass Marketing One-to-One Marketing
Average customer Individual customer
Customer anonymity Customer profile
Standard product Customized market offering
Mass production Customized production
Mass distribution Individualized distribution
Mass advertising Individualized message
Mass promotion Individualized incentives
One-way message Two-way messages
Economies of scale Economies of scope
Share of market Share of customer
All customers Profitable customers
Customer attraction Customer retention
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10. CRM
B. data warehouses & data mining- capture information at all touchpoints- use the database- downside
high investment, not everyone usesnot everyone want relationships
- privacy/security concerns
21
C3:value, satisfaction,…
A. there can be no satisfaction!1. affect? behavior? cognition?2. just use loyalty? referral?
B. value maps1. perceived performance, cost2. fair value line
22
C3:value, satisfaction,…performance’
price’
FAIR
VALU
E LI
NELX
XJ
RR
FF
MB
23
11. define value, satisfaction
A. perceived valueperceived performance, cost
B. customer satisfactionexpectation, value proposition, experience
24
12. high performance…
A. stakeholdersB. processesC. resourcesD. culture
1. profits2. patrons3. process
resources4. people
balanced scorecard
25
13. delivering value
A. value chain
B. value delivery network (supply chain)
26
14. attract/retain customers
A. attract customersB. cost of lost customersC. retain customersD. use CRM, build equity
value, brand, relationship equitybasic>reactive>accountable>
proactive> partnership
E. strengthen bondsfinancial, social, structural
27
16. implement TQM
A. measure
15. customer profitability
A. measure
28
C4: strategic planning
not=
random sample
control groupbehavior
treatment groupbehavior
=
treatment
control group treatment group=
population
• if behaviors are unequal, cause is “treatment”, when control group and treatment group are exactly alike
• how can you build strategy if you don’t know causes?
29
17. 3 key areas, 4 levels
A. key areasbusiness as investmentsassessment of growth, compet’nstrategy for each business (unit)
B. organizational levelscorporate, division, unit, product
C. marketing plansituation, strategy, specifix, success
30
18. corporate/division plans
A. missionus? them? value? will, should be?
B. organize business unitsgroups, needs, technologyunique, competitor/profit variables
C. BCG: ??, **, $$, xxD. GE modelE. intensive, integrative, diversificat’n
growth
31
18C,18D: corp./div. plans
hi-share lo-share
growingmarket
stagnantmarket
stars ???
$cow dogs
hi med lo
hi protect invest build
med build manage harvest
lo refocus manage divest
business strength
marketattractiveness
bcg
ge
32
18E. corp./div. plans integrative growth
backward, horizontal, forward intensive growth
market penetration, market development,product development
diversification growth concentric, horizontal, conglomerate
old mkt sim mkt new mkt
old prod mkt pen mkt exp mkt dev
sim tech tech exp biz exp conc div
new prod prod dev hor div cong div
33
19. business str’gic planningA. mission B. SWOT - internal, external environmentsC. goals - priorities, specific, realistic, goodD. strategy
1. low cost, differentiate, focus2. is operational effectiveness sufficient?3. strategic & marketing alliances
E. program formulation & implementationF. feedback/control
1. change happens, effectiveness vs. efficiency
34
20. the marketing process
A. The Value-Delivery Sequence B. Steps in the Marketing Process C. Product Planning: The Contents of a Marketing Plan: 1.Executive Summary and Table of Contents2.Current Marketing Situation [4C]3.Opportunity & Issue Analysis [SWOT+Issues]4.Objectives (Financial, Marketing) [$’]5.Marketing Strategy [STP]6.Action Programs [4P]7.Financial Projections [$]8.Controls
35
21. managing the process
A. organize the departmentfunctional, geographic, productmarket, product-market, corporate-divisional, global
B. build a marketing orientationC. creativityD. implementationE. evaluation/control
annual, profit, efficiency, strategic
36
C5: markets, demand, envtX. reliability
consistencyY. measure many times
1.multiple-item scales2.statistical analysese.g., correlationamong items
X. validity accuracy, correctness
Y. check for validity1. face/content validity does it look right?
2.concurrent validity does it relate to what it should relate to?
3. discriminant validity does it tell different groups apart?
4. predictive validity what is its track record?
valid reliable
valid & reliable
37
22. what to watch?
A. wants, preferences, behaviorsB. shifts, non-price competition, techC. info needs changing
38
23. information, intelligence
** more info ~ more better (MIS)** input, intel. ~ info ~ insightA. internal recordsB. marketing intelligenceC. marketing research
systematic, suppliers, steps:define, design, gather data, analyze, present use
D. mktg decision support systems
39
24. forecast demand
A. which market?potential, available, served, penetrated
B. demand measurementdemand, minimum & potential
C. company demandD. estimate current demandE. estimate future demand
macro, micro, methods
40
25. macro environment
A. trend spottingB. demographicsC. economyD. naturalE. technologicalF. political/legalG. social culturalH. shifts of secondary values
41
C6: analyze consumers
X. are you a computer?Y. Rb is not the same as Ra
Rb reasons before Ra reasons after
Z. everyone escalates: reactance, consistency+closure, framing: unanticipated discoveries, hunger?
purchasetime
42
26. how/why you buy
A. cultural factors cultures, sub-cultures, social class
B. social factors reference groups: membership, opinion leader, family of origin and procreation, roles/status
C. personal factors1. age, lifecycle, family lifecycle, 2. occupation and economic situation3. lifestyle, psychographics (VALS) 4. personality, brand personality, self-concept
sincerity, excitement, competence, sophistication, ruggedness
43
26. how/why you buy
D. psychological factors1. motivation
: Freud: sex sells ?!, laddering: Maslow: hierarchy of needs:
actualization, belonging, competence: Herzberg: satisfiers (become) dis-satisfiers
2. perception: selective attention, selective distortion,
selective retention
3. learning4. beliefs and attitudes
44
27. buying decision process
A. buying roles (initiate, influence…B. buying behaviors [involve, diff.s
complex, dissonance, [hh, hlvariety seeking, habitual [lh, ll
C. stagesproblem recognition ~ search ~ DMMevaluation ~ purchase ~ post-purchase
D. customer satisfactionmeasure, reduce complains
45
DMM decision-making-matrix
memory graphics speedweights > 4 5 5 totals
IBM 3 3 5 52
Dell 4 4 3 51
Compaq 3 4 5 57
HP 4 4 4 56
• redesign the computer
• change beliefs about us
• change beliefs about them
• change weights
• highlight neglected criteria
• shift the buyer’s ideals
pages: 206-207
46
C7: analyze customers
Y. is business entertainment ethical?Z. international business decisions?
become same? more different?
47
28. organizational buying
A. consumers v customersfewer, bigger, professional buyersinelastic, fluctuating, derived demand
B. specialized marketsinstitutional, government
C. business buying situationsstraight rebuy…new tasksystems buying & selling
48
29. participants in b.buying
buying center: initiators, users…A. major influence
envt, orgzn, interpersonal, indiv.B. cultural influence
different customsbecome same? more different?
49
30. purchasing process
A. problem recognitionB. need description, specificationsC. supplier searchD. proposal solicitationE. supplier selectionF. order routine specificationG. performance review
50
C8: dealing with competition
A. brand vs. form competition1.what do you choose first:
brand or form?2.brand share vs. form share?
brand compleave?lo
defendform comphi
hilo
form share
brand share
51
C8: dealing with competition form-first vs brand-first
insurance
agent web 1-800
insurance
AllstateStateFarm Progressive
agent agent1-800 web
State FarmState FarmAllstate
Progressive
Allstate? Allstate? web?1-800?
52
31. competitive markets
A. market attractiveness (5forcesB. identify competitors
brand, industry, form, generic
C. industry concept of competition#sellers/buyers, entry-exit barrier, cost structure, vert. integration, globalization
D. market concept of competitionsame need satisfied? substitutes?
53
32. competitor analysis
A. strategiesB. objectivesC. strengths, weaknesses
dominant…weak, nonviableshare of mind + heart market
D. reaction patterns
54
33. competitive intelligence
A. design the systemsetup, collect, evaluate, disseminate
B. select competitors to attack/avoidcustomer value analysisclasses:
strong…weakclose…distantgood…bad
55
34. design comp. strategies
A. market leadersexpand market, defend, + share
B. market challengerobjectives & opponents, attack
C. market followerimitation: clone, adapt
D. market nicherspecialize, margin not volume
E. be customer+competitor focused
56
conclusions
A. analyze each part+processB. 4C are the playersC. strategy is [C~3C]
midterms
D. next, marketing strategy is STP
E. next, specifix [specify mixes]finals
57
topics for final exam
contextconsumer
competitioncompany
placeprice
promotionproduct
segment > target >position
profits + payoffs
contextconsumer
competitioncompany
contextconsumer
competitioncompany
placeprice
promotionproduct
placeprice
promotionproduct
segment > target >position
profits + payoffs
marketing: 4C STP 4P $
contextconsumer
competitioncompany
placeprice
promotionproduct
segment > target >position
profits + payoffs
contextconsumer
competitioncompany
contextconsumer
competitioncompany
placeprice
promotionproduct
placeprice
promotionproduct
segment > target >position
profits + payoffs
marketing: 4C STP 4P $
situation
strategy
specifics
success