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IDcourserians sharing session of Wharton Business School’s "Introduction to Marketing" as delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell on Coursera.Sharing session delivered by Andrea K. Iskandar.
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Wharton Business School’s Introduction to Marketing
Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
Scope and Limitations
Prof. Barbara E. Kahn
Marketing• Study about market.
• Seller’s market. Production: focus on company.
• Buyer’s market. Marketing: focus on customer and competition.
Marketing• 3 principles:
• Customer Value • Differentiation • Segmentation, Targeting, Positioning !
• 4 P’s: • Product • Place • Promotion • Price
Strategies for Market Leadership
• Know your markets
• Customers have the final say
• Commit to being first in the markets you serve
Strategies for Market Leadership
• Value mapping
Relative costs!to customer
Relative perceived benefits
—
+
— +
inferior value
superior valueeconomy
|
pari
ty
|
premium fair value line
Strategies for Market Leadership
operational excellence
performance superiority customer intimacy
operational competence
customer responsiveness
product differentiation
Building Strong Brands• Mental maps
• Core brand values:
• POP = point of parity
• POD = point of difference
• Brand mantras: communicate, simplify, inspire.
Consumer Behavior in an Omni-Channel World
• Information search • Consideration set / evoked set • Choice overload
• At the assortment stage, variety is good • At the choice stage, variety can become
complex • New model of satisfaction:
• f (perceived performance - expectations)
Messages that Catch On and Get Shared
• Social currency: we share what makes us look good
• Triggers: when reminded, we share
• Emotion: emotional messages are more powerful
• Public: making behavior public makes it more catching
• Practival value: we like to be useful and informative
• Stories: information travels under the guise of chatter
Prof. Peter Fader
Business Approach• Product-centric
• Customer-centric
Cracks in theProduct-Centric Approach
• Technology-enabled product development > commoditization
• Technology-enabled information flow > smart customers • Technology-enabled delivery > retail saturation • Globalization • Deregulation • Customers want “end-to-end solutions,” which may
require products/services from multiple vendors • Information systems enable customer-level tracking
Three Cheers forDirect Marketing!
• The individual customer is the unit of analysis
• Know who their customers are and what they buy
• Aim to determine marketing communication based on past purchases
• Constantly determine (and leverage) individual customer value
Strategies for Market Leadership
operational excellence
performance superiority customer intimacy
operational competence
customer responsiveness
product differentiation
Who is the customer?
Customer-Centricity• Customer centricity is a strategy that aligns a
company’s development/delivery of its products/services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
• Customer centricity requires the company to be willing and able to change its organizational design, performance metrics, and employee/distributor incentive structures to focus on this long-run value creation/delivery process.
Customer-Centricity• Celebrate customer heterogeneity: distinguish
profitable customers from less profitable ones
• Focus on future profitability (CLV, customer lifetime value) rather than past profits
• Customer-centric organizational structure
• The competitive advantage: relationship expertise with respect to focal customers
Customer-Centricity• What to do with non-focal customers?
• Paradox of customer-centricity:the more that a firm tightens its central focus on a select group of customers, the more it needs its “non-focal” customers to stabilise the overall mix.
CPA vs. VPA• Metric used to guide acquisition activities?
• CPA • VPA
• VPA = CLV
Prof. David Bell
Four Unstoppable Trends• Democratization in access
• Value chain disruption
• Collaborative consumption
• Matching of supply and demand
success = product x marketing
marketing = STP and the other 3P’s (price, promotion, place)
Frictions in the Real World• Search friction
• Geographic friction
Wrap Up
Strategies for Market Leadership
• Know your markets
• Customers have the final say
• Commit to being first in the markets you serve
Strategies for Market Leadership
• Value mapping
Relative costs!to customer
Relative perceived benefits
—
+
— +
inferior value
superior valueeconomy
|
pari
ty
|
premium fair value line
Strategies for Market Leadership
operational excellence
performance superiority customer intimacy
operational competence
customer responsiveness
product differentiation
The End
Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar