Marketing 201 Slides

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Today’s Lecture


Go over the course outline What is marketing?  The marketing process



The Course Outline

What is Marketing?

The Marketing Process
Understand the marketplace and customer needs and wants Design a customer-driven marketing strategy Construct a marketing program that delivers superior value

Build Profitable Relationships and Create Customer Delight

Capture value from customers to create profits and customer equity

Step1: Understand


Understand the marketplace and customer needs and wants

Research customers and the marketplace Manage marketing information and customer data

How do I manage marketing information and customer data?


Marketing Information System
 



Assess needs Develop needed information Analyze and use information

How do I research customers and the marketplace?


Collect primary data
  

Observation Survey Experiment



Collect/Use secondary data

 

Companies internal databases Buying from other sources Government sources

Step2: Design
Design a customer-driven marketing strategy

Select customers to serve: market segmentation and targeting Decide on a value proposition: differentiation and positioning

Segmentation and targeting


Cannot serve all customers. Why?


Those that can be served and are profitable



Get rid of customers? Why?

Value Proposition


“A company’s value proposition is the set of benefits or values it promises to deliver to customers to satisfy their needs.” 

Differentiate the brand – why your brand and not the competition’s?

Marketing Strategy Philosophies




 



Production concept – available and cheap Product concept – quality and innovation Selling concept – heavy sales emphasis Societal marketing concept – well-being of customer and society Marketing concept – know needs and satisfy them

Step 3: Construct
Construct a marketing program that delivers superior value

Pricing: create real value
Distribution: manage demand and supply chains

Build strong brands
Promotion: communicate value proposition 1-18

How to build strong brands
 





Product attributes / benefits / values Select and protect a good name Own brand / license / private label / cobranding Brand development 
  

Line extension: existing brand name, existing product Brand extension: existing brand name, new product Multibrand: new brand name, same product New brand: new brand name, new product

Pricing: create real value


Cost pricing vs. Value pricing


What price can the market bear?

Distribution: demand and supply chains


Manage relationships with suppliers



Manage relationships with downstream customers

Promotion: communicate value proposition


Promotion mix


Advertising, sales promotions, personal selling, PR, direct marketing



Integrated and consistent with the value proposition

Step 4: Build
Build Profitable Relationships and Create Customer Delight

Customer relationship management

Partner relationship management

1-19

Customer Relationship Management


Building and maintaining profitable customer relationships. How?  

Deliver value to customer Deliver satisfaction to customer

Partner relationship management


Manage relationships with marketing partners.
 

Within company – other functional groups Outside company – suppliers, distributors, competitors

Step 5: Capture
Capture value from customers to create profits and customer equity

Create satisfied, loyal customers

Capture customer lifetime value

Increase share of market and customer

1-20

Create satisfied, loyal customers


Loyal customers tell others


Manage your customer relationships to create these loyal customers



Disloyal customers also tell others

Capture customer lifetime value


Customers come back, they are more than just a one-off...
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