Benihana Case Study

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Marketing Management Class Notes

1/16/13

Markets:
* Consumer market—B2C
* Business market—B2B
* Global market (?)
* Not-for-profit market—must have higher revenues than cost to survive * ex: health-care: hospitals need 7% more revenues than expenses to survive * Government market
Core Concepts:
* needs, wants, and demands
* segmentation, target markets, positioning
* offerings and brands
* value and satisfaction
* relationship marketing
* marketing channels
* supply chain
* competition
* marketing environment
Marketing mix—4 Ps
* Product—good, service, idea, experience, place, person, etc. * Price—above, at, or below market
* Place—retail location, channel of distribution
* Promotion—advertising, personal selling, sales promotion, PR/publicity Shifts in marketing management:
* in past: marketing does marketing; now: everyone does marketing * organized by product units; now: organizing by customer segments * using many suppliers; now: using fewer suppliers who are partners * ex: Wal-Mart and Procter & Gamble pampers—no longer places orders for pampers; now P&G brand manager manages Wal-Mart shelf of pampers * emphasizing tangible assets; now emphasizing intangible assets * building brands through advertising; now building brand through performance and integrated communication * good experience=tell 5 other people; bad experience=tell 9 other people * now even more permanent with online ratings

* shotgun (dispersed) v. rifle (accurate)
* avoid shotgun (avoid developing product/service that would appeal to everybody) * relying on old markets; now uncovering new markets
* focusing on profitable transactions; now customer lifetime value * major goals of increasing revenue and market share v. now: must be responsible for return on marketing investment (ROMI) * local; now glocal (local and global)

* focus on shareholders; now focus on stakeholders
What do marketers do?
* develop marketing strategies and plans
* generate/collect marketing info (research)
* connect w/ customers
* develop market offerings
* build brands
* delivery and communicate value
* create long-term growth
* ex: ivory 1879 and still going
New Marketing capabilities:
* use of internet for info and sales
* easily gather info about:
* customers, prospects, markets, competitors
* social media
* facilitate and speed communication w/ customers
* personal marketing (thru email)
* mobile marketing for customers on the go
* mass customization
* bit of an oxi-moron
* ex: Levi’s jeans made to size measurements
* use internet internally and for other than marketing
Evolution of the Marketing Concept
* Production Concept—production efficiency, low costs, mass dist.; consumers want the most quality, performance, or innovative features (more, better, faster) * Stool made in cottage industry—individuals made them at home w/ tools on handindustrial revolution—factories, standards, conformity, production concept emerged * Selling Concept—consumers will buy only if the company aggressively promotes/sells these products * Too many stools produced and no one is buying themhow to sell them? * must aggressively sell and advertise

* Marketing Concept—focuses on needs/wants of target markets and delivering value better than competitors * Quit making stools that people don’t need or want; * must determine how many stools the customer wants first before making them * The Marketing Concept’s—Three Pillars:

* Customer orientation
* Integrated marketing effort**
* Table 1.1 on p. 23
* integrated w/ other departments b/c marketing interacts w/ customers * Emphasis on profitable sales (not all sales are worth pursuing)...
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