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
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
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?
“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