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1
Q

Growth #1 Challenge for Companies

A

Finding new sources of growth (both organic and inorganic). 86% of CFO’s and 72% of other c-level executives cited growth as their biggest strategic challenge.

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2
Q

Commercialization Gap

A 
Diverse user group management
Production ramp-up
Regulatory/government relationship management
Global, enterprise-wide product launch
Product life-cycle management
Pilot-user selection/controlled rollouts
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3
Q

Keeping pace with changing times

A

Era of efficiency - 30 years ago
Era of acquisition - 15 years ago
Era of organic growth - Today

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4
Q

Era of efficiency

A

Systems Reengineering
Process
Downsizing

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5
Q

Era of acquisition

A

Takeover
Mergers
Leveraged buyouts, etc

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6
Q

Era of organic growth

A

Sales
Market share
Innovation

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7
Q

Drivers of organic growth

A

An average company has more than twice as many competitors as it had five years ago.

Market share of the average company has been halved.

Customers today can access more than 20 times as much data.

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8
Q

The Marketing Process

A

The following creates value for customers and builds relationships:

Understand the marketplace and customer needs and wants. ->

Design a customer value-driven marketing strategy. ->

Construct an integrated marketing program that delivers superior value. ->

Engage customers, build profitable relationships, and create customer delight. ->

In return…… Capture value from customer to create profits and customer equity.

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9
Q

Customer Needs

A

States of deprivation

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10
Q

Customer Wants

A

Form that needs take

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11
Q

Demands

A

Wants backed by buying power

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12
Q

Marketing Management Orientations

A

Production concept > Product concept > Selling concept > Marketing concept > Societal Marketing concept

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13
Q

Strategic Planning

A

the process of developing and maintaining a strategic fit between the organizations goals and capabilities, and its changing marketing opportunities.

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14
Q

What is the mission statement

A

Organizations purpose; what it wants to accomplish in the larger environment.

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15
Q

What are the mission statement questions

A

What is our business?
Who is the customer?
What do consumers value?
What should our business be?

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16
Q

Strategic Planning; Business Objectives

A

Build profitable customer relationships
Invest in research
Improve profits

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17
Q

Strategic Planning; Marketing Objectives

A

Increase market share
Create local partnerships
Increase promotion

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18
Q

Designing the Business Portfolio

A

Identify strategic business units (SBU’s)
Assess the attractiveness of its various SBU’s
Decide how much support each SBU deserves

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19
Q

What are the actors in the Micro environment?

A

The company - Marketers must work in harmony with other company departments to create customer value and relationships

Suppliers - In creating value for customers, marketers must partner with other firms in the company’s value delivery network

Marketing intermediaries

Competitors

Publics

Customers - most important actors in the micro. The aim of the entire value delivery system is to serve target customers and create strong relationships w/ them

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20
Q

What are the marketing intermediaries?

A

Resellers
Physical distribution firms
Marketing services agencies
Financial intermediaries

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21
Q

What are the actors in the Macro environment?

A

Demographic - Ex: Netflix created “Just for Kids” targeting young kids.

Economic

Natural - Environmental friendly, maybe with a mission. Going green.

Technological

Political

Cultural - Ex: Toms shoes. Sell one/ Give one

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22
Q

The demographic environment; generations

A 
Silent generation - 1928-1945
Baby boomers - 1946-1964
Generation X - 1965-1980
Millennials - 1981-1996
Generation Z - 1997-2012
Generation Alpha - after 2012
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23
Q

What is the degree of problem definition?

A

Exploratory Research (Unaware of Problem) - “Are sales our declining, why?”

Descriptive Research (Aware of Problem) - What kind of ppl are buying our product? Who buys the comp?

Causal Research (Problem Clearly Defined) “Which tow ad campaigns is more effective?”

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24
Q

Developing Marketing Info; Obtaining info from:

A

Internal data
Marketing intelligence
Marketing research

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25
Influence in customer behavior; Factors
Cultural - culture/subculture/ Social Class Social - Groups and social networks/ Family/ Roles and status Personal - Age-life cycle/ Occupation/ Lifestyle/ Economic/ Personality - self concept Psychological - Motivation/ Perception/ Learning/ Beliefs and attitudes Buyer
26
Adopter Categories based on relative time of adoption of innovations
``` Innovators - 2.5% Early adapters - 13.5% Early mainstream - 34% Late mainstream - 34% Lagging adopters - 16% ```
27
Business Markets; Market structure and Demand
Fewer but larger buyers Derived demand Inelastic demand Fluctuating demand
28
Buyer behavior; Participants in the buying process
Users - use the product Influencers - help define specs and provide info for evaluation Buyers - formal authority to select supplier and arrange terms of purchase Deciders - formal or informal power to select and approve of final suppliers Gatekeepers - control the flow of info.
29
Major influences on Business Buyers
Environmental - economy/ supply conditions/ tech/ politics/regulation/ comp/ culture and customs Organizational - Objectives/ strategies/ Structure/ Systems/ Procedures Interpersonal - influence/ expertise/ authority/ dynamics Individual - Age/ education / job position/ motives/ personality/ preferences/ buying style
30
Customer Driven Strategy; Create value for targeted customers
Select customer to serve: Segmentation - Divide the total market into smaller segments Targeting - Select the segment or segments to enter. Decide on a value proposition: Differentiation - Differentiate the market offering to create superior customer value. Positioning - Position the market offering in the minds of target customers.
31
Requirements for effective segmentation
``` Measurable Accessible Substantial Differentiable Actionable ```
32
Positioning Maps
show consumer perceptions of marketers brands vs competing products on important buying dimensions.
33
Core customer value
What is the customer really buying? Ex: HD motorcycle. Buying a bike but also the experience - freedom, independence, power, authenticity.
34
Levels of Product; Actual Product
``` Brand Name Quality Level Packaging Design Features ```
35
Levels of Product; Augmented Product
Delivery and credit Product support Warranty After-sale service
36
Nature and Characteristics of a Service
Services: Intangibility - cannot be seen, tasted, felt, heard before purchase Variability - Quality of services depends on who provides them and when, where, and how Inseparability - Services cannot be separated from their providers Perishability - Services cannot be stored for later sale or use
37
Consumer Products
Convenience: Low prices/ Many locations Shopping: Less frequent/gather info/ price & style Specialty: unique/ brand ID/ few locations Unsought: New innovation/much ad & personal selling
38
Ways to obtain new products
Acquisition - buying whole Co. , patent , license to prod | New product development - OG product, improvement, modification.
39
Major stages in new product development
Product Ideas: Generation>Screening>Concept & Testing>Marketing strategy Development: Business analysis> Product development>Test marketing> Commercialization
40
Crowdsourcing
involves inviting broad communities of people—customers, employees, independent scientists and researchers, and even the public at large—into the new product innovation process.
41
Cost based pricing
Design a good product>Determine product cost>Set price based on cost>Convince buyers of product cost
42
Value based pricing
Asses customer needs and value perception>Set target price to match customer perceived value>determine cost that can be incurred>Design product to deliver desired value at target price.
43
Product Mix Pricing Strategies
``` Product line pricing Optional product pricing Captive product pricing By-product pricing Product bundle pricing ```
44
Price cuts occur due to:
Excess capacity | Increased market share
45
Price increases occur due to:
Cost inflation Increased demand Lack of supply
46
Supply Chain
"Make and sell" view included the firms raw materials, productive inputs, and factory capacity.
47
Demand chain
"sense and respond" view suggests that planning starts with the needs of the target customer.
48
Number of Marketing Intermediaries
Intensive distribution Exclusive distribution Selective distribution
49
Types of Retailers
``` Specialty stores - Nike Department stores - Macy's Convenience stores - 7/11 Superstores - Target Category killers - Best Buy ```
50
Organization Approach to type of retailers
Corporate chain - CVS, Target Voluntary - group of indi retailers engaged in group buying and merch Retailer cooperative - Ace hardware Franchise - McDonalds, Subway
51
Marketing Decisions:Retail Strategy
Retail segmentation and targeting Store differentiation and positioning All leads to create value for targeted retail customers
52
Marketing Decisions:Retail marketing mix
Product and service assortment Retail prices Promotion Distribution All leads to create value for targeted retail customers
53
What is the blended mix of promotion tools
Ads - Personal selling - public relations - Direct and digital marketing - Sales promotion Consistent, clear, and compelling company and brand messages
54
What are the steps in developing effective marketing communication
``` Identify the target audience Determine the communication objectives Design the message Choose the media to send the message Select message source and collect feedback ```
55
Informative advertising
is used when introducing a new product category to build primary demand
56
Persuasive advertising
is important with increased competition to build selective demand
57
Reminder advertising
Is important with mature products to help maintain customer relationships and keep customer thinking about the product.
58
Ad Strategy: Reach
is a measure of the percentage of people in the target market who are exposed to the ad campaign during a given period of time
59
Ad Strategy: Frequency
is a measure of how many times the average person in the target market is exposed to the message
60
Ad Strategy: Impact
is the qualitative value of a message exposure through a given medium.
61
Ad Strategy: Engagement
is a measure of things such as ratings, readership, listenership, and click-through rates
62
What are major public relation tools
``` News Speeches Special events Written materials Corporate identity materials Public service activities Buzz marketing Social networking Internet ```
63
What is persona selling?
Person to person communication with a prospect. ``` Process of: Developing relationships Discovering needs Matching products w/needs Communicating benefits ``` Viewed as a process that adds value
64
Designing sales force strategy and structure
Outside salespeople call on customers in the field. Inside salespeople conduct business from their offices and often provide support for the outside salespeople. •Technical sales support people •Sales assistants Team selling is used to service large, complex accounts.
65
Rapid growth of sales promo:
* Product managers are under pressure to increase current sales. * Companies face more competition. * Competing brands offer less differentiation. * Advertising efficiency has declined due to rising costs, clutter, and legal constraints. * Consumers have become more deal-oriented.
66
Direct and digital marketing
involves engaging directly with carefully targeted individual consumers and customer communities to both obtain an immediate response and build lasting customer relationships.
67
Rapid Growth of Direct and Digital Marketing
Direct and digital marketing have become the fastest-growing form of marketing. Direct marketing continues to become more Internet-based, and digital direct marketing is claiming a surging share of marketing spending and sales.
68
Digital and Social media marketing
Online marketing: web sites, emails, blogs, mobile marketing
69
Traditional direct marketing
Face to face: Kiosk: Catalogs: Direct mail
70
Marketing, the Internet, and the Digital Age
Multichannel marketing involves marketing both through stores and other traditional offline channels and through digital, online, social media, and mobile channels
71
Competitive advantages
require delivering more value and satisfaction to target consumers than competitors
72
Competitive marketing strategies
are how companies analyze their competitors and develop value-based strategies for profitable customer relationships
73
Assessing Competitors: Objectives
``` Profitability Market share growth Cash flow Technological leadership Service leadership ```
74
Assessing Competitors: Strategies
Strategic group offers the strongest competition
75
Assessing Competitors: S & W
* What can our competitors do? | * Benchmarking
76
Assessing Competitors: Estimating comp reactions
What will our comp do?
77
Competitive Strategies: Differentiation
A company concentrates on creating a highly differentiated product line and marketing program so it comes across as an industry class leader.
78
Competitive Strategies: Focus
A company focuses its effort on serving few market segments well rather than going after the whole market

Marketing (10 decks)

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