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Principles of Marketing, Chapters 1-6

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Kristin Schneider

on 29 January 2015

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Transcript of Principles of Marketing, Chapters 1-6

Analyzing and Using Marketing Information
Special Issues and Ethical Considerations
Kristin Schneider
Fall 2013
Customer
Touch-Points:
Source: http://www.leadonconsultants.com/customer-journey-mapping/
Source: http://customerexperienceplanning.com/2012/04/11/customer-journey-mapping-part-i-the-basics/
Source: http://lightswitchcx.com/wp-content/uploads/2012/03/LightswitchCXViewPrint1.jpg
Principles of Marketing
Customer
Relationship
Management
(CRM)
CRM in action:
personalization
vs.
privacy
every contact between a customer
and a company/product/brand
Chapter 1: Marketing. Creating and
capturing customer value.

The Marketing Process
Chapter 2: Company and Marketing Strategy Partnering to Build Customer Relationships
Strategic Planning Process
What's changing the marketing landscape?
economic environment (recession, coupons)
digital age (mobile marketing)
not-for-profit marketing (cause marketing)
sustainable marketing (social responsibility)
Five core customer and marketplace concepts:
needs , wants , and demands
market offerings ( products , services , & experiences )
value and satisfaction
exchanges and relationships
markets
Marketing strategy must answer:
What customers will we serve (what’s our target market)?
How can we serve these customers best (what’s our value proposition)?
Marketing Mix = 4 P's
Product
Price
Place
Promotion
VALUE
CREATING it
FOR customers
CAPTURING it FROM customers
&
Business
Portfolio
1. Analyze current portfolio and strategic business units
2. Develop strategies for growth and product/market expansion
Product/Market Expansion
Product/Market Expansion

The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.
Value Chain:
"we're all marketers"
Marketing Mix
Marketing Mix: 4 P's
SWOT Analysis
The Marketing Plan:
The Marketing Plan:
(continued)
Chapter 3: Analyzing the Marketing Environment
Microenvironment
Macroenvironment
Responding to the Marketing Environment
Chapter 4: Managing Marketing Information to Gain Customer Insights
Increasing customer retention rates by 5% increases profits by 25% to 95%.
(Harvard Business Review, July-August 2000)
WHY?
Leading on the Edge of Chaos, (2010)
Murphy, Emmett C. | Murphy, Mark A.
Acquiring new customers can cost as much as five times more than satisfying and retaining current customers.
CUSTOMER
INSIGHTS
Importance of Gaining Insight
VALUE of Marketing Research
Domino's Lesson:
Talking to customers, hearing what they have to say, and
acting on
the resulting insights can pay big dividends.


Good marketing research doesn't always mean a rich variety of sophisticated data collection and analysis techniques.


Page(s): 100, Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
Online discussions
about PepsiCo's brands:
Page(s): 103, Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
6 million/day
2 billion/year
Bigger is NOT always better.
...revenues up 21%
& profits up 31%...


Page(s): 101, Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
Marketing Information Systems
People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.



Page(s): 103, Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
Marketing Information Systems (MIS):
Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
Principles of Marketing, 15/e by Kotler, Pearson Education Ltd.
Chapter 5: Business Markets and Business Buying Behavior

Topic Outline
1. What Is Marketing?
2. Understanding the Marketplace and Customer Needs
3. Designing a Customer-Driven Marketing Strategy & Preparing an Integrated Marketing Plan and Program
4. Building Customer Relationships & Capturing Value from Customers
5. The Changing Marketing Landscape

MARKET OFFERINGS are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
MARKETING MYOPIA is focusing only on existing wants and losing sight of underlying consumer needs


Customer Needs, Wants, and Demands
is the value of the entire stream of purchases that the customer wouldmake over a lifetime of patronage.

Customer Lifetime Value
1. Companywide Strategic Planning: Defining Marketing’s Role
2. Designing the Business Portfolio
3. Planning Marketing: Partnering to Build Customer Relationships
4. Marketing Strategy and the Marketing Mix
5. Managing the Marketing Effort & Measuring and Managing Return on Marketing Investment

Topic Outline
The mission statement is the organization’s purpose, what it wants to accomplish in the larger environment
Market-oriented mission statement defines the business in terms of satisfying basic customer needs

Defining a Market-Oriented Mission
Setting Company Objectives and Goals

is the set of controllable tactical marketing tools—product, price, place, and promotion—that the firm blends to produce the response it wants in the target market.

Marketing Mix
The Marketing Plan:
1. Microenvironment & Macroenvironemnt
2. Demographic Environment & Economic Environment
3. Natural Environment & Technological Environment
4.Political and Social Environment & Cultural Environment
5. Responding to the Marketing Environment

Topic Outline
Responding to the Marketing Environment
1. Marketing Information and Customer Insights
2. Assessing Marketing Information Needs & Developing Marketing Information
3. Marketing Research
4. Analyzing and Using Marketing Information
5. Other Marketing Information Considerations

Topic Outline
Exploratory research—objective is to gather preliminary information that will help define the problem and suggest hypotheses.
Descriptive research—describes things.
Causal research—tests hypothesis about cause and effect relationships.

Marketing Research
Marketing Research Strengths and
Weakness of Contact Methods

1. Business Markets
2. Business Buyer Behavior
3. The Business Buying Process
4. E-Procurement: Buying on the Internet
5. Institutional and Government Markets

Topic Outline
Business Markets
Business buyer behavior refers to the buying behavior of the organizations that buy goods and services for use in production of other products and services that are sold, rented, or supplied to others.

Business buying process is the process where business buyers determine which products and services are needed to purchase, and then find, evaluate, and choose among alternative brands

The Model of Business Buyer Behavior

E-Procurement
Advantages:
- Access to new suppliers
- Lowers costs
- Speeds order processing and delivery
- Shares information
- Sales
- Service and support

Disadvantages:
- Can erode relationships as buyers search for new suppliers
- Security

Institutional and Government Markets
consist of hospitals, nursing homes, and prisons that provide goods and services to people in their care

Low budgets
“Captive” audience

Institutional Markets
tend to favor domestic suppliers and require suppliers to submit bids and normally award to the lowest bidder

Affected by environmental factors
Non-economic factors considered
- Minority suppliers
- Depressed suppliers
- Small businesses

Government Markets
1. Model of Consumer Behavior
2. Characteristics Affecting Consumer Behavior
3. Types of Buying Decision Behavior
4. The Buyer Decision Process
5. The Buyer Decision Process for New Products

Topic Outline
Chapter 5: Consumer Markets and Consumer Buyer Behavior
Model of Consumer Behavior
Consumer buyer behavior : the buying behavior of final consumers, individuals and households, who buy goods and services for personal consumption

Consumer market : all of the personal consumption of final consumers

Model of Consumer Behavior

Changing American Family

More people are:
Divorcing or separating
Choosing not to marry
Choosing to marry later
Marrying without intending to have children
Increasing number of working women
Increasing number of stay-at-home dads

Growth in U.S. West and South and decline in Midwest and Northeast
Change in where people work:
Telecommuting
Home office

Why? Why do we care?
Full transcript