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Promoting Management School Notes 1/16/13 Markets: * Consumer market—B2C * Organization market—B2B * Global marketplace (? ) * Not-for-profit market—must include higher revenues than cost to survive 5. ex: health-care: hospitals want 7% even more revenues than expenses to outlive * Govt market Primary Concepts: * needs, wants, and demands * segmentation, target market segments, positioning * offerings and brands worth and satisfaction * romantic relationship marketing 2. marketing programs * supply chain 2. competition 2. marketing environment Marketing mix—4 Ps 2. Product—good, support, idea, experience, place, person, etc . * Price—above, by, or listed below market * Place—retail site, channel of distribution 5. Promotion—advertising, personal selling, product sales promotion, PR/publicity Shifts in marketing administration: in past: marketing really does marketing, now: everyone truly does marketing 5. organized by product units, now: arranging by client segments 2. using many suppliers, at this point: using fewer suppliers whom are companions * ex lover: Wal-Mart and Procter & Gamble pampers—no longer locations orders for pampers, right now P&G company manager deals with Wal-Mart corner of pampers * focusing tangible possessions, now putting an emphasis on intangible resources * building brands through advertising, now building manufacturer through performance and bundled communication * good experience=tell 5 others, ad experience=tell 9 others * now even more everlasting with on the web ratings 5. shotgun (dispersed) v. gun (accurate) 2. avoid shotgun (avoid developing product/service that will appeal to everybody) * relying on older markets, today uncovering fresh markets 2. focusing on lucrative transactions, at this point customer life time value * major goals of increasing revenue and business v.
right now: must be responsible for return about marketing expense (ROMI) 5. local, now glocal (local and global) * concentrate on shareholders, at this point focus on stakeholders What do online marketers do? develop marketing strategies and plans * generate/collect promoting info (research) * connect w/ buyers * develop market offerings * build brands * delivery and communicate worth * produce long-term growth * ex: ivory 1879 and still going New Marketing capabilities: 5. use of internet for info and product sales * very easily gather info about: * clients, prospects, market segments, competitors 5. social media 2. facilitate and speed interaction w/ customers * personal marketing (thru email) 2. mobile promoting for customers on the run * mass customization 2. bit of an oxi-moron 5. ex: Levi’s jeans built to size measurements use internet internally and for other than promoting Evolution in the Marketing Concept * Development Concept—production effectiveness, low costs, mass dist., consumers want the most top quality, performance, or innovative features (more, better, faster) 5. Stool manufactured in cottage industry—individuals made all of them at home w/ tools in handindustrial revolution—factories, standards, conformity, production idea emerged * Selling Concept—consumers will buy only if the company aggressively promotes/sells these products 2. Too many stools produced and no one is obtaining themhow to offer them? need to aggressively sell and advertise * Marketing Concept—focuses upon needs/wants of target markets and providing value a lot better than competitors 2. Quit making stools that individuals don’t need or need, * must determine how many stools the consumer wants first before making them * The Marketing Concept’s—Three Key elements: * Buyer orientation * Integrated advertising effort** * Table 1 . 1 on p. 23 * integrated w/ additional departments b/c marketing interacts w/ buyers * Focus on profitable revenue (not most sales happen to be worth pursuing) * Pillsbury Ex: 1 . We produce flour…how do we make the flour faster and better * 2 . All of us sell flour…hired sales people and started advertising and marketing * a few. What do customers want which includes flour in it—expanded products …Burger King—hamburger buns, curry shops, refrigerated dough products Ch. 2: Developing Sales strategies and Plans * Value—the totality of features and characteristics of your product or service in comparison to its costs * Determinant of Cust0mer Values: 5. Customer perceived value * total consumer value 5. Image worth * Personal value 5. services value * merchandise value or total buyer cost 2. Monetary expense * time cost 5. energy price * clairvoyant cost 2. in mind—instantly assessing benefit and analyzing it against cost Creating value: * satisfy requires * multiple org * functions of promoting creates benefit Generic benefit chain—link in chain involves: * Major activities: incoming logistics, businesses, out-bound logistics, marketing and revenue, service * support activities: firm system, HR management, technology expansion, procurement (purchasing) * margin-includes profitability Ex: Levi Denim jeans Value-Delivery Network: Dupont fibersMilliken fabricsLevi’s apparelSears retailcustomer 5. each is a web link in the worth chain When ever value is not presented: * shed sale 2. lost customer—CLV (accounting intended for the number of years person would have been a customer) Competitive Advantage—something a co. has that no different co. features * attained through: 5. 1 . key competencies—source of comp. benefits, application in wide variety of market segments, and difficult for competitors to imitate 2. 2 . distinctive capabilities—excellence in broad business practices 5. involve multiple levels of people ex: capability to innovate, capability to understand your customer, comprehending the market Promoting goal=competitive benefits * should be something significant to consumers * important in a variety of marketplaces * difficult to imitate Tactical planning: 2. Corp. Mission * “Marketing Myopia”—see close but don’t see far away, * Railroads thought they were in the railroad business, experienced they recognized they were inside the transportation organization they would have expanded line to car or plane * What business are we in? * development opportunities 2. growth matrix * SBU—Strategic Business Device * Resources—S/W Assessment—O/T 2. goalsstrategies to attain goalstactical plans to achieve approaches Good Mission Statement * ex’s available: Table 2 . 5 * identify: 5. target consumers and marketplaces * theory services delivered * org. philosophy 2. desired self/public image 2. Mission statement—what the co. does, Eye-sight statement—hope to get future Objectives: * goals—umbrella, hierarchical (at different levels) * provide broad direction * objectives—SMART * Particular * Measurable * Workable * Realistic * Time bound—for marketing plan, generally a year 5. for new product, maybe six months time Porter’s Universal Strategies: 5. 1 .
General cost leadership—low cost service provider, can make products at the lowest cost (will have higher margins and more choices) * installment payments on your Differentiation—develop competitive advantages that are diff. from competition 5. Focus—segment, * niche market focus that has both overall cost leadership or differentiations Ansoff’s Product/Market Expansion Grid: | Existing products| New products| Existing markets| Market Transmission * marketing, lowering price, increasing product sales personnel, 2. take existing pie of market share and try to get bigger part of the curry | Item development| New markets| Industry development * ex: company. hat manufactured lawnmowers BUSINESS-ON-BUSINESS (golf courses) decided that they could sell off those mowers to buyers | Variation | Boston Consulting Group’s Growth Discuss Matrix | Relatively large market share| Relatively low market share| High market growth rate| Stars| Issue marks (aka problem children—don’t know how they are going to turn out)| Low marketplace growth rate| Cash cows—products you’ve experienced for a comparatively long time nonetheless they have gradual growth Ex lover: Coke intended for Coca-Cola| Dogs| Implementation—plans
Evaluation and Control: * Collection objectives (to be measured) * evaluate performance against objectives * understand deviations—why didn’t you achieve whatever you set out to attain * established new targets Marketing Prepare Parts: 2. Exec. Summary * Desk of Material * Situational Analysis: Exterior Analysis 5. Situational Analysis: internal evaluation * SWOT critical accomplishment factors 5. Goals/objectives 5. Strategy—4 Playstation * Actions programs 5. Financial implications * Regulates Case Analysis—slides being dispatched via email
