marketing strategy. the purpose of marketing textbook definition: what is marketing? create ...
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MARKETING STRATEGY
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THE PURPOSE OF MARKETING
textbook definition: What is Marketing?
CREATECAPTURESUSTAIN VALUEin order to make $$$ (profits)
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AMERICAN MARKETING ASSOCIATION
DEFINITION of MARKETING
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have VALUE for customers, clients, partners, and society at large. “Marketing is no longer a function—it is an educational process.” (Pres. of AMA)http://www.marketingpower.com/Pages/default.aspx
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DEFINITION OF MARKETING
from “How to Become a Marketing Superstar”
• Identify---pre-sale•Attract---pre sale•Get---pre-sale •Keep---post sale
CUSTOMERS!!!!
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PRE-SALE
IDENTIFICATIONMarket ResearchATTRACTIONAdvertisingOnline mediaPackagingClean storesPublic relations
GETTINGPersonal sellingDistributionPricingProductService from salespeople
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POST SALES
KEEPING
DeliveryBillingBill CollectionCustomer ServiceWarrantyFeedback from customers
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EVERYBODY IN THE COMPANYSHOULD BE THINKING ABOUT MARKETING
GreetersTruck loadersPhone answerersDesignersEngineers
PresidentsQuality controlInventoryAccountingCollections
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HOW DOES A COMPANY DEFINE ITSELF?
•NOT BY THE PRODUCT(S) or SERVICES it SELLS, but by the
CUSTOMER BENEFITS PROVIDED
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WHAT NEEDS ARE SATISFIED?
Product/Features
Market/Benefits
satisfies hunger, thirst, convenience needs
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FeatureThese boots have rubber outsole with traction ribbing. Sealed seams renders them waterproof.BenefitYour feet won’t get wet if you were these boots. You won’t trip easily
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• FeatureThis accounting software has an online reporting feature.• Benefit
Managers have instant, real-time, mission-critical information at a click of a button.• Feature
This car has 6 side-impact bags.• Benefit
You and your family will be protected from side impact accidents.
http://biznik.com/articles/sales-101-features-vs-benefits
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SALES VS. MARKETING
• MARKETING MAKES THE PHONE RING
• SALES ANSWERS IT
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DIFFERENCES BETWEEN SALES & MARKETING PEOPLE
• Marketing “Culture”analytical
data-oriented critical
inside the company• Sales “Culture”
customer-oriented relationship builders make the sale today
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SEGMENTATION TARGETING MARKETING
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MARKETING STRATEGY
TWO MAJOR ACTIVITIES:
Selecting a TARGET MARKETSpecifying the plan to achieve POSITIONING
DEFINITION OF POSITIONING: UNIQUE SELLING PROPOSITION
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5 C’S OF MARKETING: ANALYSIS
•CUSTOMER•COMPANY•COMPETITION•COLLABORATORS•CONTEXT
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TARGET MARKET
Move from large mass markets to specification of smaller segments
“Market of one” → MASS CUSTOMIZATION
• EXAMPLES: • BURGER KING• RAYBAN
• Burger King Have it Your Way • Ray-Ban Website
• Starbucks
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SEGMENTATION
• HOW TO DIFFERENTIATE • (DESCRIBE POTENTIAL CUSTOMERS—over 25,
college education, west coast)• DEMOGRAPHIC -- age, income gender, occupation• GEOGRAPHIC -- nation, region of country, urban vs.
rural• LIFESTYLE – value-oriented, hedonistic
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ISSUES FOR SELECTING TARGET MARKET
The target market sets the “rules of the game”
Strengths and weaknesses compared to competition
Corporate goalsResourcesCollaboratorsFinancial Returns
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POSITIONING
The positioning statement specifies the position the firm wants to occupy in the target customers’ eyes.
http://www.youtube.com/watch?v=nXa02tB8DLohttp://adland.tv/commercials/coke-coca-cola-happiness-machine-2010-200-usa
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STP
SEGMENTATION – identifying meaningfully different groups of customers
TARGET – selecting which segments to serve
POSITIONING - implementing chosen image and appeal to chosen segment
DISCUSS: What does it mean that “You can’t be all things to all people.” How might that relate to profit?
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EXAMPLES OF HOW TO SEGMENT
Most relevant variables to separate consumers to help decide whom to target and how to target them.Example : Coca Cola must distinguish preferences of soft drink consumers
Taste vs. low caloriesCola vs. non-cola tastePrice sensitivity—brandHeavy vs. light consumers
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CAMPBELL’S SOUP
What demographic variables would they need to consider?Region – Western U.S. consumer prefer spicier soupsAge --Little girls
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GUN SALES
Flat sales? (no growth)
What can they do? Create a new segment! What did they do?
Lady Remington