Ανάλυση Αγοράς από μια σκοπιά marketing

Session 2Dr. Vasilis Theoharakis

• Introduction

• Three C’s• Four P’s

What is Marketing?

• Marketing is the process of planning and executing the conception, pricing promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational objectives (AMA)

Marketing is the art and science of creating and satisfying customers at a

profit

Marketing Sugar and Water

Marketing Sodium Hypochlorite

• Pepsi World

– http://www.pepsiworld.com/index2.html

• Clorox

– http://www.clorox.com/science/rmp/how.html

Competing Orientations Toward the Marketplace

• Production Concept - Consumers favor products that are widely available and low in cost.

• Product Concept - Consumers favor products that offer the most quality, performance and features.

• Selling Concept - Consumers, if left alone, will not buy enough of the organization’s products.

• Marketing Concept - The key to achieving organizational goals consists in determining the needs and wants of target markets and delivering the desired satisfactions more effectively and efficiently than competitors

THE IMPORTANCE OF CUSTOMER SATISFACTION

The average business does not hear from 96% of its unhappy customers

For every complaint received, 26 customers actually have the same problem

The average person with a problem tells 9 or 10 people13% tell more than 20

THE IMPORTANCE OF CUSTOMER SATISFACTION

Customers who have their complaints resolved tell an average of 5 people

Complainers are more likely to do business with you again than noncomplainers

54-70% if the complaint is resolved at all95% if the complaint is resolved quickly

THE BENEFITS OF CUSTOMER SATISFACTION

Positive word-of-mouth

Purchase more frequently

Less likely to be lost to competitors

Insulated from price competition

Positive work environments

Cost of Losing and Attracting Customers

• Cost of attracting a new customer can be up to 5 times the cost of keeping a current one happy

• Cost of Offensive Marketing > Cost of Defensive Marketing

• Some companies have increased profits from 25% to 85% by reducing defections by 5%

Marketing Analysis Framework

3 C’s

Customers Competitors Company

S T P(Segment) (Target) (Position)

4 P’sProduct Price PromotionPlace

Mar

ket

res

earc

h

Customer Analysis

• Who buys and why? • How many customers are there; will there be?• How is the buying done?

– Where do they obtain information and where do they buy?

– How are decisions made (decision making process)?• What are and will be their under-served needs

and wants?• Are there relevant segments?

Competitor Analysis

• Who are the competitors?– Who do customers buy from now?– Who might become interested in the

future?• What are their …

– Goals– Strategy– Assumptions– Capabilities

Company Analysis

• Objectives– Corporate– Business unit

• Strengths Weaknesses Opportunities and Threats– Reputation– Costs– Expertise– Culture and orientation

Combining the 3 C’s: The Situation Assessment

• What customer needs and wants can we meet?– What is profit potential?

• What do we need to do to meet them?• Can we do it better than anyone else?

– What advantages/disadvantages do we have?

– What will likely responses mean for profits?

• How sustainable are our advantages?

Demand Categories within a Supply Chain

Final Demand Derived Demand

Joint Demand

Common Demand

Illustrative Demand Drivers

Industry Drivers

Macroeconomic Drivers:

Interest RatesInterest Rates RegulationRegulation Social TrendsSocial Trends

SubstitutesSubstitutes

Final DemandFinal Demand

ComplementsComplements PricePrice

Derived DemandDerived Demand

Direct vs. Indirect Substitution in Market Modeling

– Direct substitution -• Displacement of an existing substitute

– Example: Intel 80186 vs. 14 existing chips

– Entirely new products -• Measure the market for the current

approach to the need you are addressing

– Example: Intergraph’s 1st CAE system vs. manual drafting tools

Market Attractiveness

• Market size• Market growth• Sales cyclicality• Sales seasonality• Profit level• Profit variability

So, what market should be attractive?

A market should be attractive to a firm if it can exploit the opportunities presented to gain competitive advantage

How is Marketing Changing?

• Increased quality expectations

• The war for brands and shelf space

• Oversaturation of retailing

• How do companies respond?

CONSUMERISM

Eco-systems

ENVIRONMENTALISM

Long-term planning

Right to chooseQuality of lifeBe safe

Pollution Growth

Be informed Be heard

http://www.nokia.com/index

Aggregating Consumers to Segments

• Customers may differ in any step in the consumer decision process (heterogeneity)

• Preferences of different customer types may conflict– Making one group happy antagonizes another– Compromise offerings are dangerous as no

group is really satisfied; competitors can come– Too expensive to design a different product for

all

• Segmentation is the answer

Market Segmentation

•Process of identifying a group of people similar in one or more ways, based on a variety of characteristics and behaviors

•Results in market segment: a group of consumers with similar needs and behaviors that differ from those of the entire mass market

Criteria for Choosing Segments

Measurability: ability to obtain information about the size, nature and behavior of a market segment

Accessibility: degree to which segments can be reached, either through various advertising or communication programs or methods of retailing

Substantiality: size of the market--is it large enough to be profitable?

Congruity: how similar segment members are in characteristics or behaviors

Segmentation Process (STP)

1. Identify bases for segmenting the market2. Develop profiles of resulting segments3. Assess the attractiveness of each segment

Size and growthFit with company capabilities and objectivesAssess costs and revenues

4. Select the target segment(s)5. Develop a positioning strategy for each

segment

Selecting Target Segments

Criterion Examples of Considerations

I. Size and Growth1. Size • Market potential, current market penetration2. Growth • Past growth forecasts of technology change

II. Structural Characteristics

3. Competition • Barriers to entry, barriers to exit, position ofcompetitors, ability to retaliate

4. Segment saturation • Gaps in the market5. Protectability • Patentability of products, barriers to entry6. Environmental risk • Economic, political, and technological change

III. Product-Market Fit7. Fit • Coherence with company’s strengths and image8. Relationships with • Synergy, cost interactions, image transfers, segments cannibalization9. Profitability • Entry costs, margin levels, return on investment

Positioning - Perceptual Maps

Economy

Sportiness

Porsche

BMW

JaguarAcuraNSX

CelicaSupra Prelude

VWGolf

VolvoV70

TwingoPunto

CorollaCivic

Miata

5

2

1

3

4

6

1~6: Clusters of Ideal PointsRadius proportional to # of consumers

Positioning

• Translate your product into consumer benefits– people should see that it is satisfying

their pressing needs

• Then, position your product in people’s mind, in a way that differentiates it from all your competitors

• Use 4P’s overhead here

Conclusions

• Marketing is complex– There are many issues and no single equation

that can deal with all of them; you must think

• Marketing is quantitative– Must be comfortable applying finance and

accounting principles, among others

• Marketing is indispensable– No business can succeed if it doesn’t get the

marketing right (unless you are a cable monopoly)!