marketing principles review session jan 30 th, 2009

Marketing Principles

Review Session

Jan 30th, 2009

Understanding Modern Marketing Management

•The Evolution of Marketing

•The Marketing Concept and related concepts

•Marketing as business philosophy and practice

•Marketing in the Twenty-first Century

•Relationship Marketing, Customer Satisfaction and Retention

•Marketing and Social Responsibility

Marketing Management

Marketing Eras:1900 – 1930: 1930 – 1960s: Selling Orientation, ‘Push Sales to

gain market share’1960 -1980s: ??????????????, ‘Find out what the

customers want, then develop products to satisfy them!’

1990s – Today: Societal Marketing orientation,

Czinkota calls it ‘Relationship Marketing’, P7

Customer Retention

What is it? – It’s about reducing customer defections, leaky bucket theory – replace disloyal customers.

Customer defection is getting easier and easier every year.

Retention Rate is the % of the total number of customers who have repeatedly placed an order over any 12 month period compared to the total number of customers in the same period.

Macro and Micro Environment for Marketing

•Elements of the marketing environment

•Macro and Micro environmental analysis

•Understanding Consumer Buyer Behaviour

•Understanding Industrial Buyer Behaviour

•Defining and analysing competitive forces

The Marketing Information System.

•The Internal Reports System

•The Marketing Intelligence System

•Market Research

Customer Research & the Research ProcessCustomer Research & the Research Process

Presentation of results

Data analysis and interpretation

Datacollection

Researchdesign

Problemdefinition

The market research process:

Feedback

Feedback

Copyright ©2005 by South-Western, a division of Thomson Learning. All rights reserved.

More details of this process on pg. 102 of book, Fig 4.1

Designing and Managing Marketing Programmes

•Introducing the Marketing Mix•The Traditional Marketing Mix and the Expanded Marketing Mix•Product Decisions•Integrated Marketing Communications•Physical Distribution and Marketing Channel Management (2 parts – physical + Mkt Prog)•Designing Pricing Programmes•Managing Direct and Online Marketing

4 Ps

The Marketing Mix

Product

• Development

• Management

• Features/benefits

• Branding

• Packaging

• After-sales service

Promotion

• Communication mix

• Advertising

• Sales promotion

• Sales

• Public relations

• Direct marketing

Price

• Costs

• Profitability

• Value for money

• Competitiveness

• Incentives

Place

• Access to market

• Channel structure

• Channel management

• Retailer image

• Logistics

Developing Marketing Strategies.

•Segmentation, Targeting and Market Positioning•Managing products over the lifecycle•Developing new products•Brand Management•The Marketing Plan

Segmentation Defined

Segmentation is the art of discerning and defining meaningful differences

between groups of customers to form the foundations of a

more focused marketing effort.

4 of 35

Mass MarketNiche MicroMarkets The individual

Segmentation Continuum

Managing the Marketing Effort.

•Marketing organisation

•Marketing implementation

•Controlling marketing activity

Marketing Organisation & Management

Analysing Marketing Opportunities

The Marketing EnvironmentMarket Research & Information Systems

Market Segmentation, Tragetting & Positioning

Marketing Mix DevelopmentProduct DecisionsPricing Decisions

Promotion DecisionsPlace Decisions

Marketing of Services

Marketing Management DecisionsSWOTing your company

Services Marketing

•Specific characteristics of Services

•The Servuction System Model

•The Five Gap Model of Service Quality

•Defection Management and Customer Retention Management

Servuction System Model

The production process of services has been called the “servuction” process (Eiglier and Langeard, 1977)

It refers to the simultaneous production and consumption of services.

The customer is present when the service is produced

The customer plays a role in the servuction and the delivery process

Customers interact with one another during the servuction process and may be affected (positively or negatively) by this interaction