lecture one -class

8/8/2019 Lecture One -Class

1/34


2/34

2

Introductions

Name

15 - 30 second resume

Position and responsibilities Next or Ideal position

Objectives for the course

How to help you accomplish your objectives


3/34

3

Marketing Insights

Your name

What: Brief description of marketing piece

Marketing strategy: Brief description of what you think the

marketers strategy is

Effectiveness: Tell how effective you think the

strategy is and why


4/34

4

L

ecture OneChapter 1 & 2

Strategic Planning and Customer

Relationships


5/34

5

Todays Lecture Objectives

Basic overview of the marketing flow

Setting objectives and strategic planning

Understanding the customer relationship

Note: relationship to final project


6/34

6

Marketing Definition vs. Purpose

The process of building profitable

customer relationships by creating value

for customers and capturing value inreturn

Bringing a product or service to the

marketplace


7/34

7

Marketing Flow

Develop Strategy

Conduct Research

Decide on Targeting and PositioningProduct Management

Marketing Communications (marcom)

Measurement


8/34

8

Setting Objectives &

Strategy


9/34

9

Business Objective

Marketing Strategy

Tactics

The four Ps: Product, Price, Promotion and Place

The four Cs

Segmentation

Targeting

Positioning


10/34

10

Bus. Objective and Mark. Strategy

Keeps core competency in focus

Sets boundaries for business expansion

New products and acquisitions Puts definition around business portfolio

Frames day to day operations

Gives Wall Street short and long term vision

Helps define strengths/weaknesses Brands or divisions that are failing

Those that are under-valued and can grow


11/34

11

Strategy


12/34

12

What is a Strategy?

The roadmap or game plan on how you

are to achieve your objective

It is an integrated set of actions aimed at

securing a sustainable, advantageous and

competitive position


13/34

13

What is a Strategy?

A strategy should:

Create a unique and valuable position

Measurable Definitive

Should have a clear fit within organization

Choose what and what notto do

Clear and realistic timeline Distinctive

Shouldnt imitate anyone


14/34

14

Strategy is the Tough Part

Force tough decisions

Cannot be all things to all people

Unique = sustainable and competitive

Fit within the organization

Play off your strengths

Interact and reinforce broader mission/efforts

Trade-offs Delivering value to one set of customers means

ignoring another set of customers

The most difficult decision is what we will not be.


15/34

15

Creating A Strategy

A strategy position can come from three

distinct sources:

Serving the few needs of many customers

Jiffy Lube

Serving the broad needs of few customers

J.P. Morgans Private Banking

Serving the broad needs of many customers ina narrow market

Ikea


16/34

16

Creating A Strategy

Identify the implicit assumptions about yourproduct/service and the existing choices abouthow you are to compete.

Utilize research about your customers needs,competitors offerings and value propositions

Identify your options and choose a path to

success

Above all should be customer centric


17/34

17

Customer- Centric Marketing Strategy

Key elements in customer identification:

Segmentation

Targeting

Positioning


18/34

18

Segmentation

Groups of consumers who respond in

similar ways to marketing efforts.

GeographicDemographic

Psychographic

Behavioral


19/34

19

Targeting

After segments are identified:

Evaluate worth and profitability

Short and long term opportunitiesPotential barriers

Single or multi-segment target?


20/34

20

Positioning

The place a product occupies in the

mind of a consumer

Relative to other products in andoutside of the category

Should be distinct

Whats the competitive advantage?

Should be desirable

Should be clear and focused


21/34

21

Customer Relationships


22/34

22

The Customer Relationship

Marketing: The process of building

profitable customer relationships by

creating value for customers and capturing

value in return

Understanding their demand for value

Creating demand for value

Fulfilling that demand


23/34

23

Needs, Wants and Demand

Key marketplace drivers:

Needs

State of felt deprivation

Basic physical, social and individual needs

Wants

Needs shaped by culture/personality

Demands Wants turn into marketplace buying power


24/34

24

Value and Satisfaction

To fulfill want/demand, provide:

Value

Expectations and understanding of product/service

Satisfaction

Fulfillment of this satisfaction

Value

Positive = lead to a sale

Negative = no consideration

Satisfaction

Positive = relationship

Negative = lost customer or

word of mouth


25/34

25

Value and Satisfaction

How do you adequately set expectationswith consumers?Value Proposition

Benefits or values you promise to customers tosatisfy their needs.

Simple formula Customer need + product/service experience = benefit

Ex. You driving our car = The ultimate driving experience

Ex. You using our software = Realize your potential

Turns the rational offerings of a product/serviceinto an emotionally fulfilling experience


26/34

26

Customer Satisfaction

Depends on the productsperceived

performance relative to buyers

expectations

Dissatisfaction Satisfaction



LOW

HIGH


27/34

27

Marketing Management Orientations

How do you create a marketing strategy

that balances what a company wants and

what a customer wants?

How far do you cater to marketplace

demand?


28/34

28

Marketing Orientation vs. Mission

How is a marketing management

orientation different than a company

mission?

Review mission is a reason the company

exists i.e. in the business of X

Marketing orientation is how they go about

accomplishing that Push product into the marketplace

Or develop products based on marketplace demand


29/34

Mission statements

Walt Disney: To make people happy

WalMart: "Wal-Marts mission is to help people

save money so they can live better.

Starbucks: Our mission: to inspire and nurture

the human spirit one person, one cup and one

neighborhood at a time.

Microsoft:

At Microsoft,

wew

ork to help peopleand businesses throughout the world realize

their full potential.

29How do each go about accomplishing their mission?


30/34

30

New Directions

CRM

Keeping loyalty

Gathering data

Managing data

Lifetime Value

Get them in and keep them in

Customer relationship management is the overall process of

building and maintaining profitable customer relationships by

delivering superior customer value and satisfaction

acquiring, keeping and growing customers.


31/34

55% of marketers cannot measure ROI

31


32/34

32

Organizational Challenges

Selling within a strategy

Building consensus

Successful marketing = think different

Being an advocate

Remove the risk

Measurement

The market will speak --- listen


33/34

33

Next Class

Evaluating the environment through research

Competitors

Potential targets / customer segments

Deciding on a position

Confirming or changing your strategy

How to turn customer research into an insight


34/34

Final project groups

34

Tom

Marta

Melinda

Abbie R

Wiles

1. Angelica

Daniel

Abbey P

Rob

Kristin

2.

Ryan

Tammy

Mary

Pat

Gretchen

3.

lecture one -class

Documents