slides week 1c

7/30/2019 Slides Week 1c

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Marketing Management

Week 1


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What is Marketing?

Chapter 1


3/22

What does Marketing mean to you?

Turn to a partner;

Discuss for 10-minutes;

One-person, report out; and

Discuss perceptions.

Marketing is knowing what is value for your

customers, Peter Drucker.


4/22

Marketing and Exchange

Marketing is an exchange between a firm

and customer

Company

CustomerThe customer seeksbenefits from the company,

and expects to pay.

The company offers

benefits to its customers,

and seeks profits.

What are some types of benefits that customers seek and are willing

to pay for?

Under what conditions should businesses offer them?


5/22

Evolution of the Marketing Concept

Product/Production Centered - Early

Build a better mousetrap and they will come!

Make it better, cheaper, etc.

Selling Orientation

Sell it and forget it! Aggressively push product using sales and advertising

Out of necessity Lets make a Deal

Customer Focus - Modern

Building long-term (loyalty) relationships with the customer

Peter Drucker: Goal of Marketing is to make selling irrelevant!

Whats wrong with relying solely on the first two? Businesses can make selling irrelevant by building customer loyalty!

What are some of the ways that businesses do this?


6/22

Product Concept


7/22

MarketingOrientation:

Permeates the entire organization: notjust another business function, but a way

of doing business.

Sales may own the customer, buteveryone in the business has a

customer(s).

Customers are a valuable asset! Costs more to obtain a new customer than

to retain an existing one!

Marketing IS the Business!


8/22

Marketing Management: Framework

The 5Cs;

STP; and

The 4Ps.


9/22

Marketing Framework: 5Cs

Customers

Who are they?

What are they like? Do we want to draw different customers?

Company What are our strengths and weaknesses?

What customer benefits can we provide?


10/22

Marketing Framework: 5Cs (Cont.)

Context

What is happening in our industry that might

reshape our future business?

Collaborators

Can we address our customers needs while

strengthening our B2B partnerships?


11/22

Marketing Framework: 5Cs (Cont.)

Competitors

Who are the competitors we must consider?

What are their likely actions and reactions?


12/22

Marketing Management Framework: the

5Cs Summary

Company

Competitors Collaborators

Context

Customers

5Cs

What are ourstrengths &weaknesses?What benefits do

we provide?

What is happeningthat could reshapeour future business?

Can we better addresscustomers needs

through partnerships?

Who are they?What is their strategy?How might they react?

Who are they?Why do they buy?


13/22

Marketing Management

Framework: STP

Segmentation Customers arent all the same; they vary in

their preferences, needs, and resources.

TargetingAttracting some of those customers makes

better sense than going after others

Positioning Communicate your benefits clearly to your

intended customers most important needs.


14/22

Marketing Framework: 4Ps

Product

Will customers want what your company is

prepared to produce?

Price

Will customers pay what youd like tocharge?


15/22

Marketing Framework: 4Ps (Cont.)

Place

Where and how will customers purchase

your market offering?

Promotion

What can you tell your customers or do for

them to entice them to purchase?


16/22

Marketing Management Framework:

the 4Ps (Marketing Mix) Summary

Product

Place

Promotion

Price

What is the offering?

Will customers buy it?Can you earn a profit?

Where do customersexpect to purchase?

What do customersneed to know before

they purchase?


17/22

Framework Considerations

5 Cs, STP and 4 Ps are interdependent

Do we need to fine-tune our offering?

How might one decision impact other

decisions?

The 5 Cs are in flux

Consistently monitor and adjust strategyaccordingly

Customers needs change

Competitors react


18/22

Marketing Strategy

Target Market

Marketing Mix


19/22

Class Discussion

How has marketing changed over the past10-years?

How has the global economic crisis

impacted the way products & services aremarketed?

How can Customers influence the products& services offered by companies?

How can Companies make marketingeveryones job?

How can Customers needs & wants impact

marketing?


20/22

BP Connect: Discussion

What was BPs revenue stream

comprised of before the introduction

of BP Connect? After?

What are the needs that BP Connectmeets for its Customers?

Why did BP change its Product offering?

How does BP Connect location increaseor decrease the likelihood of an

exchange? True for all Customers?


21/22

Less is More!


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