slides week 1c
TRANSCRIPT
-
7/30/2019 Slides Week 1c
1/22
Marketing Management
Week 1
-
7/30/2019 Slides Week 1c
2/22
What is Marketing?
Chapter 1
-
7/30/2019 Slides Week 1c
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.
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
6/22
Product Concept
-
7/30/2019 Slides Week 1c
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!
-
7/30/2019 Slides Week 1c
8/22
Marketing Management: Framework
The 5Cs;
STP; and
The 4Ps.
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
11/22
Marketing Framework: 5Cs (Cont.)
Competitors
Who are the competitors we must consider?
What are their likely actions and reactions?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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.
-
7/30/2019 Slides Week 1c
14/22
Marketing Framework: 4Ps
Product
Will customers want what your company is
prepared to produce?
Price
Will customers pay what youd like tocharge?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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
-
7/30/2019 Slides Week 1c
18/22
Marketing Strategy
Target Market
Marketing Mix
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
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?
-
7/30/2019 Slides Week 1c
21/22
Less is More!
-
7/30/2019 Slides Week 1c
22/22