Professional Documents
Culture Documents
WHAT IS MARKETING?
1. Find and understand customer’s needs and wants in the market place
E.g. P&G executives routinely spend time with consumers in their homes so as to look at
the differences in how they think about brands and what is important to them
e.g. Paige Premium Denim Jeans – woman willing to spend money on this expensive
jeans as it is manufactured with an uncompromising commitment to feminine detail and
quality
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Customer Satisfaction
o Delivering more than you promise
o Higher levels of customer satisfaction >> greater customer loyalty >> repeat
purchases >> customer evangelists (spread word about good experiences) >>
better company performance
e.g. Riltz Carlton – Top of the hospitality industry in terms of customer satisfaction, they
anticipate and meet customers need effectively
(Customers may be spending money in your company for his entire life time. Thus,
losing him/her is equivalent to losing a stream of revenue)
2
Diversification (New Products, New Markets) – Starting up or buying
businesses outside of its current products and markets
MARKETING PLAN
Market Segmentation
Market Targeting
Positioning & Differentiation
o Natural Environment
o Technological Environment
o Political and Social Environment
Cause-related marketing (Pg 110)
4C Diamond Sub-Model
Change (Pg 31-32 RM)
o Refer to macro-environment
Customer (Pg 42-43 RM)
o Profiles of the various types of
customers
Company (Pg 44-45)
o Tangible assets, intangible assets, organizational
capabilities
Competitor (Pg 38-39 RM)
o General, aggressiveness,
capability
2. Marketing Strategy
STV Triangle (Pg 49 Rethinking Marketing)
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Market Segmentation (Pg 216-225)
Business to Consumers
o Note:
Baby boomers/Mature consumers is becoming a very attractive market
for convenient services; cosmetics and personal care; health foods;
fitness products; items that combat effects of aging
Business to Business
o Demographics
Industry profile; company size; company age; company ownership
structure; company age; company ownership structure
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E.g. SingTel segment its market by viewing in from different angles; business and
consumers
E.g. P&G - came out with multiple detergent brands for each of its
different segment. Managed t capture 4 times the market share of
its competitor, Unilever
Individual marketing
Local marketing
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o Considerations when choosing a targeting strategy (Pg 231)
Company resources
Product variability
Product’s life-cycle stages
Market variability
Competitors’ marketing strategies
E.g. Amazon.com – Position itself as the most convenient book retailer with the biggest
selection and lowest price
Differentiation
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(Pg 75, Rethinking Marketing – Cisco’s differentiation)
o Content
Value offered to customers (tangible)
o Context
The way you offer the products and services (intangible)
Effort to help customers perceive your offering differently
o Infrastructure
Technology, people and facilities
E.g. Secret Recipe – Made use of PDAs to take orders, which are
immediately routed to kitchen, so as to give staff more time to
interact with customers and provide better service
3. Marketing Mix
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o Actual Product
Product and service features, design, quality level, brand name and
packaging
Attributes have to be combined carefully to deliver core customer value
E.g. Blackberry – Name, parts, styling, features, packaging and other attributes have all
been combined to carefully deliver the core customer value of staying connected
o Augmented Product
Additional customer services and benefits
Warranty, product support, after-sale service
E.g. Blackberry- Gives buyers warranty on parts and workmanship, instructions guides and quick
repair system when needed
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Overall marketing strategy, objectives and mix
Market and demand
Competitors strategies and pricing
Market-skimming pricing
Market-penetration pricing
Product mix pricing strategies
o Product line pricing
o Optional-product pricing
o Captive product pricing
o By product-pricing
o Product bundle pricing
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Direct marketing channels, indirect marketing channels (Pg 365), multichannel
distribution (Pg 370)
Marketing logistics and supply chain management (Pg 380-387)
Advertising
o Possible/ types of advertising objectives (Pg 455)
o Advantages/disadvantages of various media types (Pg 46
Sales promotion(Pg 503)
o Consumer promotions
o Trade promotions
o Business promotions
Personal selling
Public relations (Pg 427-475)
Direct marketing
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Attributes, benefits, beliefs and values
o Brand sponsorship/ private brand
o Licensing
o Co-branding
Brand development
o Line extension, brand extension, multi-brands, new brands
PERSONAL SELLING
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Marketing Oriented Selling Techniques (To business organizations) (Lecture 6)
o 4C Analysis
3. Identifying the buying roles in the prospect’s organizations and explore the needs of
each buying roles
o Value that you can bring to each decision maker
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o Market challenger
o Market follower (in order to be a market follower, you need to be of a
comparable size to your comparable to the market leader)
o Market nicher
PRODUCT LIFE-CYCLE STRATEGIES (PG 296-303)
Introduction, growth, maturity, decline
Summary of strategies (Pg 303)
Stages in the product life cycle can also affect the type of advertising to make use of
1. Objective
4. Recommendation
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