MarketingComp

MarketingComp - Said Business School MBA Marketing Hilary Term 2007 Week 1 Overview of Marketing David Arnold Introduction the course To apply a

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Said Business School MBA Marketing Hilary Term 2007 Week 1: Overview of Marketing David Arnold
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Introduction – the course • To apply a marketing perspective to strategy development • To develop an understanding of key concepts and decision options in marketing • To refine decision-making skills in marketing, and the ability to express the results of marketing analysis
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Principles of courses • Marketing is a thinking process more than a body of knowledge • Conceptual basis of marketing (objective # 2) delivered by notes. You read beforehand, we can discuss in class • Emphasis in class on skill development (objective # 3). Extensive use of cases. Thorough pre-class analysis of cases expected.
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This Session • A framework for marketing • Two examples of great marketing in practice • Core concept – value • Where is marketing going? • What dies it take to be good at marketing strategy?
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What is a marketing strategy? • IT IS NOT: - An objective (increase shareholder value by x ) - A functional policy (“put a Coke within arm’s reach of the world”, cost leadership - A general focus (“stick to the knitting”) - An outcome of strategy (“command a 10% premium over market average”, “achieve x% market share”)
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What is a marketing strategy? •I T I S : How the organization will create and capture value • And it considers: Customer need (source of value) Competitor offers (source of differentiation) Company resources (source of advantage) Collaborators (source of market access/power)
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Customers Company Market Segmentation Target Market Selection Service Positioning Marketing Mix (The 4 Ps) Service Place/ Channels Promotion Pricing Customer Acquisition Customer Retention Profits Creating Value Capturing Value Sustaining Value Marketing Analysis (The 4 Cs) Channel to market Competitors Company Source: adapted from Note on Marketing Strategy, HBS 9-598-061
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The core concept is value. . . Value = Perceived Price Perceived benefits - Benefits Price V a l u e q i v n c
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The value proposition is…. Precise benefits to which group at what price
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The value proposition is…. Precise benefits: a sense of superiority from wearing sports gear used by winners to which group ambitious youthful people world-wide at what price 300% premium to basic athletic shoes
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Think Value Proposition, not Product Contribution to Cost Contribution to Benefit A B C D E 25% 30% 20% 15% 10% A 20% B 40% C 15% D 15% E 10%
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Eliminate A and C: Inferior Product, Better Value Proposition Contribution to Cost Contribution to Benefit A B C D E 25% 30% 20% 15% 10% A 20% B 40% C 15% D 15% E 10%
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Marketing as an economic compromise One-way message Two-way with time lag in response Two-way with instant response Broadcast Addressable TV ad in World Cup Final Salesperson
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Marketing as an informational compromise What the customer wants Demographics Psychographics
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Strategy – Marketing customer value Narrow Broad Market scope Broad Product scope Share of customer -> Economies of scope Broad product line
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This note was uploaded on 10/11/2011 for the course MBA 167 taught by Professor Jones during the Spring '11 term at UCLA.

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MarketingComp - Said Business School MBA Marketing Hilary Term 2007 Week 1 Overview of Marketing David Arnold Introduction the course To apply a

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