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Unformatted text preview: * * * MAKING BUSINESS WORK SESSION 22 * * * SESSION 22 GOALS AND OBJECTIVES To finish up materials from previous lectures. To examine the issues and challenges of creating customer relationships. Lecture Materials: Text Chapter 13
6-2 * * * SO LET'S TALK ABOUT PREVIOUS SESSIONS AND MATERIAL! ANY QUESTIONS?
6-3 * * * LET'S TALK CURRENT EVENTS (WSJ) 6-4 * * * LET'S FINISH UP THE MATERIL FROM OUR PREVIOUS SESSION * * * Now for Our New Topic(s) P-6 * * * Overview of Marketing
(Schedule of Topics) Marketing--Definition Value creation through exchange Framework for thinking about Marketing Management
q Consumer Behavior Marketing Research Segmenting, Targeting, Positioning The Marketing Mix Marketing Plans and Strategies The Marketing Concept Expanding the Scope of Marketing * * * Marketing, Definition Marketing: The process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. * * * Why Does Marketing Exist? MARKETING CREATES VALUE by... Identifying customer needs and supplying products & services to meet those needs. Marketing is based on a simple principle--exchange * * * Comparative Advantage & Exchange -An individual will "exchange" with the firm which can deliver the greatest value: * * * MARKETING MANGEMENT --A FRAMEWORK-- MacroLevel Information (AGGREGATE OF THOUSANDS OF INDIVIDUAL AND FIRM EXCHANGES TO MEET NEEDS) Exchange Understanding Markets Capitalizing on Markets Micro- External Consumer Marketing Level Environment Behavior Research Marketing Segmenting Plans & Targeting Strategies Positioning forecasting Four P's
P R O D U C T P R I C E P L A C E P R O M O T I O N Special Topics Non-Profit B-2-B Global Ethics * * * Understanding Markets Consumer Behavior Need/Problem Recognition Information Search Alternative Evaluation Choice & Use PostConsumption Evaluation Psychological Situational Sociocultural Influences
(Interpersonal) Marketing Influences * * * Influences on the consumer purchase decision process * * * Understanding Markets The Marketing Research Process Problem Definition Design Research Collect Data Analyze Data/ Interpret findings Recommendations/ Decisions * * * Sources for Marketing Research Information Secondary Data
q q q q q Primary Data Government Publications Commercial Publications Magazines Newspapers Internal/General Sources Surveys Focus groups Interviews Observation Online surveys Questionnaires Customer comments * * * Capitalizing on Markets SEGMENTING, TARGETING & POSITIONING Once we understand the marketplace and its customers, we are going to want to focus (i. e. target) our efforts: Segment Markets--Divide the market up based on demographic, psychographic, or other meaningful preference bases Select Target Market(s)--Focus on that group of potential customers with similar needs and which the firm is best suited to serve. Establish marketplace Positioning--Understand and manage the perception consumers have of your product(s) relative to the competition. * * * STEPS IN SEGMENTING AND TARGETING MARKETS
The process of segmenting and targeting markets involves five key steps * * STEPS IN SEGMENTING * AND TARGETING MARKETS
q Form Prospective Buyers into Segments Criteria to Use in Forming the Segments Potential for increased profit and ROI Similarity of needs of potential buyers in a segment Difference of needs of buyers among segments Feasibility of a marketing action reaching segment Simplicity and cost of assigning buyers to markets * * *
Segmentation variables and breakdowns for U.S. consumer markets * *THE MARKETING MIX * (four "P's" of Marketing) Capitalizing on Markets ce we have identified our target market, build our marketing mix around it: Product Price Target Market
Channels of Distribution Promotion
Integrated Marketing * * * Capitalizing on Markets Formulating Marketing Plans and Strategies The marketing plan brings it all together: [after researching and understanding the customer base] It identifies who the target market(s) will be. Outlines the marketing mix to be offered (including budget). Product features Pricing structures Retail locations How the product will be communicated (e.g. advertising, direct mail, sales force, internet) Incorporates environmental considerations (especially competitors) Specifies a timeframe, how success will be measured, and the specific steps to implement and control (correct) plan. Must be consistent with the broader strategies of the firm including mission, core competencies, and financial capabilities. * * * The MARKETING CONCEPT All of the core elements of strategic value creation can be summarized as the MARKETING CONCEPT:
Integrate all of a firms resources to satisfy customer needs better than the competition at a reasonable profit across the long run. * * * EXPAND THE SCOPE OF MARKETING What can be marketed? Usually products and services but also... people events ideas organizations places & * * * QUESTIONS? 6-24 * * * SESSION 22 GOALS AND OBJECTIVES To finish up materials from previous lectures. To examine the issues and challenges of creating customer relationships. Lecture Materials: Text Chapter 13
6-25 * * * SEE YOU NEXT CLASS!
Mr. Kemp ...
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This note was uploaded on 02/23/2012 for the course COMM 100 taught by Professor Kahn during the Fall '10 term at Virginia Tech.
- Fall '10