Customer-Driven Marketing Strategy: Creating Value for Target Customers
Most companies have moved away from mass marketing and toward target marketing:
identifying market segments, selecting one or more of them, and developing products and
o As consumers become more and more comfortable with digital and touchscreen technologies, many companies are placing information and
ordering machines called kiosks
o Online marketing efforts to market products and servi
Direct Marketing consists of connecting directly with carefully targeted consumers,
often on a one-to-one, interactive basis.
Sales promotion short-term incentives to encourage the purchase or sales of a
product or service.
Social marketing the
- Direct investment entering a foreign market by developing foreign-based
assembly or manufacturing facilities.
Deciding on the Global Marketing Program
- Standardized global marketing an international marketing strategy that
Global Marketing Today
Global firm a firm that, by operating in more than one country, gains R&D, production,
marketing, and financial advantages in its costs and reputation that are not available to
purely domestic competitors.
Looking at the
Target costing pricing that starts with an ideal selling price and then targets costs that
will ensure that the price is met.
- 4 types of markets, each presenting a different pricing challenge:
1. Pure competition market consists of many buyers and sel
Intangibility services cannot be seen, tasted, felt, heard, or smelled before purchase.
Variability quality of services depends on who provides them and when, where, and how.
Inseparability services cannot be separated from their provid
Products, Services, and Brands: Building Customer Value
Product anything that can be offered to a market for attention, acquisition, use, or consumption
that might satisfy a want or need.
Services form of product that consists of activities, benefits, or
Price amount of money charged for a product or service. Sum of the values that
customers exchange for the benefits of having or using the product or service. More
broadly, price is the sum of all the values that customers give up to gain the ben
o Trade-in allowances price reductions given for turning in an old item when
buying a new one.
o Promotional allowances payments or price reductions that reward dealers for
participating in advertising and sales support programs.