Bei 07
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This document provides an overview of marketing concepts and the marketing process. It begins by defining the difference between needs and wants. It then discusses marketing research and the customer decision process. The document also outlines the key elements of a marketing strategy, including market segmentation, targeting, positioning, and the marketing mix of product, price, place, and promotion. It provides examples of various marketing mix tactics and emphasizes the importance of understanding customers to develop effective marketing strategies.
Bei 07
- 2. 1. Introduction 2. External environment of an organization and its stakeholders 3. Types of organizations 4. Steps for setting up a company 5. Organizational structures (AT Kearnet presentation) 6. Branding (guest speaker – Paul Markovits) 7. Marketing 8. Sales department (AT Kearney) 9. Human resources department & Management function 10. Production, acquisition and logistics (AT Kearney) 11. Accounting, finance and investments 12. Controlling function within an organization 13. Other departments 14. Exam recap
- 3. • To explain what marketing is • To differentiate between “needs” and “wants” • To understand the fundamental marketing concepts • To explain why and how companies learn about their customers • To describe the main tools of marketing research • To identify and comment on the four elements of a company’s marketing mix
- 4. •Marketing is more than a fancy image, a clever commercial, a special contest or a discount •Name some examples of marketing questions! •Marketing involves a lot of planning and execution in order to develop a new product, set its price, market-entry date, distribute it, promote it and convince people to buy it •Marketing involves also understanding customers’ needs, their buying behavior, creating consumer awareness, providing customer service and maintaining long term relationships
- 5. • Product marketing • Service marketing • Place marketing • Cause related marketing
- 6. Need= a difference between your actual state and your ideal state Wants= based on needs, but more specific Marketers channel the customers’ needs for various products and services into wants ( the desire to purchase a specific brand) by exposing you to alternatives E.g. need= thirst, want= Coca-Cola or Pepsi Needs/ Wants
- 7. Relationship concept Building and maintaining a long term relationship with key parties; The relationship with the customer = ongoing process , it doesn’t end with the sale transaction CRM = customer relationship management Cost to acquire a new client = 5 * cost of keeping an old client Marketing concept Determine the needs and wants of target markets and shape and deliver accordingly products and services Outside-in perspective Selling concept Consumers will buy whatever they sale Focus on distribution and promotion Inside-out perspective which works in a seller’s market; in a buyers’ market companies need to become more customer-centered Product concept Rely on product’s quality, performance and innovative features; Devote their marketing resources to make continuous improvements Better products # better sales Also innovative products need marketing
- 8. Today’s customers are less loyal (more informed, more sophisticated, a greater variety, time pressure) Why satisfying customers is important? -Cost to acquire a new client = 5 * cost of retaining an old client -Long term customers buy more, are less price sensitive, take less of a company’s time -Satisfied customers = best advertisement for a product -Dissatisfied customers may tell 20 other persons about their bad experience ( retention specialist) Periodical analysis of the customer database (e.g. Vodafone, Generali, BCR) - indicators Some companies promote customer loyalty Not every customer is worth keeping
- 9. Organizational markets (larger quantities) industrial markets = companies that buy goods and services to produce their own goods and services reseller markets= wholesalers and retailers government market Consumer markets= individuals and households that purchase goods and services for personal use Detailed marketing research studies - in order to understand buyer’s decision process and factors that influence the buying decision, to gather information about markets etc. Tools: Focused interviews with 6-10 persons = focus groups Surveys and questionnaires Experiments Blind tests Telephone or personal interviews When used inappropriate, research can be misleading Mystery shoppers Testing lab boutiques – observe and analyze customers’ reactions Database marketing- companies specialized in data collection can provide direct marketers with customized mailing lists that target groups with the desired characteristics Treating customer individually- one-to-one marketing - individualizing offers, different website display, birthday letters and presents etc.
- 10. Need recognition Information search Evaluation of alternatives Purchase Post-purchase evaluation (eventually cognitive dissonance) Buyers’ decision making process Cognitive dissonance (buyer’s remorse)= anxiety following a purchase (when the buyer reconsiders all the alternatives rejected) that prompts buyers to seek reassurance about the purchase Calls for a prompt reaction of marketers to reinforce the sales with guarantees, phone calls to check customer’s satisfaction, follow-up letters etc.
- 11. Examine current market situation: Reviewing performance Evaluating competition Examining internal strengths and weaknesses Analyzing external environment Assessing opportunities and setting objectives: Market penetration, new product development, geographic expansion, diversification Reaching a certain market share (a company’s portion of the total sales within a market) Developing the marketing strategy: Market segmentation- grouping of customers with similar characteristics, behavior and needs (using demographics, geographics, physiographics) Defining your target market Positioning your product Developing the Marketing Mix
- 13. Product policy •Brand •Design •Packaging •Services •Warranty Price policy •A critical decision because in a company’s marketing mix is the only element that produces revenue •Discount and sales policy (quantity, time, loyalty, special offer) •Price bundling •Payment conditions Place (Distribution) Policy •Distribution channels •Logistics Promotion Policy •Advertising •Public Relation (PR) •Sponsoring •Product placement •Event marketing •Personal selling •Direct marketing •Sampling •Online communication