Introduction

21
1 Introduction K4020

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Introduction. K4020. The Pill Cam. How do you market this?. http://www.youtube.com/watch?v=DAjlApH4qrs. Why New Products Fail. Common reasons for product failure Failure to understand consumers and competitors Too small a target market - PowerPoint PPT Presentation

Transcript of Introduction

Page 1: Introduction

1

Introduction

K4020

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Page 2

The Pill Cam

How do you market this?

http://www.youtube.com/watch?v=DAjlApH4qrs

http://www.youtube.com/watch?v=DAjlApH4qrs
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Why New Products Fail

Common reasons for product failure

Failure to understand consumers and competitors

Too small a target marketKODAK ULTRALIFE Lithium Power Cells, the world's first 9-volt lithium cells for consumer use

Bad timing

Low Carbohydrate Diets

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The Low-Carb Trend

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The Low-Carb Trend

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Why New Products Fail

Common reasons for product failure

Poor execution of marketing mix

Poor product quality

Inappropriate differentiation

No access to market

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What is Marketing?

To achieve organizational goals by determining the needs and wants of customers and delivering the desired benefits more effectively and efficiently than competitors

“Everything starts with the customer.”

Lou Gerstner, CEO of IBM

(1993-2002)

“Creating shareholder wealth is not the purpose of the business. It is the reward for creating customer value.”

Michael Tracy and Fred Wiersema in CFO magazine

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Company

Product

Price

Promotion

PlaceIntermediarie

s

Competition

Cu

stom

ers

Marketing Decision System

Product

Price

Promotion

Place

Complements

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Identify MarketOpportunities

Set Strategy

Formulate MarketingProgram PLACEPRODUCT PRICE PROMOTION

CUSTOMER COMPANY COMPETITION

SEGMENTATION TARGETING POSITIONINGACQUISITION-RETENTION

Course Objectives and Structure

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Course Overview: Strategy

Customer• Who buys• When, where, how• Benefit sought• Purpose of buying

Industry• Market definition• Market

size/growth• Industry structure• Market segments

Company•

Philosophy/Mission• Image/product fit• Objectives• Capabilities• Profitability

Competition• Current and future• Strength/weakness• Current behavior• Future behavior

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Course Overview: The 4Ps

Place• Outlets• Channels• Coverage

Product• Features• Benefits• Packaging• Testing• Selection

Promotions• Advertising

- Measurement- Media planning

• Sales promotion• Trade promotion

Price• Skimming/

penetration• Price discrimination• Setting price

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What You Can Expect

Mix of learning environments

lecture, discussion, assignments

Useful tools and frameworks that are

both quantitative and qualitative

Interesting discussion and examples

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Expected From You

Class Participation

Exams 1 and 2

Project (groups of 5)

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Customer Analysis

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Understanding customers and their buying behaviorSources of value to customers

Economic value (EVC)Functional valuePsychological value

Measuring value

Overview

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Who are your customers?Buyers vs. users / Decision making unit (DMU)Customer’s customers

Decision making and purchase processWho buys, when, where, ..How do they get informationPurpose of purchaseAwareness, Info search, evaluation of alternatives, choice

Customer Analysis

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Economic Value

Functional Value Psychological Value

Value to Customers

http://www.youtube.com/watch?v=c5Ljh8YvsgI

http://www.youtube.com/watch?v=c5Ljh8YvsgI
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Economic Value to Customers (EVC)

EVC is the maximum a customer is willing to pay

EVC is useful for:Setting a price for a product/serviceMarket segmentationGuiding new product development

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EVC Example

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Summary

Customer analysis involves understanding what customers want and how they value the competitive offerings Three sources of values:

PsychologicalFunctionalEconomic

Sustained competitive advantage is the result of creating and delivering customer value either better or more efficiently than competitors


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