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Introduction and Overview Dr. John Wong. Why Marketing? Marketing function imperative for...
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![Page 1: Introduction and Overview Dr. John Wong. Why Marketing? Marketing function imperative for organizational success Hypercompetitive marketplace Highly.](https://reader035.fdocuments.in/reader035/viewer/2022062407/56649e355503460f94b24751/html5/thumbnails/1.jpg)
Introduction and Overview
Dr. John Wong
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Why Marketing?
Marketing function imperative for organizational success
Hypercompetitive marketplace Highly discriminating customers Changing consumer needs
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Business Philosophies
Production concept Product concept Selling concept Marketing concept Holistic marketing concept
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Holistic Marketing Concept Relationship marketing Integrated marketing Internal marketing Performance marketing
Financial accountability Socially responsible Cause marketing
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Holistic Marketing
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Core Marketing concepts
Needs, wants, demands, preferences Segmentation, targeting, positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment
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Target Markets, Positioning, and Segmentation Segmentation—identify and profile
distinct groups of buyers examining demographic, psychographic, and behavioral differences
Target markets—segments presenting the greatest opportunity
Positioning—what the offering means in the minds of the target buyers as delivering some central benefit(s).
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What is Marketing?
Organization’s main tasks:
Determine needs, preferences, wants of key market segments
Create products to meet those needs -- deliver desired satisfaction
Marketing management -- process of achieving above
THE CULTURE CODE – Clotaire Rapaille
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Unique Marketing Insights
Peter Drucker: The business of a business is to create and keep a customer
Charles Revson: In the factory we make cosmetics. In the stores we sell hope
Akio Morita: The highest level of business thinking is ‘marketing imagination’
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What is a market?
1. Marketplace - physical 2. Metamarket - cluster of
complementary goods and services across diverse set of industries. includes metamediaries
3. Marketspace – digital
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Marketing Issues
WHAT is marketed? Physical products, experiences, people, places, ideas, organizations
WHO’s responsibility?Everyone’s in the organization
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C21st Marketplace Realities (1)
A. Major Societal Forces 1. Network information technology 2. Globalization 3. Deregulation 4. Increased competitiveness from
domestic and foreign brands 5. Creation of mega-brands and
“category-killers” 6. Disintermediation and
Reintermediation
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C21st Marketplace Realities (2)
Empowered consumer capabilities
Highly discriminating Swayable brand loyalty Leverage Internet - info is power
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C21st Marketplace Realities (3)Firms empowered by Internet Increased market reach Online communities --> brand
awareness Enhanced value chain management Interactive techno --> improves
target marketing & permission marketing efforts
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Marketing Management Tasks Developing
marketing strategies and plans
Capturing marketing insights
Connecting with customers
Building strong brands
Shaping market offerings
Delivering value Communicating
value Creating long-term
growth
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Marketing Process
Select Target MarketsSelect Target Markets
Design Marketing StrategiesDesign Marketing Strategies
Manage the Marketing EffortManage the Marketing Effort
Develop Marketing ProgramsDevelop Marketing Programs
Analyze Marketing OpportunitiesAnalyze Marketing Opportunities
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Changes in Consumer Behavior
1980s 1990s PresentConspicuous consumer Frugal consumer, becoming
more well-offSuspicious but generally well-offconsumer
Image driven Value and quality driven Highly eclecticTrusting Skeptical and cynical A “prove it” attitudeBrand loyal Does not exhibit loyalty Believes that there is always
something betterEmotional buyer Informed buyer Highly informed and specializedDreamers Escapists Focused on personal needsOverindulgent Health, wellness-conscious Health, wellness and some
overindulgence, withoutexpectation of costs orconsequences
Overworked Burnt-out, stressed out andplacing tremendous value onconvenience and time
Reliant on technology andtelecommunications to save timein making purchase decisions
Industrious Baby Boomer Responsible Baby Boomer Unconvinced Generation Xer
1980s 1990s PresentConspicuous consumer Frugal consumer, becoming
more well-offSuspicious but generally well-offconsumer
Image driven Value and quality driven Highly eclecticTrusting Skeptical and cynical A “prove it” attitudeBrand loyal Does not exhibit
loyaltyBelieves that there is alwayssomething better
Emotional buyer Informed buyer Highly informed and specializedDreamers Escapists Focused on personal needsOverindulgent Health, wellness-conscious Health, wellness and some
overindulgence, withoutexpectation of costs orconsequences
Overworked Burnt-out, stressed out andplacing tremendous value onconvenience and time
Reliant on technology andtelecommunications to save timein making purchase decisions
Industrious Baby Boomer Responsible Baby Boomer Unconvinced Generation Xer
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The Marketing Mix
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Core Marketing Competencies Beyond the 4 P’s
Product + Service (people, process, physical evidence)
Price Promotion Place/distribution Positioning - connecting Personal relationships -
customization
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The 4 C’s of Marketing
CARE: More than service --> they treat customers -- customers are really everything.
CHOICE: reassess diversity & breadth of offerings --> a manageable good-better-best selection
COMMUNITY: Even national marketers must be affiliated, attached to neighborhoods wherever they operate stores
CHALLENGE: The task of dealing with the ongoing reality of demographic change.
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New Approaches in Marketing Exploit Internet & new electronic
communication technologies – beyond websites e-marketing, texting, network communities (E.g. Obama campaign)
Fighting economic downturn & e-commerce onslaught CRM & stronger branding, cross-selling, SCM, strong data-base system