Mkt Class 1
Transcript of Mkt Class 1
George Abi Habib 1?What isW
herewhy
MARKETING
When
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The Start of marketing….
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The old days…Product centric.
You can have whatever color you like… as long as it is black.
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Limited choice….
George Abi Habib 5Limited Competition…
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Customer centric …
What I want, when I want, how I want it…
George Abi Habib 8Infinite choice…
George Abi Habib 9Intense Competition …
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What is marketing?
• “Marketing is the management process which identifies, anticipates and supplies customer requirements efficiently and profitably” Chartered Institute of Marketing
• “Marketing is 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 objectives”
American Marketing Association
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Simplified Definition
• “Marketing is the discovery of human needs or wants and the fulfillment of those demands with customer focused goods or services…”
• “The right product, in the right place, at the right time, at the right price”
People don't want to be "marketed to"; they want to be "communicated WITH."- Flint McLaughlin
In the factory we make cosmetics; in the beauty shop we sell hope. - Charles Revson
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Our Working definition
Marketing is the management of profitable customer relationships by the creation of added value in exchange for profits…
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Marketing is not Sales!
Factory Existing Product
Selling &Promoting
The Selling Concept
Profits from Satisfaction
MarketCustomer Needs
Integrated Market
The Marketing Concept
Profits from Volume
OBJECTIVE
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The Marketing Process
By creating value, you capture value
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Where is Value created?
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Needs
Wants
Demands
Today’s demands are tomorrow’s
needs
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What is added value?
$8 USD100 Oz.
$14 USD
$23 USD
$10 USD .33 Oz.
+300% Profit
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Real value, is unlocked in replication…. LOYALTY
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Customer Life time Value: The total Value of the combined purchases of a company’s customer over the lifetime of that relationship.
Which one would you buy…
Customer Equity = All customer lifetime value
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What is Customer equity worth?
$50,000,000,000
Butwhy?
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Recommended Reading• Books: 22 immutable laws of Branding, Losing my
Virginity, Brands and Branding, Brand Sense, The Google story.
• Magazine: Communicate Magazine, Advertising age,
kippreport.com
• Movies: The Big Kahuna, The social Network, The Aviator, Thank you for Smoking,