Marketing Process: match concepts with stage in process 1. Understand Customer & Market 2. Develop Marketing Strategy 3. Create Marketing Program 4. Develop.

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Presentation transcript:

Marketing Process: match concepts with stage in process 1. Understand Customer & Market 2. Develop Marketing Strategy 3. Create Marketing Program 4. Develop Profitable Customer Relationships 5. Capture customer value to create profits. Needs Wants Demand Value Proposition Market Segmentation Potential Market Price Promotion Place Product Customer Relationship Mgt. Partner Relationship Mgt Customer lifetime value Customer equity Customer satisfaction Customer Loyalty Market Offering Target Market

 When marketers lose focus..  And pay more attention to their existing product than customers changing needs.  PC – smartphone poll

April 30, 2007: Steve Ballmer, Microsoft CEO: iPhone has “no chance” of gaining significant market share ….. Sept 19, 2013: Steve Ballmer announces his retirement saying, 'I regret that there was a period in the early 2000s when we were so focused on what we had to do around Windows that we weren't able to redeploy talent to the new device called the phone,' Ballmer told the audience of Wall Street analysts and investors. 'That is the thing I regret the most.”

ProductionProductSalesMarketingSocial

1. Assign each team member one concept: production, product, sales or social. 2. Specialists pair up and complete an analysis of their concept.  Complete your segment of the chart.  Compare to Marketing Concept studied so far. 3. Return to team and explain concept to others. Fill in chart.

Concept ________Marketing Concept Focus What does customer value? To be successful need to …… Industries that might use this concept Advantages /Disadvantages

Concept ProductionProductSalesMarketingSocial Focus Units soldFeatures# and quality of sales people Value PropSocial benefit What does customer value? PricePerformancePersonal assistance Quality / PriceBeing socially responsible To be successful need to …… Sell the most – usually thru lowest cost. InnovateBest sales forceTarget client, create value Treat society and customers well. Industries that might use. Oil & gas, aluminum, semi- conductors Computers, cell phones Insurance, brokerage Consumer goods Banks, hospitals, electric utilities Drawbacks Only one firm can be lowest cost Hard to stay #1 Marketing myopia Sales force “owns” customer. Competition copies your idea. May be higher cost than others.

 Why does McDonalds offer salads?