The Marketing Process

Schematic Schematic -- What is Marketing? Harvard Business School Press Alfred J. Silk, Content Advisor Purpose of Schematic: o Serves as a tool for analysis o Identifies strengths and weaknesses o Keeps focus on the bottom line (profits) o Keeps focus on value for the customer

The 5 Cs Customer needs Company skills Competition Collaborators Context

Customer Needs What needs or wants are we fulfilling? To whom should the marketing be directed?  buyer  influencer  decider  user Think about: Who did the Old Spice ad target?

Customer Needs Jeff Bezos, CEO of Amazon.com “We see our customers as invited guests to a party, and we are the hosts. It's our job every day to make every important aspect of the customer experience a little bit better.” Target AdTarget Ad What customer needs are addressed in this ad?

Company Skills What special competence does our company have that ensures the best product for our customers? Toyota Production System Quality Starbucks New Pledge: “We’ll Be Perfect” Back to basics GM Reinvention New and better for the customer

Competition Important questions What is different about our product or service? Are there weaknesses in the competitor’s offering? How can we get customers to switch to our product? What are the regulations that affect the marketing? U.S.—“Don't Knock Your Competition -- Unless It's Factually Accurate” (truth in advertising) Famous rivalries: Mac vs. PCMac vs. PC 4:39-5:08 and 5:40-6:08 Coke vs. PepsiCoke Pepsi

Collaborators Retailers Distributors Sponsors Suppliers Target and Black-Eyed Peas Starbucks and ski resort

Context Questions to consider: economy’s health (recession or expansion time) season - Christmas, Valentine’s Day special events – Olympics, election day population trends Starbucks on Election Day Japan’s older generation Olympics P&G ad

Putting it all together 5 Cs STP USP 4 Ps AcquisitionRetention (of customers) Value PROFITS