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Published byWhitney Jordan Modified over 9 years ago
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Business in a Changing World McGraw-Hill/Irwin Copyright © 2009 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 12 Customer-Driven Marketing
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12-4 David’s BridalDavid’s Bridal: Captured 30% of the wedding dress market. In the past 60 years, the bridal industry has reinvented itself numerous times. David’s Bridal enters the market in the 1990’s and has never looked back.
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12-5 The Importance of Marketing Planning & execution to satisfy customer goals – Product development Product pricing Product promotion Distribution of goods, ideas, services
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12-6 The group of activities that add value and designed to expedite transactions by creating, distributing, pricing, and promoting goods, services and ideas. The Nature of Marketing MARKETING
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12-7 Marketing is NOT – Manipulating consumers Selling & advertising Marketing IS – Satisfying consumers The Nature of Marketing
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12-8 The Exchange Relationship – act of giving up one thing (money, credit, labor, goods) in return (exchange) for something else (goods, services, or ideas) Marketing
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12-9 The Exchange Process: Giving Up One Thing in Return for Another Marketing – The Exchange Relationship
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12-10 Industry groups use marketing to increase demand for the industry’s product. America’s Beef Producers Functions of Marketing
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12-11 Buying Selling Transporting Storing Grading Financing Marketing research Risk taking Functions of Marketing
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12-12 The idea that an organization should try to satisfy customers’ needs through coordinated activities that also allow it to achieve its own goals. The Marketing Concept
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12-13 Marketing Goal – Customer satisfaction Achieve business objectives Boost productivity Reduce costs Capture market share The Marketing Concept
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12-14 Implementing the Marketing Concept Good information re: customer wants Consumer orientation Coordinate organizational efforts Customer’s perception of value = measure of success
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12-15 The Marketing Concept 46% executives believe firm is customer focused 67% executives frequently meet with customers Marketing is more important as markets are more competitive
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12-16 The Marketing Concept Production Orientation – 19 th century manufacturing efficiency Sales Orientation – early 20 th century Supply exceeds demand – need to “sell” products Marketing Orientation – 1950’s First determine what customers want
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12-17 The Marketing Concept Marketing Orientation – approach requiring organizations to gather information about customer needs, share information across firm, use information to build long-term relationships with customers.
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12-18 Marketing Orientation Wrigley’sWrigley’s sells products in 180 countries. Continues to reinvent itself; in 2008, merger with candy maker Mars.
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12-19 Developing a Marketing Strategy Marketing strategy – plan of action for developing, pricing, distributing, and promoting products meeting the needs of specific customers.
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12-20 Developing a Marketing Strategy Target Market – very specific group of consumers that a company focuses its marketing efforts to (e.g. Nike – golf clubs for recreational golfers).Nike
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12-21 Developing a Marketing Strategy Total-market approach – firm tries to appeal to everyone and assumes that all buyers have similar needs. (e.g. Salt, sugar, agricultural products).
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12-22 Developing a Marketing Strategy Market segmentation – strategy to divide the total market into groups of people with relatively similar product needs. Market segment – collection of individuals, groups or organizations sharing one or more characteristics thus having relatively similar needs and desires for products.
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12-23 Market Segmentation Minority Buying Power by Race, 1990 versus 2003 & 2005
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12-24 Total-Market Approach
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12-25 Market Segmentation Approaches Concentration – company develops one marketing strategy for a single market segment. Specialization (e.g. Porsche’s focus on high- income individuals)Porsche’s Multi-segment – aims at two or more segments with strategy for each. (e.g. Raleigh bicycles for racers, commuters, and children)Raleigh
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12-26 Market Segmentation Approaches Niche marketing – narrow segment focus usually on one small well-defined group with a unique and specific set of needs. (IceCreamSource.com)IceCreamSource.com
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12-27 Bases for Market Segmentation Demographic Geographic Psychographic Behavioristic
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12-28 Developing the Marketing Mix
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12-29 Product A good, service, or idea that has tangible and intangible attributes that provide satisfaction and benefit to consumers Products should be sold at a profit
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12-30 Price A value placed on a product or service that is exchanged between a buyer and seller
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12-31 Distribution Making products available to consumers in the quantities and locations desired
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12-32 Promotion A persuasive form of communication that attempts to expedite a marketing exchange by influencing individuals and organizations to accept goods, services, and ideas
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12-33 Marketing Research Systematic and objective process to collect information about potential customers. Guides marketing decisions.
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12-34 Collecting Data Primary data – marketing information that is observed, recorded or collected directly from respondents (consumers). Secondary data – information compiled inside or outside the organization for some purpose other than changing the current situation
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12-35 Buying Behavior Buying behavior – decision processes and actions of people who purchase and use products. Consumers personal and household Organizations for business use
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12-36 Buying Behavior Perception – process by which a person selects, organizes, and interprets information received from one’s senses. (hearing a radio ad, touching a product)
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12-37 Buying Behavior Learning – brings changes in behavior based on information and experience. Attitude – positive or negative feelings about something. Personality – individuals distinguishing character traits, attitudes, or habits.
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12-38 Social Variables of Buying Behavior Social roles – set of expectations of individuals based on some position they occupy.
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12-39 Buying Behavior Reference groups – groups with whom buyers identify and whose values or attitudes they adopt Social classes – ranking of people into higher or lower positions of respect Culture – integrated, accepted pattern of behavior including thought, speech, beliefs, actions, and artifacts
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12-40 What Does Green Marketing Mean for Marketers? Entrepreneurial marketers will be leaders – new energy efficient products – changing consumption patterns (3 R’s) Reduce carbon emissions – source locally – eco-friendly transportation – master e-business strategies Green Marketing = Profits
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12-41 The Marketing Mix and the Marketing Environment
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