1. MARKETING STRATEGY

2. THE PURPOSE OF MARKETING textbook definition: What is Marketing?  CREATE  CAPTURE  SUSTAIN VALUE  in order to make $$$ (profits)

3. AMERICAN MARKETING ASSOCIATION DEFINITION of MARKETING Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have VALUE for customers, clients, partners, and society at large. “Marketing is no longer a function—it is an educational process.” (Pres. of AMA) http://www.marketingpower.com/Pages/default.aspx

4. DEFINITION OF MARKETING from “How to Become a Marketing Superstar” Identify---pre-sale Attract---pre sale Get---pre-sale Keep---post sale CUSTOMERS!!!!

5. PRE-SALE IDENTIFICATION Market Research ATTRACTION Advertising Online media Packaging Clean stores Public relations GETTING Personal selling Distribution Pricing Product Service from salespeople

6. POST SALES KEEPING Delivery Billing Bill Collection Customer Service Warranty Feedback from customers

7. EVERYBODY IN THE COMPANYSHOULD BE THINKING ABOUT MARKETING Greeters Truck loaders Phone answerers Designers Engineers Presidents Quality control Inventory Accounting Collections

8. HOW DOES A COMPANY DEFINE ITSELF? NOT BY THE PRODUCT(S) or SERVICES it SELLS, but by the CUSTOMER BENEFITS PROVIDED

9. WHAT NEEDS ARE SATISFIED? Product/Features Market/Benefits satisfies hunger, thirst, convenience needs

10. Feature These boots have rubber outsole with traction ribbing. Sealed seams renders them waterproof. Benefit Your feet won’t get wet if you were these boots. You won’t trip easily

11. Feature This accounting software has an online reporting feature. Benefit Managers have instant, real-time, mission-critical information at a click of a button. Feature This car has 6 side-impact bags. Benefit You and your family will be protected from side impact accidents. http://biznik.com/articles/sales-101-features-vs-benefits

12. SALES VS. MARKETING MARKETING MAKES THE PHONE RING SALES ANSWERS IT

13. DIFFERENCES BETWEEN SALES & MARKETING PEOPLE Marketing “Culture” analytical data-oriented critical inside the company Sales “Culture” customer-oriented relationship builders make the sale today

14. SEGMENTATION TARGETING MARKETING

15. MARKETING STRATEGY TWO MAJOR ACTIVITIES: Selecting a TARGET MARKET Specifying the plan to achieve POSITIONING DEFINITION OF POSITIONING: UNIQUE SELLING PROPOSITION

16. 5 C’S OF MARKETING: ANALYSIS CUSTOMER COMPANY COMPETITION COLLABORATORS CONTEXT

17. TARGET MARKET Move from large mass markets to specification of smaller segments “Market of one” → MASS CUSTOMIZATION EXAMPLES: BURGER KING RAYBAN Burger King Have it Your Way Ray-Ban Website Starbucks

18. SEGMENTATION HOW TO DIFFERENTIATE (DESCRIBE POTENTIAL CUSTOMERS—over 25, college education, west coast) DEMOGRAPHIC -- age, income gender, occupation GEOGRAPHIC -- nation, region of country, urban vs. rural LIFESTYLE – value-oriented, hedonistic

19. ISSUES FOR SELECTING TARGET MARKET The target market sets the “rules of the game”  Strengths and weaknesses compared to competition  Corporate goals  Resources  Collaborators  Financial Returns

20. POSITIONING The positioning statement specifies the position the firm wants to occupy in the target customers’ eyes. http://www.youtube.com/watch?v=nX a02tB8DLo http://adland.tv/commercials/coke- coca-cola-happiness-machine-2010- 200-usa

21. STP SEGMENTATION – identifying meaningfully different groups of customers TARGET – selecting which segments to serve POSITIONING - implementing chosen image and appeal to chosen segment DISCUSS: What does it mean that “You can’t be all things to all people.” How might that relate to profit ?

22. EXAMPLES OF HOW TO SEGMENT Most relevant variables to separate consumers to help decide whom to target and how to target them. Example : Coca Cola must distinguish preferences of soft drink consumers Taste vs. low calories Cola vs. non-cola taste Price sensitivity—brand Heavy vs. light consumers

23. CAMPBELL’S SOUP What demographic variables would they need to consider? Region – Western U.S. consumer prefer spicier soups Age --Little girls

24. GUN SALES Flat sales? (no growth) What can they do? Create a new segment! What did they do? Lady Remington