Marketing Providing Value To Customers

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PowerPoint Presentation:

Marketing: Providing Value To Customers

Chapter Objectives:

Chapter Objectives Define marketing / marketing strategy and outline how to identify target market. Identify 4Ps, explain marketing research, discuss branding strategies, explain benefits of packaging/labeling. Identify pricing strategies for new/existing products Explore production-distribution strategies/supply-chain management Describe promotion mix and managing customer relationships Explain product life cycle/effects on marketing mix Describe the marketing environment and factors influencing consumer behavior Describe opportunities in field of marketing

Marketing:

Marketing “…a set of processes for creating, communicating and delivering value to customers and for improving customer relationships.”

Satisfying Customer Needs:

Satisfying Customer Needs Product- Features & Benefits Setting Price Identify Target Market Make Customers Aware Get People To Buy Deliver Purchased Product Managing Relationships With Customers After Delivery

The Marketing Concept:

The Marketing Concept

Marketing Concept:

Marketing Concept “…satisfying customer needs while meeting organizational goals...”

PowerPoint Presentation:

Marketing Strategy

Target Market:

Target Market “…a specific group of consumers…particularly interested in your product…who…have access to it…and…have the means to buy it.”

Identifying Your Market:

Identifying Your Market Consumer Market Industrial Market

Market Segments:

Market Segments “…groups of potential customers with common characteristics that influence their buying decisions.”

Market Segmentation Categories:

Market Segmentation Categories Demographic – Age, marital status, gender, ethnic background, income, occupation, education Geographic – Climate, region, population density Behavioral – Attitudes toward product, user status, usage rate Psychographic – Interests, activities, attitudes, values

The Marketing Mix:

The Marketing Mix

Marketing Research:

Marketing Research “…the process of collecting and analyzing the data that’s relevant to a specific marketing situation.”

Market Research Data:

Market Research Data Secondary Already collected Company Documents Government Data Primary New Information Surveys Personal Interviews Focus Groups Need for Data : What Methods Who

Branding:

Branding “…word, letter, sound, or symbol that… differentiate(s)… products on the market.” Trademark – “…register(ed) name with the U. S. Patent and Trademark Office.” U.S. Patent & Trademark Website

Branding Strategies:

Branding Strategies Private Branding Generic Branding Manufacturer Branding

Brand Equity:

Brand Equity “…any added value generated by favorable consumer experiences…”

Packaging/Labeling:

Packaging/Labeling Packaging - “…container that holds…(the) product.” Labeling – “…what… (is said) about the product on… (the) packaging.”

Product Pricing:

Product Pricing New Skimming Penetration Other Cost-Based Demand-Based Target Costing Prestige Odd-Even

Distribution:

Distribution Intermediary – “…a wholesaler or retailer who helps move products from their original source to the end user…” Each intermediary in the channel of distribution requires a profit margin, thus increasing the cost of the product.

Distribution Channels:

Distribution Channels

What an Intermediary Can Do:

What an Intermediary Can Do

Physical Distribution:

Physical Distribution Warehousing Transportation Materials Handling

Just-In-Time Production:

Just-In-Time Production “…companies require suppliers to deliver materials to their facilities just in time to go into the production process.”

Factors Affecting Transportation Mode:

Factors Affecting Transportation Mode Cost Speed Match of Mode to Good Dependability Accessibility

Transportation Modes:

Transportation Modes Truck (65%)- expensive and can go anywhere in a reasonable time Train (4%)- moderately priced, generally accessible, faster than ship & slower than plane Plane (8%)- faster but cost more Ship (9%)- inexpensive but slow Pipeline (3%)- fine for liquid product Multimodal (11%)- includes rail, truck, and water

The Supply Chain:

The Supply Chain

Value Chain:

Value Chain “…the entire range of activities involved in delivering value to customers…”

Customer Value Triad:

Customer Value Triad

Promotion Mix:

Promotion Mix “…the means by which (companies) communicate with customers…”

Considerations Before Selecting Promotional Strategy:

Considerations Before Selecting Promotional Strategy Purpose of Promotion? Target Market? Product Features to Emphasize? Afford? Similar to Competitors?

Promotional Tools:

Promotional Tools Advertising Personal Selling Sales Promotion Publicity & Public Relations

Customer-Relationship Management:

Customer-Relationship Management “…a marketing strategy...focus(ed) on information about current customers to nurture...maintain strong relationships with them.”

Marketing- Permission vs. Interruption:

Marketing- Permission vs. Interruption Permission – “Companies...ask for customers’ cooperation…” Interruption – “…hop(e)...people listen even though you’re interrupting them…” Mass Marketing- “…sending out messages to a vast audience of anonymous people.”

Product Life Cycle:

Product Life Cycle

Introduction Stage & Marketing Mix:

Introduction Stage & Marketing Mix Product Awareness Limited Competition Skim-Pricing Approach Few Channels

Growth Stage & Marketing Mix:

Growth Stage & Marketing Mix Building Sales Competition = Lowering Prices Multiple Channels Profitable

Maturity Stage & Marketing Mix:

Maturity Stage & Marketing Mix Sales Grow At Decreasing Rate Differentiate from Competition Price Wars Profits Up With Sales Changing Consumer Preferences

Decline Stage & Marketing Mix:

Decline Stage & Marketing Mix Demand Down Intense Price Competition Profits Low Or Losses Revitalize Or Pull Product

Marketing Environment:

Marketing Environment

Generation Gaps:

Generation Gaps Baby-Boomers = 1946 – 1964 Generation X = 1965 – 1975 Generation Y = 1976 - 2001

Consumer Behavior:

Consumer Behavior “…the decision process that individuals go through when purchasing or using products.”

Buying Process:

Buying Process

Influences On Buying Behavior:

Influences On Buying Behavior Psychological Motivation Perception Learning Attitudes Personality Social Family Reference Groups Economic or Social Status Culture

Careers In Marketing:

Careers In Marketing Advertising Brand/Product Management Marketing Research Supply Chain/Logistics Management Retailing Sales

PowerPoint Presentation:

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