creating marketing strategies

Creating Marketing Strategies for Customer Centric Organizations:

Creating Marketing Strategies for Customer Centric Organizations

What is strategy?:

What is strategy? A decisive allocation of resources (capital, technology, and people) in a particular direction

Customer centric organizations:

Customer centric organizations A strategic commitment to focus every resource of the firm on serving and delighting profitable customers

Characteristics of customer centric organization:

Characteristics of customer centric organization Shared Vision and Values Cross-Functional Integration System-Wide simultaneous Training Customer-Based Metrics

From Market Analysis to Market Strategy:

From Market Analysis to Market Strategy

Marketing Strategy:

Marketing Strategy Involves the allocation of resources to develop and sell products or services that consumers will perceive to provide more value than competitive products or services The process includes market analysis, market segmentation, brand strategy, and implementation with the consumer at the core

Customer Centric Marketing Strategies:

Customer Centric Marketing Strategies

Market Analysis:

Market Analysis

Exercise :

Exercise Tasks Select any bank Who are the customer of the bank What are the needs of customers regarding banking services? What services of the bank are satisfying needs of the customers? What advertising media makes sense for the different segments of consumers?

Market Segmentation :

Market Segmentation Process of identifying groups of people who behave in similar ways to each other, but somewhat differently than other groups. Benefits of segmentation Segmentation and cost Why no mass marketing

Segmentation Base:

Segmentation Base

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Copyright 2007 by Prentice Hall

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Criteria for market segmentation

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Bayesian Analysis Statistical technique based on a theorem that expresses uncertainty in probability terms Allows consumer analysts to make “educated guesses” on how the human mind affects behavior or “why people buy” Analyzes data collected from point-of-sale (POS) scanners to identify patterns of behavior that define market segments

Marketing Mix:

Marketing Mix Product Internal considerations External considerations Price Place Promotions

Brand :

Brand The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.

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Functional elements Emotional elements Brand promise Brand equity Brand personality Brand protection

Seven Rs for formulation and implementation:

Seven Rs for formulation and implementation

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Customer Relationship Management Implementing CRM Identify all customers and the nature of contacts with them - Identify which types of customers are most profitable - Identify and understand behaviors of the most profitable customers Manage contact with most profitable customers Manage firm activities including strategies and tactics to please the most profitable customers

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Customer Relationship Management Provides the ability to calculate the Customer Lifetime Value - The value to the company of a customer over the whole time the customer relates to the company

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Global Marketing Strategy Organizations must understand markets on a global basis in terms of people Consumers have a myriad array of foreign-made and globally branded products Cultural, ethnic, and motivation variables also affect consumer decisions

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Global Marketing Strategy Can marketing be standardized? - Can a firm use the same marketing program in all target countries, or must it create a different program for each? - Which are greater—the similarities among or differences between consumers in different countries? - How do advantages of economies of scale and unified brand image compare to advantages of culture-specific messages?

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Global Marketing Strategy Cross-Cultural analysis: the comparison of similarities and differences in behavioral and physical aspects of cultures Cultural empathy: the ability to understand the inner logic and coherence of other ways of life and refrain from judging other value systems Ethnography: describing and understanding consumer behavior by interviewing and observing consumers in real-world situations

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Global Marketing Strategy Intermarket segmentation: the identification of groups of customers who transcend traditional market or geographic boundaries (similar segments around the world) Intermarket segmentation plays a key role in understanding the similarities and differences between consumers and countries that become the foundation of market standardization

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Global Advertising Effectiveness Global advertising sends the same message to consumers around the world Localized campaigns adapt messages to the norms of the different cultures

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Global Advertising Effectiveness Global advertising sends the same message to consumers around the world Localized campaigns adapt messages to the norms of the different cultures When is global advertising most effective? - Message is based on similar lifestyle - Ad appeals to basic human needs and emotions - Product satisfies universal needs and desires

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Global Advertising Effectiveness Global advertising sends the same message to consumers around the world Localized campaigns adapt messages to the norms of the different cultures When is global advertising most effective? Language problems may occur, but back- translation, visual language, and local experts (advice) helps overcome them

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Global Advertising Effectiveness Before choosing a brand name, marketers should consider the following: - Does the name of the product have another meaning in one or more of the countries where it might be marketed? - Can the name be pronounced everywhere? - Is the name close to that of a foreign brand, or does it duplicate another product sold in other markets? - If the product is distinctly American, will national pride and prejudice work against the acceptance of the product?