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What is Marketing?


Marketing is an organizational function
 and a set of processes for creating,
communicating, and delivering value
   to customers and for managing
        customer relationships
       in ways that benefit the
  organization and its stakeholders.

                                          1-1
What is Marketing Management?


      Marketing management is the
              art and science
        of choosing target markets
    and getting, keeping, and growing
            customers through
 creating, delivering, and communicating
         superior customer value.

                                           1-2
What is Marketed?
• Goods (tangible)                 • Places
                                     (Cities, States, Regions, Nations)
• Services (intangible)
                                     and Properties (Intangible
• Events (time based—trade           rights of ownership of real estate or
                                     financial properties)
  shows) and Experiences
      (Walt Disney World’s Magic   • Organizations
      kingdom)                       (Universities, Museums, Performing
                                     Arts Organization)
• Persons (Artists, Musicians,
      CEO, Physicians)             • Information
                                     (Books, Schools, Magazines)

                                   • Ideas


1-3
The Ten Deadly Sins of Marketing
         The Ten Commandments of Marketing

• Ten Sins                 • Ten Commandments




1-4
Key Customer Markets
• Consumer markets (personal consumption)
• Business markets (resale or used to produce
  other products or services)
• Global markets (international)
• Nonprofit/Government markets (Churches,
  Universities, Charitable Organizations,
  Government Agencies)


1-5
Marketing Management Tasks
      • Developing marketing         • Shaping market
        strategies (strategic fit)     offerings
      • Capturing marketing          • Delivering value
        insights (obtaining
        information)                 • Communicating
                                       value
      • Connecting with
        customers (relationships)    • Creating long-term
      • Building strong brands         growth
        (understand strengths          (positioning and
        and weaknesses)                new-product
                                       development)


1-6
Holistic Marketing Dimensions




                                1-7
Internal Marketing

          Internal marketing is the task of
        hiring, training, and motivating able
      employees who want to serve customers
                         well.




1-8
Demand States
      • Negative (dislike product         • Irregular (purchases vary on a
        and may even pay a price to          seasonal, monthly, weekly, daily,
        avoid it)                            or even hourly basis)

      • Nonexistent (unaware of           • Unwholesome (product
        or uninterested in the product)      that have undesirable social
                                             consequences)
      • Latent (need that cannot be
        satisfied by existing product)
                                          • Full (adequately buying all
                                             products put into the marketplace)
      • Declining (buy the product        • Overfull (more consumers
        less frequently or not at all)
                                             would like to buy the product that
                                             can be satisfied)




1-9
Performance Marketing
                            •   Social Initiatives
• Financial                 •   Corporate social marketing —
  Accountability—building       supporting behavior change
                                campaigns
  band and growing the      •   Cause marketing —promoting
  customer base.                social issues through sponsorships,
                                licensing agreements, and
• Social Responsibility         advertising
  Marketing—must            •   Corporate philanthropy—making
                                gifts, goods, or time
  consider ethical
                            •   Corporate community
  environment, legal, and       involvement—in kind or volunteer
  social context on             service
                            •   Socially responsible business
  activities.                   practices—to protect environment
                                and human and animal rights




       1-10
CHAPTER 2
3 V’s Approach to Marketing
     Define the value segment
         (needs and wants)


           Define the value proposition
                    (benefits)


                   Define the value network to
                    deliver promise services.



                                                 2-12
What is the Value Chain?
        The value chain is a tool for identifying and
       creating more customer value because every
         firm is a synthesis of primary and support
          activities performed to design, produce,
          market, deliver, and support its product.




2-13
What is Holistic Marketing?
       Holistic marketing sees itself as integrating
        the value exploration, value creation, and
       value delivery activities with the purpose of
          building long-term, mutually satisfying
         relationships and prosperity among key
                       stakeholders.




2-14
What is a Marketing Plan?
       A marketing plan is the central instrument for
          directing and coordinating the marketing
                           effort.
        It operates at a                    strategic
                      and tactical level.




2-15
Levels of a Marketing Plan

       • Strategic                  • Tactical
          – Target marketing           –   Product features
            decisions                  –   Promotion
          – Value proposition          –   Merchandising
          – Analysis of marketing      –   Pricing
            opportunities              –   Sales channels
                                       –   Service




2-16
Marketing Plan Contents

        Executive summary
        Table of contents
        Situation analysis
        Marketing strategy
        Financial projections
        Implementation controls



2-17
Evaluating a Marketing Plan


           Is the plan simple?
           Is the plan specific?
           Is the plan realistic?
           Is the plan complete?




2-18
Good Mission Statements
•      Focus on a limited number of goals
•      Stress major policies and values
•      Define major competitive spheres
•      Take a long-term view
•      Short, memorable, meaningful




2-19
SWOT Analysis
•      Strengths
•      Weaknesses
•      Opportunities
•      Threats




2-20
Porter’s Generic Strategies

                Overall Cost Leadership—lowest
             production and distribution costs to be
            able to price lower than competitors and
                  to obtain larger market share.

              Differentiation—uniquely achieving
             superior performance in an important
                     customer benefit area.

             Focus—on one or more narrow market
                         segments




                                                       2-21
CHAPTER 3
Internal Records and
                 Marketing Intelligence
• Order-to-payment cycle—send orders, prepares invoices,
  transmit copies to various departments, and back-orders out-
  of-stock items
• Sales information system—timely and accurate reports on
  current sales
• Databases, warehousing, data mining--customer, product,
  and salesperson and combine data from the different
  databases.
• Marketing intelligence system—a set of procedures and
  sources managers use to obtain everyday information about
  developments in the marketing environment.



3-23
Steps to Improve Marketing Intelligence
   • Train sales force to scan for new developments (make
     intelligence gathering important to salespeople)
   • Motivate channel members to share intelligence (hire
     specialists to gather marketing intelligence—mystery
     shoppers)
   • Network externally (purchase competitors’ products;
     attend open houses and trade shows; read competitors’
     published reports; etc.)
   • Utilize a customer advisory panel (representative
     customers or company’s largest customers)
   • Utilize government data sources (U.S. Census data, etc.)
   • Collect customer feedback online (online customer review
     boards, discussion forums, chat rooms, and blogs)
   • Purchase information (A.C. Nielsen Company and other
     information sources)



3-24
Needs and Trends
• Fads—short-lived and without social,
  economic, and political significance.
• Trends—direction or sequence of events that
  has some momentum and durability.
• Megatrends—large social, economic, political,
  and technological changes



3-25
CHAPTER 4
What is Marketing Research?
       Marketing research is the systematic design,
       collection, analysis, and reporting of data and
          findings relevant to a specific marketing
                situation facing the company.




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
The Marketing Research Process
Define the problem



   Develop research plan


         Collect information
                                           Make
                                          decision
              Analyze information



                       Present findings



                                                     4-28
Step 1

•   Define the problem (e.g., Will offering an in-flight Internet
    service create enough incremental preference and profit
    of American Airlines to justify its cost?)
•   Specify decision alternatives (e.g., Should American offer
    an Internet connection?)
•   State research objectives (e.g., types of 1st class
    passengers are likely to use internet?)




                                                               4-29
Step 2


  Data                  Research
 Sources                Approach




  Research              Sampling
Instruments               Plan




              Contact
              Methods


                                   4-30
Research Approaches
    • Observation--unobtrusive
    • Ethnographic--link between culture & behavior
      &/or how cultural processes develop over time
      (participant observation)
    • Focus group—discuss topics of interest
    • Survey—knowledge, beliefs, preferences,
      satisfaction
    • Behavioral data--Data—purchasing data
    • Experimentation—cause and effect relationships

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Research Instruments
• Questionnaires
• Qualitative Measures
• Technological Devices




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Sampling Plan
• Sampling unit: Who is to be surveyed?
• Sample size: How many people should be
  surveyed?
• Sampling procedure: How should the
  respondents be chosen?




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Types of Samples
Probability                               Non-probability
•   Simple random
                                          • Convenience
     – Every member of population
        has an equal chance of               – Selects the most accessible
        selection                              population members
•   Stratified random                     • Judgment
     – Population is divided into            – Selects population
        mutually exclusive groups (age         members who are good
        groups) and random samples             prospects for accurate
        are drawn from each group              information
•   Cluster
                                          • Quota
     – Population is divided into
        mutually exclusive groups (city      – Selects and interviews a
        blocks) and a sample is taken          prescribed number of
        from each group                        people in each of several
                                               categories



                                                                        4-34
CHAPTER 5
What is Loyalty?
     Loyalty is a deeply held commitment to re-buy
      or re-patronize a preferred product or service
       in the future despite situational influences
      and marketing efforts having the potential to
                 cause switching behavior.




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
5-36
CHAPTER 6
What Influences
                                Consumer Behavior?
                                  Cultural Factors



                                           Social Factors



                                                     Personal Factors

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
What is Culture?
        Culture is the fundamental determinant of a
           person’s wants and behaviors acquired
         through socialization processes with family
                 and other key institutions.




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Subcultures
                                Nationalities


                                        Religions


                                                Racial groups


                                                    Geographic regions


Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Social Classes

                                 Upper uppers
                                 Lower uppers
                                 Upper middles
                                  Middle class
                                 Working class
                                 Upper lowers
                                 Lower lowers

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Characteristics of Social Classes
• Within a class, people tend to behave alike
• Social class conveys perceptions of inferior or
  superior position
• Class may be indicated by a cluster of
  variables (occupation, income, wealth)
• Class designation is mobile over time


Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Social Factors


                                Reference
                                             Family
                                 groups



                                 Social
                                             Statuses
                                  roles

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Reference Groups
                                Membership groups


                                      Primary groups


                                            Secondary groups


                                                 Aspirational groups


                                                        Dissociative groups
Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Family Distinctions
                                Affecting Buying Decisions

   • Family of Orientation
   • Family of Procreation




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Roles and Status

                                  What degree of status is
                                  associated with various
                                  occupational roles?




Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Personal Factors

                                         Age
                            Self-                    Life cycle
                          concept                      stage

                          Lifestyle                 Occupation

                            Values                    Wealth
                                      Personality

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
CHAPTER 7
Characteristics of
                             Business Markets
    • Fewer buyers        • Multiple sales calls
    • Close supplier-     • Derived demand
      customer relationships Inelastic demand
                          •
    • Professional purchasingFluctuating demand
                          •
    • Many buying influencesGeographically
                          •
                             concentrated buyers
                          • Direct purchasing


Copyright © 2011 Pearson
Education, Inc. Publishing
as Prentice Hall
Stages in the Buying Process:
                        Buyphases
•   Problem recognition
•   General need description
•   Product specification
•   Supplier search
•   Proposal solicitation
•   Supplier selection
•   Order-routine specification
•   Performance review
Copyright © 2011 Pearson
Education, Inc. Publishing
as Prentice Hall
CHAPTER 8
Four levels of Micromarketing
    • Segments—similar needs and wants
    • Niches--sub-segments with a distinctive
      mix of benefits
    • Local areas—marketing programs tailored
      to the needs and wants of local customer
      groups in trading areas, neighborhoods,
      even individual stores
    • Individuals—segments of one (i.e., one-to-
      one marketing)
Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Segmenting Consumer Markets
    • Geographic—nations, states, regions,
      countries, cities, neighborhoods
    • Demographic—age, life-cycle stage,
      gender, income, generation, social class
    • Psychographic--psychological/personality
    • Behavioral--knowledge of, attitude toward,
      use of, or response to a product


Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Demographic Segmentation
      • Age and Life Cycle—customer wants and
        abilities change with age.
      • Life stage—a person’s major concern (e.g.,
        divorce, 2nd marriage, buying new home)
      • Gender—male and female
      • Income—upper, middle, lower
      • Social class—occupation, education, type
        and location of housing
      • Generation

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
CHAPTER 9
Steps in
                Strategic Brand Management
    • Identifying and establishing brand
      positioning
    • Planning and implementing brand
      marketing
    • Measuring and interpreting brand
      performance
    • Growing and sustaining brand value

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Brand


A name, term, sign, symbol
or design, or a combination of them,
intended to identify the goods
or services of one seller or group
of sellers and to differentiate
them from those of competitors.


                                       9-57
Attributes of Strong Brands
• Excels at delivering   • Uses multiple marketing
  desired benefits         activities
• Stays relevant         • Understands consumer-
• Priced to meet           brand relationship
  perceptions of value   • Supported by
• Positioned properly      organization
• Communicates           • Monitors sources of
  consistent brand         brand equity
  messages


                                                 9-58
Brand Equity


The differential effect that
Brand knowledge has on
Consumer response to
the marketing of that
brand.

                               9-59
Advantages of Strong Brands
       • Improved                • Larger margins
         perceptions of          • More inelastic
         product performance       consumer response
       • Greater loyalty         • Greater trade
       • Less vulnerability to     cooperation
         competitive             • Increased marketing
         marketing actions         communications
       • Less vulnerability to     effectiveness
         crises                  • Possible licensing
                                   opportunities

9-60
Brand Knowledge

Thoughts                     Feelings

               Knowledge



Beliefs                      Images

               Experiences

                                        9-61
Measuring Brand Equity

Brand Audits—assess health of brand,
uncover sources of brand equity, ways
to improve

           Brand Tracking—baseline information
           about brands and marketing
           information


                    Brand Valuation—estimation of total
                    financial value of the brand




                                                          9-62
Brand Roles in a Brand Portfolio
• Flankers—fighter brand (flagship)
• Cash cows—capitalizing on existing
  brand equity
• Low-end, entry-level—traffic builders
• High-end prestige—add prestige and
  credibility to the entire portfolio

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
Brand Roles in a Brand Portfolio
• Flankers—fighter brand (flagship)
• Cash cows—capitalizing on existing
  brand equity
• Low-end, entry-level—traffic builders
• High-end prestige—add prestige and
  credibility to the entire portfolio

Copyright © 2009 Pearson
Education, Inc. Publishing as
Prentice Hall
CHAPTER 10
Identity and Image


Identity:         Image:
The way a         The way the
company aims      public perceives
to identify or    the company or
position itself   Its products

                                     8-66

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Marketing management

  • 1. What is Marketing? Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders. 1-1
  • 2. What is Marketing Management? Marketing management is the art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value. 1-2
  • 3. What is Marketed? • Goods (tangible) • Places (Cities, States, Regions, Nations) • Services (intangible) and Properties (Intangible • Events (time based—trade rights of ownership of real estate or financial properties) shows) and Experiences (Walt Disney World’s Magic • Organizations kingdom) (Universities, Museums, Performing Arts Organization) • Persons (Artists, Musicians, CEO, Physicians) • Information (Books, Schools, Magazines) • Ideas 1-3
  • 4. The Ten Deadly Sins of Marketing The Ten Commandments of Marketing • Ten Sins • Ten Commandments 1-4
  • 5. Key Customer Markets • Consumer markets (personal consumption) • Business markets (resale or used to produce other products or services) • Global markets (international) • Nonprofit/Government markets (Churches, Universities, Charitable Organizations, Government Agencies) 1-5
  • 6. Marketing Management Tasks • Developing marketing • Shaping market strategies (strategic fit) offerings • Capturing marketing • Delivering value insights (obtaining information) • Communicating value • Connecting with customers (relationships) • Creating long-term • Building strong brands growth (understand strengths (positioning and and weaknesses) new-product development) 1-6
  • 8. Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well. 1-8
  • 9. Demand States • Negative (dislike product • Irregular (purchases vary on a and may even pay a price to seasonal, monthly, weekly, daily, avoid it) or even hourly basis) • Nonexistent (unaware of • Unwholesome (product or uninterested in the product) that have undesirable social consequences) • Latent (need that cannot be satisfied by existing product) • Full (adequately buying all products put into the marketplace) • Declining (buy the product • Overfull (more consumers less frequently or not at all) would like to buy the product that can be satisfied) 1-9
  • 10. Performance Marketing • Social Initiatives • Financial • Corporate social marketing — Accountability—building supporting behavior change campaigns band and growing the • Cause marketing —promoting customer base. social issues through sponsorships, licensing agreements, and • Social Responsibility advertising Marketing—must • Corporate philanthropy—making gifts, goods, or time consider ethical • Corporate community environment, legal, and involvement—in kind or volunteer social context on service • Socially responsible business activities. practices—to protect environment and human and animal rights 1-10
  • 12. 3 V’s Approach to Marketing Define the value segment (needs and wants) Define the value proposition (benefits) Define the value network to deliver promise services. 2-12
  • 13. What is the Value Chain? The value chain is a tool for identifying and creating more customer value because every firm is a synthesis of primary and support activities performed to design, produce, market, deliver, and support its product. 2-13
  • 14. What is Holistic Marketing? Holistic marketing sees itself as integrating the value exploration, value creation, and value delivery activities with the purpose of building long-term, mutually satisfying relationships and prosperity among key stakeholders. 2-14
  • 15. What is a Marketing Plan? A marketing plan is the central instrument for directing and coordinating the marketing effort. It operates at a strategic and tactical level. 2-15
  • 16. Levels of a Marketing Plan • Strategic • Tactical – Target marketing – Product features decisions – Promotion – Value proposition – Merchandising – Analysis of marketing – Pricing opportunities – Sales channels – Service 2-16
  • 17. Marketing Plan Contents  Executive summary  Table of contents  Situation analysis  Marketing strategy  Financial projections  Implementation controls 2-17
  • 18. Evaluating a Marketing Plan  Is the plan simple?  Is the plan specific?  Is the plan realistic?  Is the plan complete? 2-18
  • 19. Good Mission Statements • Focus on a limited number of goals • Stress major policies and values • Define major competitive spheres • Take a long-term view • Short, memorable, meaningful 2-19
  • 20. SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats 2-20
  • 21. Porter’s Generic Strategies Overall Cost Leadership—lowest production and distribution costs to be able to price lower than competitors and to obtain larger market share. Differentiation—uniquely achieving superior performance in an important customer benefit area. Focus—on one or more narrow market segments 2-21
  • 23. Internal Records and Marketing Intelligence • Order-to-payment cycle—send orders, prepares invoices, transmit copies to various departments, and back-orders out- of-stock items • Sales information system—timely and accurate reports on current sales • Databases, warehousing, data mining--customer, product, and salesperson and combine data from the different databases. • Marketing intelligence system—a set of procedures and sources managers use to obtain everyday information about developments in the marketing environment. 3-23
  • 24. Steps to Improve Marketing Intelligence • Train sales force to scan for new developments (make intelligence gathering important to salespeople) • Motivate channel members to share intelligence (hire specialists to gather marketing intelligence—mystery shoppers) • Network externally (purchase competitors’ products; attend open houses and trade shows; read competitors’ published reports; etc.) • Utilize a customer advisory panel (representative customers or company’s largest customers) • Utilize government data sources (U.S. Census data, etc.) • Collect customer feedback online (online customer review boards, discussion forums, chat rooms, and blogs) • Purchase information (A.C. Nielsen Company and other information sources) 3-24
  • 25. Needs and Trends • Fads—short-lived and without social, economic, and political significance. • Trends—direction or sequence of events that has some momentum and durability. • Megatrends—large social, economic, political, and technological changes 3-25
  • 27. What is Marketing Research? Marketing research is the systematic design, collection, analysis, and reporting of data and findings relevant to a specific marketing situation facing the company. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 28. The Marketing Research Process Define the problem Develop research plan Collect information Make decision Analyze information Present findings 4-28
  • 29. Step 1 • Define the problem (e.g., Will offering an in-flight Internet service create enough incremental preference and profit of American Airlines to justify its cost?) • Specify decision alternatives (e.g., Should American offer an Internet connection?) • State research objectives (e.g., types of 1st class passengers are likely to use internet?) 4-29
  • 30. Step 2 Data Research Sources Approach Research Sampling Instruments Plan Contact Methods 4-30
  • 31. Research Approaches • Observation--unobtrusive • Ethnographic--link between culture & behavior &/or how cultural processes develop over time (participant observation) • Focus group—discuss topics of interest • Survey—knowledge, beliefs, preferences, satisfaction • Behavioral data--Data—purchasing data • Experimentation—cause and effect relationships Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 32. Research Instruments • Questionnaires • Qualitative Measures • Technological Devices Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 33. Sampling Plan • Sampling unit: Who is to be surveyed? • Sample size: How many people should be surveyed? • Sampling procedure: How should the respondents be chosen? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 34. Types of Samples Probability Non-probability • Simple random • Convenience – Every member of population has an equal chance of – Selects the most accessible selection population members • Stratified random • Judgment – Population is divided into – Selects population mutually exclusive groups (age members who are good groups) and random samples prospects for accurate are drawn from each group information • Cluster • Quota – Population is divided into mutually exclusive groups (city – Selects and interviews a blocks) and a sample is taken prescribed number of from each group people in each of several categories 4-34
  • 36. What is Loyalty? Loyalty is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall 5-36
  • 38. What Influences Consumer Behavior? Cultural Factors Social Factors Personal Factors Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 39. What is Culture? Culture is the fundamental determinant of a person’s wants and behaviors acquired through socialization processes with family and other key institutions. Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 40. Subcultures Nationalities Religions Racial groups Geographic regions Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 41. Social Classes Upper uppers Lower uppers Upper middles Middle class Working class Upper lowers Lower lowers Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 42. Characteristics of Social Classes • Within a class, people tend to behave alike • Social class conveys perceptions of inferior or superior position • Class may be indicated by a cluster of variables (occupation, income, wealth) • Class designation is mobile over time Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 43. Social Factors Reference Family groups Social Statuses roles Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 44. Reference Groups Membership groups Primary groups Secondary groups Aspirational groups Dissociative groups Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 45. Family Distinctions Affecting Buying Decisions • Family of Orientation • Family of Procreation Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 46. Roles and Status What degree of status is associated with various occupational roles? Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 47. Personal Factors Age Self- Life cycle concept stage Lifestyle Occupation Values Wealth Personality Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 49. Characteristics of Business Markets • Fewer buyers • Multiple sales calls • Close supplier- • Derived demand customer relationships Inelastic demand • • Professional purchasingFluctuating demand • • Many buying influencesGeographically • concentrated buyers • Direct purchasing Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall
  • 50. Stages in the Buying Process: Buyphases • Problem recognition • General need description • Product specification • Supplier search • Proposal solicitation • Supplier selection • Order-routine specification • Performance review Copyright © 2011 Pearson Education, Inc. Publishing as Prentice Hall
  • 52. Four levels of Micromarketing • Segments—similar needs and wants • Niches--sub-segments with a distinctive mix of benefits • Local areas—marketing programs tailored to the needs and wants of local customer groups in trading areas, neighborhoods, even individual stores • Individuals—segments of one (i.e., one-to- one marketing) Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 53. Segmenting Consumer Markets • Geographic—nations, states, regions, countries, cities, neighborhoods • Demographic—age, life-cycle stage, gender, income, generation, social class • Psychographic--psychological/personality • Behavioral--knowledge of, attitude toward, use of, or response to a product Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 54. Demographic Segmentation • Age and Life Cycle—customer wants and abilities change with age. • Life stage—a person’s major concern (e.g., divorce, 2nd marriage, buying new home) • Gender—male and female • Income—upper, middle, lower • Social class—occupation, education, type and location of housing • Generation Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 56. Steps in Strategic Brand Management • Identifying and establishing brand positioning • Planning and implementing brand marketing • Measuring and interpreting brand performance • Growing and sustaining brand value Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 57. Brand A name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors. 9-57
  • 58. Attributes of Strong Brands • Excels at delivering • Uses multiple marketing desired benefits activities • Stays relevant • Understands consumer- • Priced to meet brand relationship perceptions of value • Supported by • Positioned properly organization • Communicates • Monitors sources of consistent brand brand equity messages 9-58
  • 59. Brand Equity The differential effect that Brand knowledge has on Consumer response to the marketing of that brand. 9-59
  • 60. Advantages of Strong Brands • Improved • Larger margins perceptions of • More inelastic product performance consumer response • Greater loyalty • Greater trade • Less vulnerability to cooperation competitive • Increased marketing marketing actions communications • Less vulnerability to effectiveness crises • Possible licensing opportunities 9-60
  • 61. Brand Knowledge Thoughts Feelings Knowledge Beliefs Images Experiences 9-61
  • 62. Measuring Brand Equity Brand Audits—assess health of brand, uncover sources of brand equity, ways to improve Brand Tracking—baseline information about brands and marketing information Brand Valuation—estimation of total financial value of the brand 9-62
  • 63. Brand Roles in a Brand Portfolio • Flankers—fighter brand (flagship) • Cash cows—capitalizing on existing brand equity • Low-end, entry-level—traffic builders • High-end prestige—add prestige and credibility to the entire portfolio Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 64. Brand Roles in a Brand Portfolio • Flankers—fighter brand (flagship) • Cash cows—capitalizing on existing brand equity • Low-end, entry-level—traffic builders • High-end prestige—add prestige and credibility to the entire portfolio Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
  • 66. Identity and Image Identity: Image: The way a The way the company aims public perceives to identify or the company or position itself Its products 8-66