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Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
Chapter 8
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Chapter 8

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  • 1. CHAPTER 8 DISCUSSION QUESTIONS 1) What is guerrilla marketing? 2) Define "target market" & explain how small businesses can pinpoint their target markets. 3) Define "demographics.” 4) Define “market research” & state the objective of market research. 5) Explain what “branding” is. 6) What are the 4 major elements of a marketing strategy?
  • 2. WHAT IS MARKETING?
  • 3. MARKETING -”THE PROCESS OF CREATING & DELIVERING DESIRED GOODS & SERVICES TO CUSTOMERS.” MARETING CONCEPT -ACHIEVING ORGANIZATIONAL GOALS DEPENDS ON KNOWING THE NEEDS & WANTS OF OF TARGET MARKETS AND DELIVERING THE DESIRED SATISFACTIONS.
  • 4. <ul><li>3 MAIN PURPOSES </li></ul><ul><li>IDENTIFY THE CUSTOMER. </li></ul><ul><li>SATISFY THE CUSTOMER. </li></ul><ul><li>KEEP THE CUSTOMER.* </li></ul><ul><li>*BRAND LOYALTY </li></ul><ul><li>-A CUSTOMER’S COMMITMENT TO REPURCHASE A COMPANY’S PRODUCT/SERVICE. </li></ul><ul><li>-ACQUIRING A NEW CUSTOMER COSTS 5X MORE THAN KEEPING AN EXISTING CUSTOMER. </li></ul>
  • 5. <ul><li>FACTORS INFLUENCING BRAND LOYALTY </li></ul><ul><li>PERCEIVED VALUE </li></ul><ul><li>BRAND TRUST </li></ul><ul><li>SATISFACTION </li></ul><ul><li>WHAT COMPANIES HAVE HIGH BRND LOYALTY? </li></ul>
  • 6. MARKETING IS ALSO ABOUT THE ART OF PERSUASION
  • 7. Yawning is a surprisingly powerful act. Just by reading the two yawns in the previous two sentences--and the two additional yawns in this sentence--a good number of you will probably yawn within the next few minutes. Even as I'm writing this I've yawned twice. If you're reading this in a public place, and you've just yawned, chances are that a good proportion of everyone who saw you yawn is now yawning too, and a good proportion of the people watching the people who watched you yawn are now yawning as well, and on and on, in a ever-widening, yawning circle. Yawning is incredibly contagious. I made some of you reading this yawn simply by writing the word &quot;yawn&quot;. The people who yawned when they saw you yawn, meanwhile, were infected by the sight of you yawning--which is a second kind of contagion. They might even have yawned if they only heard you yawn, because yawning is also aurally contagious: if you play an audio-tape of a yawn to blind people, they'll yawn too. And finally, if you yawned as you read this, did the thought cross your mind--however unconsciously and fleetingly--that you might be tired? I suspect that for some of you it did, which means that yawns can also be emotionally contagious. Simply by writing the word, I can plant a feeling in your mind.
  • 8. <ul><li>-THE TRUE ESSENCE OF MARKETING IS THE ABILITY TO PERSUADE THE CUSTOMER INTO: </li></ul><ul><li>PARTING WITH ONE OF THEIR MOST PRIZED POSSESSIONS ($) </li></ul><ul><li>PURCHASING A PRODUCT/SERVICE THAT THEY MAY NOT KNOW THEY WANT. </li></ul><ul><li>-MARKETING = SELLING & IF YOU CAN’T PERSUADE THEN YOU CAN’T SELL. </li></ul><ul><li>2 KEYS TO PERSUASION </li></ul><ul><li>SHOES: WALK IN YOUR CUSTOMER’S SHOES </li></ul><ul><li>EYES: SEE THROUGH YOUR CUSTOMER’S EYES. </li></ul>
  • 9. WHAT IS GUERRILLA MARKETING?
  • 10. <ul><li>GUERRILLA MARKETING </li></ul><ul><li>-”UNCONVENTIONAL, LOW-COST, CREATIVE MARKETING STRATEGIES.” </li></ul><ul><li>4 OBJECTIVES: </li></ul><ul><li>PINPOINT SPECIFIC TARGET MARKETS. </li></ul><ul><li>DETERMINE CUSTOMER NEEDS & WANTS. </li></ul><ul><li>ANALYZE THE FIRM’S COMPETITIVE ADVANTAGES. </li></ul><ul><li>CREATE A MARKETING MIX THAT MEETS CUSTOMER NEEDS & WANTS. </li></ul><ul><li>-GUERRILLA MARKETING ATTEMPTS TO USE THE ELEMENT OF SURPRISE & MARKET TO CUSTOMERS WITHOUT CUSTOMERS REALIZING THEY ARE BEING MARKETED TO. (SUBLIMINAL MARKETING). </li></ul>
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  • 16. TARGET MARKET -”A GROUP OF CUSTOMERS WITH SIMILAR NEEDS THAT FORMS THE FOCUS OF A COMPANY’S MARKETING EFFORTS.” -IF YOU ATTEMPT TO REACH EVERYONE, YOU WILL END UP REACHING NO ONE. -MARKETING EFFORTS MUST BE PRECISELY FOCUSED ON THE GROUP(S) OF EXISTING & PROSPECTIVE CUSTOMERS WHO ARE MOST LIKELY TO BUY YOUR PRODUCTS/SERVICES.
  • 17. DEMOGRAPHICS -THE STATISTICAL CHARACTERISTICS OF HUMAN POPULATIONS USED TO IDENTIFY MARKET SEGMENTS. -AGE -INCOME -SEX -EDUCATION -RACE -EMPLOYMENT PSYCHOGRAPHICS -VARIABLES CLASSIFYING POPULATION GROUPS ACCORDING TO PSYCHOLOGICAL VARIABLES. -INTERESTS -VALUES -LIFESTYLE
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  • 21. <ul><li>RELATIONSHIP MARKETING </li></ul><ul><li>-”THE PROCESS OF DEVELOPING, MAINTAINING, & MANAGING LONG-TERM RELATIONSHIPS WITH CUSTOMERS SO THEY WILL MAKE REPEAT PURCHASES.” </li></ul><ul><li>THE RELATIONSHIP MARKETING PROCESS </li></ul><ul><li>ANALYZE </li></ul><ul><li>CONNECT & COLLECT </li></ul><ul><li>LEARN </li></ul><ul><li>BUILD RELATIONSHIPS </li></ul><ul><li>SELL, SERVICE, & SATISFY </li></ul>
  • 22. 4 LEVELS OF CUSTOMER SENSITIVITY 1 2 3 4
  • 23. 1) CUSTOMER AWARENESS -COMPANIES UNDRSTAND THAT A CUSTOMER IS OUT THERE, BUT THEY KNOW LITTLE ABOUT WHO THEY ARE. -COMPANIES VIEW CUSTOMERS IN THE MOST GENERAL TERMS, & DO NOT REALLY UNDERSTAND THE BENEFIT OF CLOSE CUSTOMER RELATIONSHIPS.
  • 24. 2) CUSTOMER SENSITIVITY -A WALL STANDS BETWEEN THE COMPANY & ITS CUSTOMERS. -THE COMPANY DOES NOT SOLICIT FEEDBACK FROM ITS CUSTOMERS.
  • 25. 3) CUSTOMER ALIGNMENT -COMPANIES UNDERSTAND THAT CUSTOMERS PLAY A CENTRAL ROLE IN THE SUCCESS OF THE COMPANY. -COMPANIES SEEK FEEDBACK FROM CUSTOMERS THROUGH: -SURVEYS -FOCUS GROUPS -CUSTOMER VISITS
  • 26. 4) CUSTOMER PARTNERSHIP -COMPANIES EMBRACE A CUTOMER SERVICE ATTITUDE AS PART OF ITS CULTURE. -CUSTOMERS BECOME PART OF ALL MAJOR DECISIONS. -THE FOCUS IS ON BUILDING LASTING RELATIONSHIPS WITH THE COMPANY’S BEST CUSTOMERS.* *80-20 RULE (PARETO PRINCIPLE) -80% OF A COMPANY’S SALES COME FROM 20% OF THEIR CUSTOMERS.
  • 27. THE MARKETING MIX (4 P’S) PRODUCT PLACE PRICE PROMOTION -ALL FOUR P’S MUST REINFORCE THE IMAGE OF THE PRODUCT/SERVICE THE COMPANY REPRESENTS TO THE POTENTIAL CUSTOMER.
  • 28. PRODUCT -ANY ITEM OR SERVICE THAT SATISFIES THE NEED OF A CUSTOMER.
  • 29. <ul><li>PLACE </li></ul><ul><li>-THE METHOD OF DISTRIBUTION OF A PRODUCT/SERVICE FROM THE MANUFACTURER TO THE CONSUMER. </li></ul><ul><li>-4 COMMON CHANNELS OF DISTRIBUTION FOR CONSUMER GOODS </li></ul><ul><li>MANUFACTURER TO CONSUMER </li></ul><ul><li>MANUFACTURER TO RETAILER TO CONSUMER </li></ul><ul><li>MANUFACTURER TO WHOLESALER TO RETAILER TO CONSUMER* </li></ul><ul><li>MANUFACTURER TO WHOLESALER TO WHOLESALER TO CONSUMER </li></ul><ul><li>*MOST COMMON CHANNEL OF DISTRIBUTION </li></ul>
  • 30. <ul><li>PRICE </li></ul><ul><li>-KEY FACTOR IN CUSTOMER’S DECISION TO BUY. </li></ul><ul><li>-PRICE FOR A PRODUCT/SERVICE DEPENDS ON 3 FACTORS: </li></ul><ul><li>A COMPANY’S COST STRUCTURE </li></ul><ul><li>AN ASSESSMENT OF WHAT THE MARKET WILL BEAR </li></ul><ul><li>THE DESIRED IMAGE THE COMPANY WANTS TO CREATE IN ITS CUSTOMERS’ MINDS </li></ul>
  • 31. PROMOTION -INVOLVES BOTH ADVERTISING & PERSONAL SELLING. ADVERTISING: -COMMUNICATES TO CUSTOMERS THE BENEFITS OF A PRODUCT/SERVICE THROUGH SOME MASS MEDIUM (TV, PRINT, RADIO, WEB). PERSONAL SELLING: -THE ART OF PERSUASIVE SALES ON A ONE-TO-ONE BASIS.
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