A Visual, Interactive and Creative Marketing Model: I Love Marketing

I LOVE MARKETING MODEL 2011 Edition(A Visual, Interactive Technique To Master Marketing 101)Prof. Remigio Joseph A. De Ungria Jr., MBA Ateneo Graduate School of Business www. josephdeungria.com

Professor’s Note This “I Love Marketing Model” wascreated to help students understand keymarketing concepts and howthese relate to one another. The use of images and stories enhancethe learning experience and amplify conceptrecall and marketing mastery. - Prof. Bong De Ungria, 1996 www. josephdeungria.com

What will this love story tell?1. Why Models?2. Why Images?3. Marketing 101 concepts4. All concepts in 1 visual framework5. Picture & Win! www. josephdeungria.com

1. Why Models?Models, paradigms, systems – Directions - TrafficProvides order, reference points – for quick VALID decisions – common USEFUL understanding – BUT, know limitations www. josephdeungria.com

2. Only images work!Marketing (& everything) is a battle for share of mindMind remembers only pictures. – Car – Bedroom – My Life’s highlights www. josephdeungria.com

3. ModelMastering 101 Key Marketing Concepts www. josephdeungria.com

What is Marketing? www. josephdeungria.com

What is Marketing?System of profitably www. josephdeungria.com

What is Marketing? System of profitablycreating, www. josephdeungria.com

What is Marketing? System of profitablycreating,communicating and www. josephdeungria.com

What is Marketing? System of profitablycreating,communicating anddelivering value to www. josephdeungria.com

What is Marketing? System of profitablycreating, Satisfy customercommunicating anddelivering value to www. josephdeungria.com

What is Marketing? System of profitablycreating, Satisfy customercommunicating anddelivering value to needs, wants and demands www. josephdeungria.com

What is Marketing? System of profitablycreating, Satisfy customercommunicating anddelivering value to needs, wants and demands Better than competition www. josephdeungria.com

Food example To understand Needs, Wants & Demands.Need Basic necessity Food Feel deprived if this is absentWant Given choices, this is Chicken, what you prefer Burger, Steak dinnerDemand A want that is supported Only burger by a decision and is within my capacity to buy budget! www. josephdeungria.com

Maslow’s Hierarchy of Needs=a basic, constant reference Self- Actualization Esteem Needs (Recognition, S tatus) Social Needs (sense of belonging, love) Safety Needs (security, protection) Physiological needs (food, water, shelter) Reference: Marketing Management, 11th ed, Philip Kotler www. josephdeungria.com

Basic needs have not changed.No NEED added or deleted www. josephdeungria.com

But huge changes in the manychoices to answer same needs. Wants= choices preferred answer to a need www. josephdeungria.com

Marketing discipline:Focus on satisfying demands! N Needs= basic requirements; feel deprived without it Wants= choices preferred answer to a need Demands= wants + purchase capability www. josephdeungria.com

Recognize difference in demand between SEC (socioeconomic classes) N Needs= basic requirements; feel deprived without it Wants= choices preferred answer to a need DE , 85% C 4% AB, 1% of populaton Demands= wants + purchase capability www. josephdeungria.com

Class AB can “figuratively” buy Maslow, Class DE must focus on basic needsN Needs= basic requirements; feel deprived without it Wants= choices preferred answer to a need DE , 85% C 4% AB, 1% of populaton Demands= wants + purchase capability www. josephdeungria.com

Income is only 1 majorconsideration in Philippine SEC Other factors*: 1. Location/ neighborhood 2. Durability (concrete, wood) 3. Maintenance (paint, garden) 4. Ownership (own/rent?) 5. Educational Attainment 6. Occupation 7. Facilities (cars, appliances) 8. Household help*Criteria for Socio Economic Classification of Homes, TNS, Revised January 2007 www. josephdeungria.com

How do I transform SEC to actionable “demand”? Other factors*: 1. Location/ neighborhood 2. Durability (concrete, wood) 3. Maintenance (paint, garden) 4. Ownership (own/rent?) 5. Educational Attainment 6. Occupation 7. Facilities (cars, appliances) 8. Household helpTIP:*Criteria for Socio Economic Classification of Homes, TNS, Revised January 2007 To remember income cut-off,think Philippine Peso bills www. josephdeungria.com

Cross-reference SEC withpopulation data… www. josephdeungria.com

Best “guesstimate” of splitswithin SEC classes www. josephdeungria.com

Picture true market size anddemand www. josephdeungria.com

Bottomline realities in Philippine market1. AB market is small but attractive2. Some products- cheaper to market to just “A to AAA” market3. Middle Class is source of critical mass for most products4. Middle Class needs to grow (DE to C) www. josephdeungria.com

Pop quiz1. Can technology or marketing create a need?2. Do customers buy based on need or want? www. josephdeungria.com

Pop quiz1. Can technology or marketing create a need? No. The need will always be there. Often, technology allows the need to be addressed in a different way.2. Do customers buy based on need or want? Customers buy based on want. How many shoes do you need? How many shoes do you actually have? If people buy based on need alone, we would have a small world economy. www. josephdeungria.com

Always consider 3 Strategic CsCustomers – The customer is not always right! www. josephdeungria.com

Always consider 3 Strategic CsCustomers – The customer is not always right!Company – You are in business for the long term www. josephdeungria.com

Always consider 3 Strategic CsCustomers – The customer is not always right!Company – You are in business for the long termCompetition – Benchmark performance www. josephdeungria.com

3 STRATEGIC C’S correspond to3 Key Result Areas CUSTOMERS COMPANY COMPETITION www. josephdeungria.com

3 STRATEGIC C’S correspond to3 Key Result Areas CUSTOMERS COMPANY Profits COMPETITION www. josephdeungria.com

3 STRATEGIC C’S correspond to3 Key Result Areas CUSTOMERS COMPANY Profits COMPETITION Market Share www. josephdeungria.com

When is there a market opportunity? When a GAP exists for GAP customers needs, wants & demands Between what the company can supply And what competition offers www. josephdeungria.com

4 Steps in addressing market opportunities1. Determine total market Size – Big to matter, small to handle2. Divide into market Segments – Similar Needs, Wants, Expectations3. Choose primary Target market – Focus limited resources4. Position – Use 4 Ps to hit Primary Target Market www. josephdeungria.com

Steps 2 to 4: STPSegment. Target. PositionSToP before you do anything www. josephdeungria.com

Steps 2 to 4: STP AnalogySegment. Target. PositionReady. Aim. Fire! www. josephdeungria.com

4 Steps in addressing market opportunities1a. Is the market size small enough to handle? www. josephdeungria.com

4 Steps in addressing market opportunities1b. Is the market big enough to matter? www. josephdeungria.com

4 Steps in addressing market opportunities2a. Divide the market into Segments (similar needs, wants & demands) www. josephdeungria.com

Steps in addressing market opportunities2b. Choose the segment you will target www. josephdeungria.com

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4 Steps in addressing market opportunities2c. Segment you choose is your Primary Target Market (PTM) www. josephdeungria.com

4 Steps in addressing market opportunities2d. Target your PTM with your positioning (communicate benefits) www. josephdeungria.com

4 Steps in addressing market opportunities 2e. To hit your PTM, adjust your marketing mix (4Ps) PromoProduct Place Price www. josephdeungria.com

4 Steps in addressing market opportunities 2f. Some PTMs require a mix which emphasize product and promo PromoProduct Place Price www. josephdeungria.com

4 Steps in addressing market opportunities 2g. Many PTMs require a heavy Price mix PromoProduct Place Price www. josephdeungria.com

4 Steps in addressing market opportunities 2h. Your PTM require mix adjustments from time to time PromoProduct Place Price www. josephdeungria.com

4 Steps in addressing market opportunities 2h. Aim well as your competitors are targetting the same PTMs. PromoProduct Place Price www. josephdeungria.com

Remember: different 4 P mixto target different PTMProduct Price Promo Place www. josephdeungria.com

Emphasizing low price is only 1 approach!Product Price Promo Place www. josephdeungria.com 54

Emphasizing excellent product isanother common strategyProduct Price Promo Place www. josephdeungria.com 55

Some products are promo-driven…Product Price Promo Place www. josephdeungria.com

Marketing Mix 4 P’s meanmore! www. josephdeungria.com 57

IMC : Choose & mix 8 modes of communication Mass1. Sales Promotion Personal 1. Direct Marketing2. Advertising 2. Interactive3. Public Relations Marketing4. Events and 3. Personal Selling Experiences 4. Word of Mouth www. josephdeungria.com

Mktg Mix communication:emphasize benefits!Features – SpecsAdvantages – What the specs doBenefits Customer: – What’s in it for me? – Wny should I care? www.josephdeungria.com

The most important is benefit.Features Powerpoint PresentationAdvantage Easier to understandBenefit More learning for all www. josephdeungria.com

Here’s why landlines are dying.Features New cellphones are wireless, small, affordable, long battery life and lightweightAdvantage 75 million Filipinos always carry it around.Benefit Easier to keep in touch with the right person anytime all the time. www. josephdeungria.com

Consider company when analyzing opportunitiesCompany Objectives Resources www. josephdeungria.com

Consider company when analyzing opportunitiesCompany Objectives Resources 5 factors 1 Vision 2 Mission www. josephdeungria.com

Consider company when analyzing opportunitiesCompany Objectives Resources 3 Goals and Objectives 5 factors 1 Vision 2 Mission www. josephdeungria.com

Consider company when analyzing opportunitiesCompany Objectives Resources 3 Goals and Objectives 5 factors 1 Vision 2 Mission 4 Business Portfolio www. josephdeungria.com

Consider company when analyzing opportunitiesCompany Objectives Resources 3 Goals and Objectives 5 factors 1 Vision 2 Mission 4 Business Portfolio 5 Strategy www. josephdeungria.com

Vision is taking a step back from the trees-FRH=15FCW=2 TreesZoom=15 www. josephdeungria.com

Vision is taking a step back from the trees- to see the forest.FRH=15FCW=2 TreesZoom=15 Forest www. josephdeungria.com

Vision is taking a step back from the trees- to see the forest.FRH=15FCW=2 TreesZoom=15 Forest The only difference here is perspective ! www. josephdeungria.com

Stop, Look, Listen at Competition when analyzing opportunities 5 Industry ForcesPower of Power of Barriers to Substitution CompetitiveSuppliers Customers Entry Reaction www. josephdeungria.com

Also consider the environmentInternal – Strengths – WeaknessesExternal – Opportunities – Threats www. josephdeungria.com

4 Generic Winning StrategiesLow Cost Producer Differentiate Supply & Distribution Niche Leverage www. josephdeungria.com

4. Model Concept Summary Link using a Visual Modelwww. josephdeungria.com

OPPORTUNITIES STRENGTHS and and THREATS WEAKNESSES5 COMPANYCONSIDERATIONSwhen evaluating WATCH OUT FOR COMPANYopportunities IF GAP INDUSTRY FORCES: COMPETITION EXISTS… Entry Barriers PROFITS MARKET TARGETVision SHARE market 4 GENERIC WINNING POSITION USING 4Ps: STRATEGIES LIKE: Price, Promo, Place, P MKT SIZE , SEGMENT roduct TRANSFORM Features to Niche Benefits NEEDS, WA REPEAT SALES NTS, DEMA NDS CUSTOMER www. josephdeungria.com

5. Picture & Win!Marketing:  Has a lingo/ language  Is effective using visual models  10 x better than common sense  Can be remembered forever  Can make your brand (YOU) better! www. josephdeungria.com 75

I LOVE MARKETING MODEL 2011 Edition(A Visual, Interactive Technique To Master Marketing 101)Prof. Remigio Joseph A. De Ungria Jr., MBA Ateneo Graduate School of Business www. josephdeungria.com

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A Visual, Interactive and Creative Marketing Model: I Love Marketing

by Remigio Joseph DeUngria on Nov 11, 2009

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