Marketing management

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Marketing management

  1. 1. MARKETING MANAGEMENT Attract and Keep Customers for Life Instructor: <<Instructor Name>> <<Designations>>
  2. 2. PRE-COURSE EVALUATION M arketing C ompetency A ssessment
  3. 3. PRIORITIES <ul><li>1     </li></ul><ul><li>2    </li></ul><ul><li>3  </li></ul>MY PRIORITIES FOR THIS COURSE:
  4. 4. LEARNING OBJECTIVES <ul><li>Assess effectiveness of current marketing plan and the degree to which agents’ marketing efforts are aligned with the plan. </li></ul><ul><li>Understand the customer in order to know how to achieve the best return on the marketing investment. </li></ul><ul><li>Select target markets to focus the marketing effort. </li></ul><ul><li>Create a company specific value proposition. </li></ul><ul><li>Understand how to differentiate the organization in order to gain or maintain a competitive advantage. </li></ul>
  5. 5. LEARNING OBJECTIVES <ul><li>Understand and incorporate activities that influence buyers and sellers (marketing mix). </li></ul><ul><li>Identify ways to enhance brand awareness. </li></ul><ul><li>Develop ways to align the company’s marketing efforts with those of individual agents. </li></ul><ul><li>Examine outstanding marketing efforts in the field of real estate. </li></ul><ul><li>Integrate specific planning template tools to direct development of a company marketing plan. </li></ul>
  6. 6. THE MARKETING MANAGEMENT PROCESS Research Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation Control
  7. 7. MODULE 1: RESEARCH & SEGMENTATION Research Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation Control
  8. 8. TARGET MARKET VARIABLES Geographic Location Demographic Statistics Psycho-graphic Attitudes Interests Behavioralistic Actions
  9. 9. MARKETING PLAN: PART 1 CUSTOMER PROFILE INDIVIDUAL
  10. 10. CUSTOMER RELATIONSHIP INDEX Weak & Immature Strong & Mature Awareness Identity Connection Community Advocacy
  11. 11. MARKETING PLAN: PART 1 CUSTOMER RELATIONSHIP QUESTIONS INDIVIDUAL
  12. 12. THE CONSUMER <ul><li>CHARACTERISTICS OF HOME BUYERS: </li></ul><ul><li>The typical home buyer is 41 years old. </li></ul><ul><li>Among first-time buyers, the median age is 32 . </li></ul><ul><li>61% are married. </li></ul><ul><li>For repeat buyers, the most important reason for their purchase is a desire for a larger home . </li></ul>
  13. 13. THE CONSUMER <ul><li>CHARACTERISTICS OF HOME SELLERS: </li></ul><ul><li>The typical home seller owned their previous home for 6 years. </li></ul><ul><li>Among sellers at least 65 years old, the most frequently cited reason for selling was a desire to move closer to family and friends . </li></ul><ul><li>The task that sellers most often do themselves without assistance was determining the listing price (24%). </li></ul>
  14. 14. MODULE 2: TARGET MARKETS Research Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation Control
  15. 15. PRODUCTS & SERVICES CORE PRODUCTS Concierge Products Ancillary Products
  16. 16. FOCUS & CLARITY SWEET SPOT Good At Passion Make Money
  17. 17. TARGET MARKET SELECTION <ul><li>ATTRACTIVENESS </li></ul><ul><li>Ability to draw measurable attention to company. </li></ul><ul><li>SUITABILITY </li></ul><ul><li>A good fit between the segment & firm’s products, resources & capabilities. </li></ul>What factors make a market segment attractive? What factors make a market segment suitable?
  18. 18. ADAPTING <ul><li>What products and services need to stay? </li></ul><ul><li>What products and services should go? </li></ul><ul><li>What products and services need to be added? </li></ul>
  19. 19. MARKETING PLAN: PART 2 TARGET MARKET INDIVIDUAL
  20. 20. TARGET MARKET STRATEGIES SINGLE SEGMENT P3 X P2 P1 S3 S2 S1
  21. 21. TARGET MARKET STRATEGIES SELECTIVE SPECIALIZATION X P3 X P2 X P1 S3 S2 S1
  22. 22. TARGET MARKET STRATEGIES PRODUCT SPECIALIZATION P3 X X X P2 P1 S3 S2 S1
  23. 23. TARGET MARKET STRATEGIES MARKET SPECIALIZATION X P3 X P2 X P1 S3 S2 S1
  24. 24. TARGET MARKET STRATEGIES FULL MARKET COVERAGE X X X P3 X X X P2 X X X P1 S3 S2 S1
  25. 25. ELEMENTS OF VALUE VALUE QUALITY RELIABILITY ECONOMY SATISFACTION
  26. 26. BROAD POSITION Product Leader Customer Intimacy Operational Excellence
  27. 27. MARKET LEADERS <ul><li>The best at one of the three value disciplines </li></ul><ul><li>Achieve adequate performance in the other two </li></ul><ul><li>Keep improving their position in the chosen discipline </li></ul><ul><li>Become more adequate in the other two </li></ul>
  28. 28. MARKETING PLAN: PART 2 BROAD POSITION INDIVIDUAL
  29. 29. PRICE POSITION <ul><li>More for More </li></ul><ul><li>More for the Same </li></ul><ul><li>The Same for Less </li></ul><ul><li>Less for Much Less </li></ul><ul><li>More for Less </li></ul>
  30. 30. MARKETING PLAN: PART 2 PRICE POSITION INDIVIDUAL
  31. 31. SPECIFIC POSITION <ul><li>Best </li></ul><ul><li>Most </li></ul><ul><li>Least </li></ul><ul><li>Biggest </li></ul><ul><li>First </li></ul><ul><li>_____est </li></ul>SUPERLATIVE POSITIONING
  32. 32. SPECIFIC POSITION <ul><li>Attribute </li></ul><ul><li>Benefit </li></ul><ul><li>User </li></ul><ul><li>Competitor </li></ul><ul><li>Category </li></ul>SOURCE POSITIONING
  33. 33. <ul><li>For buyers and sellers at every stage of their lives, we represent the most desirable properties in the most sought-after locations in the city and suburbs. </li></ul>Expertise
  34. 34. <ul><li>With an insider’s view of the market, we know where to find properties that match your wish list and lifestyle. </li></ul>Expertise
  35. 35. <ul><li>“ Constantly reassess your target market… not just what the company wants to be, but what the real client profile is.” </li></ul>
  36. 36. Client Audit <ul><li>Where does your client get information about real estate? </li></ul><ul><li>What type of property does you client like? </li></ul><ul><li>What do your clients do in their spare time – hobbies, interests, etc.? </li></ul><ul><li>If your clients donate to a not-for-profit, what kind of an organization is it – environmental, art, education, etc.? </li></ul><ul><li>If we were to hire a celebrity spokesperson for our company, whom should it be and why? </li></ul>
  37. 37. Client Audit Results <ul><li>The clients of the firm are a mirror of the agents – of who they are, in terms of age, interests, etc. </li></ul><ul><li>Because Rubloff has agents of all ages, the actual client profile is everything from first-time buyers to multi-million dollar buyers. This is not the same as their “target customers.” </li></ul>
  38. 38. Parallel Marketing
  39. 39. Parallel Marketing
  40. 40. Parallel Marketing
  41. 41. Differentiation <ul><li>You would expect the most professional real estate company in Chicago to have the area’s most experienced and productive sales team. </li></ul>
  42. 42. <ul><li>Contact: Jim Kinney, President </li></ul><ul><li>Website: www.rubloff.com </li></ul><ul><li>Phone: 312 386 5300 </li></ul>
  43. 43. MARKETING PLAN: PART 2 SEGMENT VALUE POSITION STATEMENTS INDIVIDUAL
  44. 44. MODULE 3: POSITIONING Research Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation Control
  45. 45. COMPETITIVE ANALYSIS <ul><li>PRODUCTS </li></ul><ul><li>PEOPLE </li></ul><ul><li>PROCESSES </li></ul><ul><li>PROFITS </li></ul>
  46. 46. MARKETING PLAN: PART 3 COMPETITIVE ANALYSIS INDIVIDUAL
  47. 47. COMPETITIVE INFORMATION <ul><li>Recorded Data </li></ul><ul><li>Observable Data </li></ul><ul><li>Opportunistic Data </li></ul><ul><li>Media Scanning </li></ul>
  48. 48. THE CONSUMER <ul><li>22% of recent home buyers purchased a new home. </li></ul><ul><li>78% of recent home buyers purchased a previously owned home. </li></ul><ul><li>55% of buyers purchased a home in a suburb/subdivision. </li></ul><ul><li>First-time buyers are more likely to purchase a home in an urban area/central city. </li></ul>CHARACTERISTICS OF HOMES PURCHASED:
  49. 49. THE CONSUMER <ul><li>Neighborhood Choice </li></ul><ul><li>5 Convenient to shopping (28%) </li></ul><ul><li>4 Design of neighborhood (28%) </li></ul><ul><li>2 Convenient to job (48%) </li></ul><ul><li>3 Convenient to family/friends (36%) </li></ul><ul><li>1 Quality of neighborhood (63%) </li></ul><ul><li>6 Quality of school district (27%) </li></ul>CHARACTERISTICS OF HOMES PURCHASED:
  50. 50. THE CONSUMER <ul><li>Factors Frequently Compromised </li></ul><ul><li>2 Price of home/planned expenditures (17%) </li></ul><ul><li>1 Size of home (19%) </li></ul><ul><li>5 Style of home (14%) </li></ul><ul><li>6 Distance from job (13%) </li></ul><ul><li>3 Condition of home (15%) </li></ul><ul><li>4 Lot size (14%) </li></ul>CHARACTERISTICS OF HOMES PURCHASED:
  51. 51. VALUE PROPOSITIONS <ul><li>A strong value proposition delivers tangible results. </li></ul><ul><li>A meaningful value proposition is written in the customer’s language. </li></ul><ul><li>A sincere value proposition is easily understood by everyone in the organization and they know when it’s not being delivered. </li></ul><ul><li>A unique value proposition makes a statement that no other competitor can claim. </li></ul>
  52. 52. THE GOOD <ul><li>We successfully combines customer-oriented, &quot;high touch&quot; service with a new level of information technology. </li></ul><ul><li>Clients can expect creative, custom marketing plans for sellers; innovative house-hunting methods for buyers, and technology that enables our associates to exceed client expectations. </li></ul>
  53. 53. THE BAD <ul><li>Your best source for real estate from the area’s largest real estate firm. </li></ul><ul><li>The oldest real estate firm with the most experience agents with a commitment to exceptional customer service. </li></ul>
  54. 54. THE UGLY <ul><li>We sell more homes to more people than anyone in the Tri-State area. </li></ul><ul><li>Home of the city’s most popular real estate agents. </li></ul>
  55. 55. THE GREAT <ul><li>“Realizing your dream for living is the heart of everything we do.” </li></ul><ul><ul><ul><ul><ul><li>The Corcoran Group </li></ul></ul></ul></ul></ul><ul><li>“Our company is about people and homes. About brining the two together so harmoniously that life becomes more pleasurable, more secure, more graceful.” </li></ul><ul><li>John Daugherty Realtors </li></ul>
  56. 56. MARKETING PLAN: PART 3 VALUE PROPOSITIONS INDIVIDUAL
  57. 57. MODULE 4: MARKETING MIX Research Marketing Mix Strategic Tactical Positioning Target Markets Segmentation Implementation Control
  58. 58. MARKETING MIX <ul><li>A Marketing Mix means </li></ul><ul><li>activities that can influence </li></ul><ul><li>the prospect, buyer or seller. </li></ul>
  59. 59. THE CONSUMER <ul><li>The typical home buyer searched for a home 8 weeks. </li></ul><ul><li>The top 5 most used information sources. </li></ul><ul><ul><li>Real Estate Agent (85%) </li></ul></ul><ul><ul><li>Internet (80%) </li></ul></ul><ul><ul><li>Yard Sign (63%) </li></ul></ul><ul><ul><li>Print Newspaper Ad (55%) </li></ul></ul><ul><ul><li>Open House (47%) </li></ul></ul>CONVENIENCE & COMMUNICATION:
  60. 60. THE CONSUMER <ul><li>The top 5 most useful information sources. </li></ul><ul><ul><li>Internet (73%) </li></ul></ul><ul><ul><li>Real Estate Agent (69%) </li></ul></ul><ul><ul><li>Yard Sign (31%) </li></ul></ul><ul><ul><li>Open House (22%) </li></ul></ul><ul><ul><li>Print Newspaper Ad (20%) </li></ul></ul><ul><li>Internet used frequently in home search </li></ul><ul><li>Ages 18-24: 69% Ages 25-44: 69% </li></ul><ul><li>Ages 45-64 49 % Ages 65 +: 21% </li></ul>CONVENIENCE & COMMUNICATION:
  61. 61. THE CONSUMER <ul><li>Action taken after gathering information. </li></ul><ul><ul><li>Drove by or viewed home (74%) </li></ul></ul><ul><ul><li>Walked through a home viewed online (61%) </li></ul></ul><ul><ul><li>Found the agent used to search/buy (23%) </li></ul></ul><ul><ul><li>Request more information (22%) </li></ul></ul><ul><ul><li>Contacted builder/developer (11%) </li></ul></ul><ul><li>Where buyers found the home they purchased. </li></ul><ul><li>15% Yard Sign 24% Internet 36% Agent </li></ul>CONVENIENCE & COMMUNICATION:
  62. 62. THE CONSUMER <ul><li>The top 3 things buyers are looking for online: </li></ul><ul><ul><li>1 – Properties for Sale (96%) </li></ul></ul><ul><ul><li>2 – General information about an area (21%) </li></ul></ul><ul><ul><li>3 – Real Estate Company/Agent (3%) </li></ul></ul>CONVENIENCE & COMMUNICATION:
  63. 63. THE CONSUMER CONVENIENCE & COMMUNICATION: <ul><li>Internet searchers other sources of information: </li></ul>5 Home Book/Magazine (35%) 1 Real Estate Agent (87%) 2 Yard Sign (64%) 7 Television (11%) 4 Open House (49%) 3 Print Newspaper Ad (57%) 8 Billboard (8%) 6 Home Builder (25%)
  64. 64. <ul><li>Matthew Ferrara & Company has </li></ul><ul><li>spent the last two decades </li></ul><ul><li>helping real estate businesses </li></ul><ul><li>maximize their training, their </li></ul><ul><li>tech support and stimulating </li></ul><ul><li>new ideas for how to use </li></ul><ul><li>technology to improve their </li></ul><ul><li>business results. </li></ul>
  65. 65. The Importance of Technology <ul><li>The Consumer lives and dies by technology – REGARDLESS OF AGE! </li></ul><ul><li>The average seller is 47 years old and uses technology in every facet of their lives </li></ul><ul><li>Real estate agents must use the same technology as their clients </li></ul><ul><li>Top performing agents are as modern as the latest technology </li></ul>
  66. 66. Myths About Technology <ul><li>There is a gap between age groups and their level of technology use. </li></ul><ul><li>Technology is too expensive </li></ul><ul><li>The seller wants the agent to run newspaper ads </li></ul><ul><li>Technology doesn’t last 20 years like your Maytag. </li></ul>
  67. 67. Become Tech Savvy <ul><li>It’s an awareness problem </li></ul><ul><li>There are no “silver bullets” </li></ul><ul><li>Use all the technology you currently have </li></ul><ul><li>Your laptop must have a wireless card </li></ul><ul><li>Use a Blackberry </li></ul>
  68. 68. Resources
  69. 69. <ul><li>Contact: Matthew Ferrara </li></ul><ul><li>Website: www.mfseminars.com </li></ul><ul><li>Phone: 800 253 2350 </li></ul><ul><li>Blog: blog.matthewferrara.com </li></ul>
  70. 70. THE FOUR Ps OF MARKETING P roduct P rice P lace P romotion
  71. 71. PROMOTIONAL TOOLS <ul><li>Advertising </li></ul><ul><li>Sales Promotion </li></ul><ul><li>Public Relations </li></ul><ul><li>Sales Force </li></ul><ul><li>Direct Marketing </li></ul>
  72. 72. 3 TIERS OF MARKETING We know Them They know Us Introductions Referrals Networking We don’t know them They don’t know us Website Search Engin es Web Ads Print Ads Blogs TIER 1 TIER 2 Direct Mail e-Marketing Speaking Newsletters Home Shows We know Them They don’t know Us TIER 3
  73. 73. MARKETING MIX ACTIVITIES Purpose: Create Awareness Make Contact Make a Transacti on Tell Others Introduce Us Frequency: Daily Weekly Monthly 24/7/365 Goals: Leads Appointments Contracts Referrals Introductions Segment: Consumer Grou p Cost: Single Event Recurring TIER 1 TIER 2 TIER 3 TIER 1 TIER 2 TIER 3
  74. 74. MARKETING PLAN: PART 4 MARKETING MIX INDIVIDUAL
  75. 75. BUILDING THE BRAND <ul><li>A BRAND NAME </li></ul><ul><li>Be consistent with value positioning </li></ul><ul><li>Suggest product benefits </li></ul><ul><li>Suggest product qualities </li></ul><ul><li>Be easy to pronounce, recognize & remember </li></ul><ul><li>Be distinctive </li></ul>
  76. 76. BRAND ASSOCIATION <ul><li>Golden Arches </li></ul><ul><li>Big Mac </li></ul><ul><li>Ronald McDonald </li></ul><ul><li>High calories </li></ul><ul><li>Kids </li></ul><ul><li>Fun </li></ul><ul><li>Consistency </li></ul><ul><li>Paper Waste </li></ul><ul><li>Quality </li></ul><ul><li>Happy Meal </li></ul><ul><li>Value Meal </li></ul><ul><li>Charity </li></ul>
  77. 77. BUILDING THE BRAND <ul><li>POSITIVE ASSOCIATIONS </li></ul><ul><li>Trigger Attributes </li></ul><ul><li>Trigger Benefits </li></ul><ul><li>Connote company values </li></ul><ul><li>Exhibit personality traits </li></ul><ul><li>Suggest Users </li></ul>=
  78. 78. STANDARDS OF USE <ul><li>Trademarks & Logos </li></ul><ul><ul><li>Colors </li></ul></ul><ul><ul><li>Identification </li></ul></ul><ul><ul><li>Copy </li></ul></ul><ul><ul><li>Artwork </li></ul></ul><ul><ul><li>Trademark Use </li></ul></ul><ul><ul><li>Templates </li></ul></ul><ul><ul><li>Approvals </li></ul></ul>
  79. 79. STANDARDS OF USE <ul><li>Resources </li></ul><ul><li>Platforms </li></ul><ul><li>Protocol </li></ul>
  80. 80. MARKETING DECISIONS Who will create it? How will it be distributed? What is the projected cost/expense? ACTION PLAN TIER 1 TIER 2 TIER 3
  81. 81. MARKETING PLAN: PART 4 MARKETING MIX ALIGNMENT INDIVIDUAL
  82. 82. MODULE 5: IMPLEMENTATION Research Implementation Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Control
  83. 83. About Tucker
  84. 84. <ul><li>Joint Effort </li></ul><ul><li>Give Agents Latitude </li></ul><ul><li>Ask them to use good taste </li></ul>Company-Agent Marketing
  85. 88. <ul><li>Put your requests in writing </li></ul><ul><li>Allow plenty of time for production and proofs </li></ul><ul><li>We’ll try to complete “just listed” projects in 1-2 days if possible; ads, 2-3 days; for other projects, we ask for 5-7 business days </li></ul>I Need it NOW!!
  86. 89. Marketing Department
  87. 90. Property Brochures
  88. 91. Builder Projects
  89. 92. Custom Postcards
  90. 93. Personal Brochures
  91. 94. Customized Announcements
  92. 95. <ul><li>Creativity within Company image </li></ul><ul><li>Work with the Marketing Department </li></ul><ul><li>Avoid “Gas Wars” </li></ul>Autonomy
  93. 97. <ul><li>All custom work is created free of charge for agents </li></ul><ul><li>They can be printed on a high-speed office color printer for a reasonable price (first 100 free) </li></ul><ul><li>Or uploaded and printed via our vendor </li></ul>Discipline
  94. 98. Results
  95. 99. Contact: Jim Litten, President Website: www.fctucker.com Phone: 888 588 2573
  96. 100. MARKETING CAMPAIGNS <ul><li>The goal of a campaign to attract </li></ul><ul><li>new customers is LEADS . </li></ul><ul><li>The purpose of a campaign to attract </li></ul><ul><li>new customers is to move them </li></ul><ul><li>from AWARENESS to IDENTITY on the </li></ul><ul><li>Customer Relationship Scale. </li></ul>
  97. 101. MARKETING CAMPAIGNS <ul><li>The goal of a campaign to </li></ul><ul><li>existing customers is REFERRALS . </li></ul><ul><li>The purpose of a campaign for </li></ul><ul><li>existing customers is to move them </li></ul><ul><li>from CONNECTION to ADVOCACY on the </li></ul><ul><li>Customer Relationship Scale. </li></ul>
  98. 102. MARKETING PLAN: PART 5 MAREKTING CAMPAIGNS INDIVIDUAL
  99. 103. MODULE 6: CONTROLS Research Control Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation
  100. 104. ELEMENTS OF CONTROL <ul><li>Results </li></ul><ul><li>Internal vs. External </li></ul><ul><li>Operations </li></ul>
  101. 105. MEASURING PERFORMANCE LEADS NEW OPPORTUNITIES TRANSACTIONS REFERRALS REPEATS VS. HISTORICAL VS. MARKET
  102. 106. MARKETING PLAN: PART 6 PERFORMANCE INDICATORS INDIVIDUAL
  103. 107. APPLICATION Research Strategic Tactical Positioning Target Markets Segmentation Marketing Mix Implementation Control
  104. 108. TREND SETTER <ul><li>Select a marketing strategy or tactic that you will either start doing or keep doing when you return to your office. </li></ul><ul><li>Identify its appropriate place in the Marketing Management Process. </li></ul><ul><li>Why will it make your company a Trend Setter? </li></ul><ul><li>What action will you take to implement or enhance this strategy or tactic in the next 30 days? </li></ul>
  105. 109. Thank you for attending! MARKETING MANAGEMENT Attract and Keep Customers for Life

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