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www.bookfiesta4u.com 1-1 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley Creative Assistance by Creative Assistance by D. Carter and S. Koger D. Carter and S. Koger
Chapter 1 Chapter 1 Defining Marketing for the Defining Marketing for the 21 21st st Century Century by by www.bookfiesta4u.com 1-2 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
The future is not ahead The future is not ahead of us. It has already of us. It has already happened. happened. Kotler on Marketing www.bookfiesta4u.com 1-3 happened. happened. Unfortunately, it is Unfortunately, it is unequally distributed unequally distributed among companies, among companies, industries and nations. industries and nations.
Chapter Objectives In this chapter we will address the following In this chapter we will address the following questions: questions: What is the new economy like? What is the new economy like? What are the tasks of marketing? What are the tasks of marketing? www.bookfiesta4u.com 1-4 What are the tasks of marketing? What are the tasks of marketing? What are the major concepts and tools of What are the major concepts and tools of marketing? marketing? What orientations do companies exhibit in the What orientations do companies exhibit in the marketplace? marketplace? How are companies and marketers responding to How are companies and marketers responding to the new challenges? the new challenges?
The New Economy Substantial increase in buying power Substantial increase in buying power A greater variety of goods and services A greater variety of goods and services A greater amount of information about A greater amount of information about practically anything practically anything www.bookfiesta4u.com 1-5 practically anything practically anything A greater ease in interacting and placing A greater ease in interacting and placing and receiving orders and receiving orders An ability to compare notes on products An ability to compare notes on products and services and services
The New Economy Websites can provide companies with Websites can provide companies with powerful new information and sales powerful new information and sales channels. channels. Companies can collect fuller and richer Companies can collect fuller and richer information about markets, customers, information about markets, customers, www.bookfiesta4u.com 1-6 information about markets, customers, information about markets, customers, prospects and competitors. prospects and competitors. Companies can facilitate and speed up Companies can facilitate and speed up communications among employees. communications among employees. Companies can have 2 Companies can have 2- -way way communication with customers and communication with customers and prospects prospects
The New Economy Companies can send ads, coupons, Companies can send ads, coupons, samples, information to targeted samples, information to targeted customers. customers. Companies can customize offerings and Companies can customize offerings and services to individual customers. services to individual customers. www.bookfiesta4u.com 1-7 services to individual customers. services to individual customers. The Internet can be used as a The Internet can be used as a communication channel for purchasing, communication channel for purchasing, training, and recruiting. training, and recruiting. Companies can improve logistics and Companies can improve logistics and operations for cost savings while operations for cost savings while improving accuracy and service quality. improving accuracy and service quality.
The three major challenges faced by The three major challenges faced by businesses today are globalization, businesses today are globalization, advances in technology, and deregulation. advances in technology, and deregulation. www.bookfiesta4u.com 1-8 advances in technology, and deregulation. advances in technology, and deregulation. Which of these affords the greatest Which of these affords the greatest opportunity for opportunity for established established businesses? businesses? Which affords the greatest Which affords the greatest opportunities for opportunities for new new businesses? Why? businesses? Why?
Marketing Task Ten rules of radical marketing Ten rules of radical marketing The CEO must own the marketing function. The CEO must own the marketing function. Make sure the marketing department starts Make sure the marketing department starts small and flat and stays small and flat. small and flat and stays small and flat. www.bookfiesta4u.com 1-9 Get face to face with the people who matter Get face to face with the people who matter most most – – the customers. the customers. Use market research cautiously. Use market research cautiously. Hire only passionate missionaries. Hire only passionate missionaries.
Marketing Task Love and respect your customers. Love and respect your customers. Create a community of consumers. Create a community of consumers. Rethink the marketing mix. Rethink the marketing mix. Celebrate common sense. Celebrate common sense. www.bookfiesta4u.com 1-10 Be true to the brand. Be true to the brand. Three stages of marketing practice Three stages of marketing practice Entrepreneurial Marketing Entrepreneurial Marketing Formulated Marketing Formulated Marketing Intrepreneurial Marketing Intrepreneurial Marketing
The Scope of Marketing Marketing: typically seen as the Marketing: typically seen as the task of creating, promoting, and task of creating, promoting, and delivering goods and services to delivering goods and services to consumers and businesses. consumers and businesses. www.bookfiesta4u.com 1-11 consumers and businesses. consumers and businesses.
Table 1.1 Demand States and Marketing Tasks 1. Negative 1. Negative demand demand A major part of the market dislikes the A major part of the market dislikes the product and may even pay a price to product and may even pay a price to avoid it avoid it— —vaccinations, dental work, vaccinations, dental work, vasectomies, and gallbladder vasectomies, and gallbladder operations, for instance. Employers have operations, for instance. Employers have a negative demand for ex a negative demand for ex- -convicts and convicts and alcoholics as employees. The marketing alcoholics as employees. The marketing task is to analyze why the market task is to analyze why the market dislikes the product and whether a dislikes the product and whether a marketing program consisting of marketing program consisting of product redesign, lower prices, and product redesign, lower prices, and more positive promotion can change more positive promotion can change www.bookfiesta4u.com 1-12 more positive promotion can change more positive promotion can change beliefs and attitudes. beliefs and attitudes. 2. No demand 2. No demand Target consumers may be unaware of or Target consumers may be unaware of or uninterested in the product. Farmers uninterested in the product. Farmers may not be interested in a new farming may not be interested in a new farming method, and college students may not method, and college students may not be interested in foreign be interested in foreign- -language language courses. The marketing task is to find courses. The marketing task is to find ways to connect the benefits of the ways to connect the benefits of the product with people’s natural needs and product with people’s natural needs and interests. interests. See text for complete table
Can you name a category of Can you name a category of products for which your negative products for which your negative feelings have softened? feelings have softened? www.bookfiesta4u.com 1-13 feelings have softened? feelings have softened? What precipitated What precipitated this change? this change?
The Scope of Marketing Places Places Properties Properties Organizations Organizations Goods Goods Services Services Experiences Experiences www.bookfiesta4u.com 1-14 Organizations Organizations Information Information Ideas Ideas Experiences Experiences Events Events Persons Persons
The Decisions Marketers Make Consumer Markets Consumer Markets Business Markets Business Markets Global Markets Global Markets www.bookfiesta4u.com 1-15 Global Markets Global Markets Nonprofit and Nonprofit and Governmental Markets Governmental Markets
Marketing Concepts and Tools Defining Marketing Defining Marketing Marketing Marketing Marketing management Marketing management www.bookfiesta4u.com 1-16 Marketing management Marketing management Core Marketing Concepts Core Marketing Concepts Target Markets and Target Markets and Segmentation Segmentation
Figure 1-1: A Simple Marketing System www.bookfiesta4u.com 1-17
Marketing Concepts and Tools Marketplace, Marketplace, Marketspace, Marketspace, and and www.bookfiesta4u.com 1-18 and and Metamarket Metamarket
Marketing Concepts and Tools Marketers and Prospects Marketers and Prospects Needs, Wants, and Demands Needs, Wants, and Demands Product, Offering, and Brand Product, Offering, and Brand Value and Satisfaction Value and Satisfaction www.bookfiesta4u.com 1-19 Value and Satisfaction Value and Satisfaction Customer value triad Customer value triad Value Value Value = Benefits / Costs = Value = Benefits / Costs = (Functional benefits + Emotional benefits) / (Functional benefits + Emotional benefits) / (Monetary costs + Time costs + Energy costs + (Monetary costs + Time costs + Energy costs + Psychic costs) Psychic costs)
Marketing Concepts and Tools Exchange and Transactions Exchange and Transactions Exchange Exchange Transaction Transaction www.bookfiesta4u.com 1-20 Transaction Transaction Barter Barter Transfer Transfer Behavioral response Behavioral response
Marketing Concepts and Tools Relationships and Networks Relationships and Networks Relationship marketing Relationship marketing Marketing network Marketing network www.bookfiesta4u.com 1-21 Marketing network Marketing network Marketing Channels Marketing Channels Supply Chain Supply Chain Competition Competition
Marketing Concepts and Tools Brand competition Brand competition Industry competition Industry competition Form competition Form competition Generic competition Generic competition www.bookfiesta4u.com 1-22 Generic competition Generic competition Marketing environment Marketing environment Task environment Task environment Broad environment Broad environment Marketing Program Marketing Program Marketing program Marketing program Marketing mix Marketing mix
Company Orientations Toward the Marketplace Production Concept Production Concept Product concept Product concept www.bookfiesta4u.com 1-23 Selling Concept Selling Concept Marketing Concept Marketing Concept
Company Orientations Toward the Marketplace Target Market Target Market Customer Needs Customer Needs www.bookfiesta4u.com 1-24 Stated needs Stated needs Real needs Real needs Unstated needs Unstated needs Delight needs Delight needs Secret needs Secret needs
Company Orientations Toward the Marketplace Integrated Marketing Integrated Marketing External marketing External marketing www.bookfiesta4u.com 1-25 Internal marketing Internal marketing
Company Orientations Toward the Marketplace Profitability Profitability Sales decline Sales decline Slow growth Slow growth www.bookfiesta4u.com 1-26 Slow growth Slow growth Changing buying patterns Changing buying patterns Increasing competition Increasing competition Increasing marketing Increasing marketing expenditures expenditures
Company Orientations Toward the Marketplace Societal Marketing Concept Societal Marketing Concept Cause Cause- -related marketing related marketing www.bookfiesta4u.com 1-27
Can you identify the trends that have Can you identify the trends that have made the marketing concept, the made the marketing concept, the customer concept, and the societal customer concept, and the societal www.bookfiesta4u.com 1-28 customer concept, and the societal customer concept, and the societal marketing concept more attractive marketing concept more attractive models for contemporary models for contemporary marketing managers? marketing managers?
How Business and Marketing are Changing Customers Customers Brand manufacturers Brand manufacturers www.bookfiesta4u.com 1-29 Store Store- -based retailers based retailers
How Business and Marketing are Changing Company responses and adjustments Company responses and adjustments Reengineering Reengineering Outsourcing Outsourcing Partner Partner- -suppliers suppliers Market Market- -centered centered www.bookfiesta4u.com 1-30 Outsourcing Outsourcing E E- -commerce commerce Benchmarking Benchmarking Alliances Alliances Market Market- -centered centered Global and local Global and local Decentralized Decentralized
How Business and Marketing are Changing Marketer Responses Marketer Responses and Adjustments and Adjustments Customer relationship Customer relationship marketing marketing Integrated marketing Integrated marketing communications communications www.bookfiesta4u.com 1-31 marketing marketing Customer lifetime value Customer lifetime value Customer share Customer share Target marketing Target marketing Customization Customization Customer database Customer database communications communications Channels as partners Channels as partners Every employee a Every employee a marketer marketer Model Model- -based decision based decision making making
Chapter 2 Chapter 2 Adapting Marketing To The Adapting Marketing To The New Economy New Economy by by www.bookfiesta4u.com 1-32 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
The Internet will The Internet will create new winners create new winners and bury the and bury the Kotler on Marketing www.bookfiesta4u.com 1-33 and bury the and bury the laggards. laggards.
Chapter Objectives In this chapter, we will address the In this chapter, we will address the following questions: following questions: What are the major forces driving the New What are the major forces driving the New Economy? Economy? www.bookfiesta4u.com 1-34 Economy? Economy? How are business and marketing practices How are business and marketing practices changing as a result of the New Economy? changing as a result of the New Economy? How are marketers using the Internet, How are marketers using the Internet, customer databases, and customer customer databases, and customer relationship management in the New relationship management in the New Economy? Economy?
Adapting Marketing to the New Economy Major Drivers of the New Economy Major Drivers of the New Economy Digitization and Connectivity Digitization and Connectivity Disintermediation and Disintermediation and www.bookfiesta4u.com 1-35 Disintermediation and Disintermediation and Reintermediation Reintermediation Customization and Customization and Customerization Customerization
Procter Gamble’s Reflect.com site allows customers Procter Gamble’s Reflect.com site allows customers to design their own beauty products to design their own beauty products www.bookfiesta4u.com 1-36
Adapting Marketing to the New Economy Industry Convergence Industry Convergence How Business Practices are Changing How Business Practices are Changing Organize by product units to organize by Organize by product units to organize by customer segments customer segments www.bookfiesta4u.com 1-37 customer segments customer segments Shift focus from profitable transactions to Shift focus from profitable transactions to customer lifetime value customer lifetime value Shift focus from financial scorecard to also Shift focus from financial scorecard to also focusing on the marketing scorecard focusing on the marketing scorecard Shift focus from shareholders to stakeholders Shift focus from shareholders to stakeholders
Table 2-1: Old Economy vs. New Economy Old Economy Old Economy New Economy New Economy Organize by product units Organize by product units Focus on profitable transactions Focus on profitable transactions Look primarily at financial Look primarily at financial scorecard scorecard Focus on shareholders Focus on shareholders Organize by customer segments Organize by customer segments Focus on customer lifetime value Focus on customer lifetime value Look also at marketing scorecard Look also at marketing scorecard Focus on stakeholders Focus on stakeholders Everyone does the marketing Everyone does the marketing www.bookfiesta4u.com 1-38 Marketing does the marketing Marketing does the marketing Build brands through advertising Build brands through advertising Focus on customer acquisition Focus on customer acquisition No customer satisfaction No customer satisfaction measurement measurement Overpromise, underdeliver Overpromise, underdeliver Everyone does the marketing Everyone does the marketing Build brands through behavior Build brands through behavior Focus on customer retention and Focus on customer retention and growth growth Measure customer satisfaction and Measure customer satisfaction and retention rate retention rate Underpromise, overdeliver Underpromise, overdeliver
Adapting Marketing to the New Economy Everyone does the marketing Everyone does the marketing Build brands through performance, Build brands through performance, not just advertising not just advertising Customer retention rather Customer retention rather www.bookfiesta4u.com 1-39 Customer retention rather Customer retention rather than customer acquisition than customer acquisition From none to in From none to in- -depth customer depth customer satisfaction measurement satisfaction measurement From over From over- -promise, under promise, under- -deliver to deliver to under under- -promise, over promise, over- -deliver deliver The New Hybrid The New Hybrid
How Marketing Practices How Marketing Practices are Changing: E are Changing: E- -Business Business E E- -business business Adapting Marketing to the New Economy www.bookfiesta4u.com 1-40 E E- -business business E E- -commerce commerce E E- -purchasing purchasing E E- -marketing marketing Internet Domains: B2C Internet Domains: B2C (Business to Customer) (Business to Customer)
Customers can shop online at Calyx and Corolla or Customers can shop online at Calyx and Corolla or ask for a catalog and shop by phone ask for a catalog and shop by phone www.bookfiesta4u.com 1-41
Adapting Marketing to the New Economy Internet Domains: B2B Internet Domains: B2B (Business to Business) (Business to Business) www.bookfiesta4u.com 1-42
Figure 2-1: The Supplier- Customer Relationship: Traditional and New Economy www.bookfiesta4u.com 1-43 New Economy Structures
www.transora.com: global online marketplace for www.transora.com: global online marketplace for the consumer packaged goods industry the consumer packaged goods industry www.bookfiesta4u.com 1-44
Adapting Marketing to the New Economy Internet Domains: C2C Internet Domains: C2C (Consumer to Consumer) (Consumer to Consumer) Internet Domains: C2B Internet Domains: C2B www.bookfiesta4u.com 1-45 Internet Domains: C2B Internet Domains: C2B (Customer to Business) (Customer to Business) Pure Click vs. Brick and Pure Click vs. Brick and Click Companies Click Companies Pure Pure- -click companies click companies
CarPoint, leading metamediary for car buying, is a pure CarPoint, leading metamediary for car buying, is a pure click company: It exists only on the Web. click company: It exists only on the Web. www.bookfiesta4u.com 1-46
Adapting Marketing to the New Economy Brick and Click companies Brick and Click companies www.bookfiesta4u.com 1-47
Which is more important for Which is more important for developing an e developing an e- -presence: the agility presence: the agility of a pure click company, or the well of a pure click company, or the well www.bookfiesta4u.com 1-48 of a pure click company, or the well of a pure click company, or the well defined and readily identifiable defined and readily identifiable resources of a traditional resources of a traditional brick and mortar brick and mortar company? company?
Adapting Marketing to the New Economy How Marketing Practices are Changing: How Marketing Practices are Changing: Setting Up Web Sites Setting Up Web Sites Designing an Attractive Website Designing an Attractive Website Seven elements of effective sites Seven elements of effective sites www.bookfiesta4u.com 1-49 Seven elements of effective sites Seven elements of effective sites Context Context Content Content Community Community Customization Customization Communication Communication Connection Connection Commerce Commerce
Would you be willing to give up one or Would you be willing to give up one or more of the seven elements of an effective more of the seven elements of an effective web site in order to speed the deployment web site in order to speed the deployment www.bookfiesta4u.com 1-50 of a new company e of a new company e- -commerce site? commerce site? What would the expected trade What would the expected trade- -offs be offs be between an effective site between an effective site and an early web and an early web presence? presence?
Attracting and Keeping Visitors Attracting and Keeping Visitors How can we get more prospects to know and visit our site? How can we get more prospects to know and visit our site? How can we use marketing to spread word How can we use marketing to spread word- -of of- -mouth? mouth? How can we convert visitors into repeaters? How can we convert visitors into repeaters? How do we make our site more experiential and real? How do we make our site more experiential and real? How can we build a strong relationship with our customers? How can we build a strong relationship with our customers? How can we build a customer community? How can we build a customer community? How can we capture and exploit customer data for up How can we capture and exploit customer data for up- -selling selling Table 2 Table 2- -2: 2: Setting Setting Up a Up a Dot Dot- -com com Presence Presence www.bookfiesta4u.com 1-51 How can we capture and exploit customer data for up How can we capture and exploit customer data for up- -selling selling and cross and cross- -selling? selling? How much should we spend on building and marketing our How much should we spend on building and marketing our site? site? Advertising on the Internet Advertising on the Internet What are the various ways that we can advertise on the What are the various ways that we can advertise on the Internet? Internet? How do we choose the right sites for placing our ads or How do we choose the right sites for placing our ads or sponsorship? sponsorship? See text for complete table
Adapting Marketing to the New Economy Context factors Context factors Content factors Content factors www.bookfiesta4u.com 1-52 Content factors Content factors Getting feedback Getting feedback
Adapting Marketing to the New Economy Placing Ads and Promotions Online Placing Ads and Promotions Online Banner ads Banner ads Sponsorships Sponsorships Microsite Microsite www.bookfiesta4u.com 1-53 Microsite Microsite Interstitials Interstitials Browser ads Browser ads Alliances and affiliate Alliances and affiliate programs programs Push Push
Infogate.com “pushes” targeted content and ads to those Infogate.com “pushes” targeted content and ads to those who are interested in a product or product category who are interested in a product or product category www.bookfiesta4u.com 1-54
Adapting Marketing to the New Economy Building a Revenue and Profit Model Building a Revenue and Profit Model Advertising income Advertising income Sponsorship income Sponsorship income Membership and Membership and subscriptions subscriptions www.bookfiesta4u.com 1-55 Membership and Membership and subscriptions subscriptions Profile income Profile income Product and service Product and service sales sales Transaction commission Transaction commission and fees and fees Market research/information Market research/information Referral income Referral income
Adapting Marketing to the New Economy How Marketing Practices are Changing: How Marketing Practices are Changing: Customer Relationship Marketing Customer Relationship Marketing Reduce rate of customer defection Reduce rate of customer defection Increase longevity of Increase longevity of www.bookfiesta4u.com 1-56 Increase longevity of Increase longevity of customer relationship customer relationship Enhance growth potential Enhance growth potential through cross through cross- -selling and up selling and up- -selling selling Make low profit customers more profitable Make low profit customers more profitable or terminate them or terminate them
Adapting Marketing to the New Economy Focus disproportionate effort Focus disproportionate effort on high value customers on high value customers www.bookfiesta4u.com 1-57
Table 2-3: Mass Marketing vs. One-to-One Marketing Mass Marketing Mass Marketing One One- -to to- -One Marketing One Marketing Average customer Average customer Customer anonymity Customer anonymity Standard product Standard product Mass production Mass production Mass distribution Mass distribution Individual customer Individual customer Customer profile Customer profile Customized market Customized market offering offering Customized production Customized production www.bookfiesta4u.com 1-58 Mass distribution Mass distribution Mass advertising Mass advertising Mass promotion Mass promotion One One- -way message way message Economies of scale Economies of scale Share of market Share of market All customers All customers Customer attraction Customer attraction Individualized distribution Individualized distribution Individualized message Individualized message Individualized incentives Individualized incentives Two Two- -way messages way messages Economies of scope Economies of scope Share of customer Share of customer Profitable customers Profitable customers Customer retention Customer retention
Adapting Marketing to the New Economy Four steps for One Four steps for One- -to to- -One Marketing One Marketing Don’t go after everyone, Don’t go after everyone, identify prospects. identify prospects. Define customers by their needs Define customers by their needs www.bookfiesta4u.com 1-59 Define customers by their needs Define customers by their needs and their value to the company. and their value to the company. Individual interaction with customers Individual interaction with customers builds stronger relationships. builds stronger relationships. Customize messages, services, and Customize messages, services, and products for each customer. products for each customer.
Adapting Marketing to the New Economy Customer Databases and Customer Databases and Database Marketing Database Marketing Customer mailing list Customer mailing list www.bookfiesta4u.com 1-60 Customer mailing list Customer mailing list Business database Business database
Data Warehouses and Data Mining Data Warehouses and Data Mining Using the database Using the database To identify prospects To identify prospects To determine target market To determine target market Adapting Marketing to the New Economy www.bookfiesta4u.com 1-61 To determine target market To determine target market To deepen customer loyalty To deepen customer loyalty To reactivate customer To reactivate customer purchases purchases To avoid serious customer To avoid serious customer mistakes mistakes The Downside of Database The Downside of Database Marketing Marketing
Chapter 3 Chapter 3 Building Customer Building Customer Satisfaction, Value, and Satisfaction, Value, and Retention Retention by by www.bookfiesta4u.com 1-62 by by PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
It is no longer It is no longer enough to satisfy enough to satisfy customers. You must customers. You must Kotler on Marketing www.bookfiesta4u.com 1-63 customers. You must customers. You must delight them. delight them.
Chapter Objectives In this chapter, we will address the In this chapter, we will address the following questions: following questions: What are customer value and satisfaction, What are customer value and satisfaction, and how can companies deliver them? and how can companies deliver them? What makes a high What makes a high- -performance business? performance business? www.bookfiesta4u.com 1-64 What makes a high What makes a high- -performance business? performance business? How can companies both attract How can companies both attract and retain customers? and retain customers? How can companies improve both customer How can companies improve both customer and company profitability? and company profitability? How can companies deliver total quality? How can companies deliver total quality?
Defining Customer Value and Satisfaction Customer Perceived Value (CPV) Customer Perceived Value (CPV) Total customer value Total customer value www.bookfiesta4u.com 1-65 Total customer cost Total customer cost
Figure 3-1: Determinants of Customer Delivered Value www.bookfiesta4u.com 1-66 Value
Total Customer Satisfaction Total Customer Satisfaction Satisfaction Satisfaction Customer Expectations Customer Expectations Defining Customer Value and Satisfaction www.bookfiesta4u.com 1-67 Customer Expectations Customer Expectations Delivering High Customer Value Delivering High Customer Value Value proposition Value proposition Value Value- -delivery system delivery system Measuring Satisfaction Measuring Satisfaction
Table 3-1: Tools for Tracking and Measuring Customer Satisfaction Complaint Complaint and and suggestion suggestion systems: systems: A customer A customer- -centered organization makes it easy for centered organization makes it easy for customers to register suggestions and complaints. customers to register suggestions and complaints. Some customer Some customer- -centered companies centered companies- -PG, General PG, General Electric, Whirlpool Electric, Whirlpool— —establish hot lines with toll establish hot lines with toll- -free free numbers. Companies are also using Web sites and numbers. Companies are also using Web sites and e e- -mail for quick, two mail for quick, two- -way communication. way communication. Studies show that although customers are dissatisfied Studies show that although customers are dissatisfied www.bookfiesta4u.com 1-68 Customer Customer satisfaction satisfaction surveys: surveys: Studies show that although customers are dissatisfied Studies show that although customers are dissatisfied with one out of every four purchases, less than 5 with one out of every four purchases, less than 5 percent will complain. Most customers will buy less or percent will complain. Most customers will buy less or switch suppliers. Responsive companies measure switch suppliers. Responsive companies measure customer satisfaction directly by conducting periodic customer satisfaction directly by conducting periodic surveys. While collecting customer satisfaction data, it surveys. While collecting customer satisfaction data, it is also useful to ask additional questions to measure is also useful to ask additional questions to measure repurchase intention and to measure the likelihood or repurchase intention and to measure the likelihood or willingness to recommend the company and brand to willingness to recommend the company and brand to others. others. See text for complete table
Would you feel more brand loyalty for a Would you feel more brand loyalty for a company that tried to immediately resolve company that tried to immediately resolve a complaint via E a complaint via E- -mail, or a company that mail, or a company that www.bookfiesta4u.com 1-69 a complaint via E a complaint via E- -mail, or a company that mail, or a company that had a customer service representative call had a customer service representative call within two business days to within two business days to resolve the problem over resolve the problem over the phone? the phone?
Premier Dell.com is a special business Premier Dell.com is a special business- -oriented part of the oriented part of the Dell Web site that allows customers to interact with Dell and Dell Web site that allows customers to interact with Dell and customize all phases of doing business with Dell. customize all phases of doing business with Dell. www.bookfiesta4u.com 1-70
The Nature of High Performance Business High High- -performance business performance business www.bookfiesta4u.com 1-71
Figure 3-2: The High Performance Business www.bookfiesta4u.com 1-72
The Nature of High Performance Business Stakeholders Stakeholders Processes Processes Resources Resources www.bookfiesta4u.com 1-73 Core competency Core competency Distinctive capabilities Distinctive capabilities Organization and Organizational Culture Organization and Organizational Culture Organization Organization Corporate culture Corporate culture Scenario analysis Scenario analysis
Can you name a company that has Can you name a company that has changed the public’s perception of changed the public’s perception of their corporate culture? Has this their corporate culture? Has this www.bookfiesta4u.com 1-74 their corporate culture? Has this their corporate culture? Has this effectively rehabilitated that effectively rehabilitated that company’s image? company’s image?
Delivering Customer Value and Satisfaction Value Chain Value Chain Value chain Value chain www.bookfiesta4u.com 1-75
Figure 3-3: The Generic Value Chain www.bookfiesta4u.com 1-76
Delivering Customer Value and Satisfaction Benchmarks Benchmarks Core Business Processes Core Business Processes The market sensing process The market sensing process www.bookfiesta4u.com 1-77 The market sensing process The market sensing process The new offering realization process The new offering realization process The customer acquisition process The customer acquisition process The customer relationship The customer relationship management process management process The fulfillment management process The fulfillment management process
The Value Delivery Network The Value Delivery Network (Supply Chain) (Supply Chain) Delivering Customer Value and Satisfaction www.bookfiesta4u.com 1-78
Figure 3-4: Levi Strauss’s Value- Delivery www.bookfiesta4u.com 1-79 Delivery Network
Attracting and Retaining Customers Partner relationship Partner relationship management (PRM) management (PRM) Customer relationship Customer relationship www.bookfiesta4u.com 1-80 Customer relationship Customer relationship management (CRM) management (CRM)
Saturn has gained a customer loyalty rate Saturn has gained a customer loyalty rate of more than 60% by fundamentally of more than 60% by fundamentally changing the buyer changing the buyer- -seller relationship. seller relationship. www.bookfiesta4u.com 1-81 changing the buyer changing the buyer- -seller relationship. seller relationship. Can you think of another company that Can you think of another company that has made a change of similar has made a change of similar magnitude? Have they magnitude? Have they had similar results? had similar results?
Attracting and Retaining Customers Attracting Customers Attracting Customers Computing the Cost of Computing the Cost of Lost Customers Lost Customers www.bookfiesta4u.com 1-82 Lost Customers Lost Customers Customer churn Customer churn Lifetime value Lifetime value
On the Lands’ End Web site, customers can click a On the Lands’ End Web site, customers can click a button to talk with a customer service representative button to talk with a customer service representative www.bookfiesta4u.com 1-83
Attracting and Retaining Customers The Need for Customer Retention The Need for Customer Retention Measuring Customer Measuring Customer Lifetime Value (CLV) Lifetime Value (CLV) Customer Relationship Management Customer Relationship Management www.bookfiesta4u.com 1-84 Customer Relationship Management Customer Relationship Management (CRM): The Key (CRM): The Key Customer equity Customer equity Three drivers of customer equity Three drivers of customer equity Value equity Value equity Brand equity Brand equity Relationship equity Relationship equity
Figure 3-5: The Customer- Development Process www.bookfiesta4u.com 1-85
Attracting and Retaining Customers Five levels of investment in Five levels of investment in customer relationship building customer relationship building Basic marketing Basic marketing www.bookfiesta4u.com 1-86 Basic marketing Basic marketing Reactive marketing Reactive marketing Accountable marketing Accountable marketing Proactive marketing Proactive marketing Partnership marketing Partnership marketing
Figure 3-6: Levels of Relationship Marketing www.bookfiesta4u.com 1-87
Attracting and Retaining Customers Forming Strong Customer Bonds: Forming Strong Customer Bonds: The Basics The Basics Cross Cross- -departmental participation departmental participation www.bookfiesta4u.com 1-88 Cross Cross- -departmental participation departmental participation Integrate the Voice of the Customer Integrate the Voice of the Customer into all business decisions into all business decisions Create superior offering for the Create superior offering for the target market target market
Organize and make accessible a Organize and make accessible a database of customer information database of customer information Make it easy for customers to Make it easy for customers to Attracting and Retaining Customers www.bookfiesta4u.com 1-89 Make it easy for customers to Make it easy for customers to reach the appropriate personnel reach the appropriate personnel Reward outstanding employees Reward outstanding employees Adding Financial Benefits Adding Financial Benefits Frequency programs (FPs) Frequency programs (FPs)
The H.O.G. Web site presents the benefits of joining. The H.O.G. Web site presents the benefits of joining. www.bookfiesta4u.com 1-90
Attracting and Retaining Customers Adding Social Benefits Adding Social Benefits www.bookfiesta4u.com 1-91
Table 3-2: Social Actions Affecting Buyer-Seller Relationships Good Things Good Things Bad Things Bad Things Initiate positive phone calls Initiate positive phone calls Make recommendations Make recommendations Candor in language Candor in language Use phone Use phone Show appreciation Show appreciation Make service suggestions Make service suggestions Use “we” problem Use “we” problem- -solving solving language language Make only callbacks Make only callbacks Make justifications Make justifications Accommodative language Accommodative language Use correspondence Use correspondence Wait for misunderstandings Wait for misunderstandings Wait for service requests Wait for service requests Use “owe Use “owe- -us” legal language us” legal language Only respond to problems Only respond to problems www.bookfiesta4u.com 1-92 language language Get to problems Get to problems Use jargon or shorthand Use jargon or shorthand Personality problems aired Personality problems aired Talk of “our future together” Talk of “our future together” Routinize responses Routinize responses Accept responsibility Accept responsibility Plan the future Plan the future Only respond to problems Only respond to problems Use long Use long- -winded winded communications communications Personality problems hidden Personality problems hidden Talk about making good on Talk about making good on the past the past Fire drill and emergency Fire drill and emergency responsiveness responsiveness Shift blame Shift blame Rehash the past Rehash the past
Attracting and Retaining Customers Adding Structural Ties Adding Structural Ties Create long Create long- -term contracts term contracts Charge lower price to high Charge lower price to high www.bookfiesta4u.com 1-93 Charge lower price to high Charge lower price to high volume customers volume customers Turn product into Turn product into long long- -term service term service
Customer Profitability, Company Profitability, and Total Quality Management Measuring Profitability Measuring Profitability www.bookfiesta4u.com 1-94 Profitable customer Profitable customer
Figure 3-7: Customer-Product Profitability Analysis www.bookfiesta4u.com 1-95
Figure 3-8: Allocating marketing investment according to customer value www.bookfiesta4u.com 1-96
Customer Profitability, Company Profitability, and Total Quality Management Increasing Company Profitability Increasing Company Profitability Competitive advantage Competitive advantage www.bookfiesta4u.com 1-97 Competitive advantage Competitive advantage Implementing TQM Implementing TQM Total Quality Management Total Quality Management Quality Quality
Chapter 4 Chapter 4 Winning Markets Through Winning Markets Through Market Market- -Oriented Strategic Oriented Strategic Planning Planning by by www.bookfiesta4u.com 1-98 by by PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
Kotler on Marketing It is more important It is more important to do what is to do what is strategically right strategically right www.bookfiesta4u.com 1-99 strategically right strategically right than what is than what is immediately immediately profitable. profitable.
Chapter Objectives In this chapter, we examine the In this chapter, we examine the following questions: following questions: How is strategic planning carried out at How is strategic planning carried out at the corporate and division levels? the corporate and division levels? How is planning carried out at the How is planning carried out at the www.bookfiesta4u.com 1-100 How is planning carried out at the How is planning carried out at the business unit level? business unit level? What are the major steps in the What are the major steps in the marketing process? marketing process? How is planning carried out at the How is planning carried out at the product level? product level? What does a marketing plan include? What does a marketing plan include?
Strategic Planning: Three Key Areas and Four Organization Levels Strategic marketing plan Strategic marketing plan Tactical Tactical marketing plan marketing plan Marketing plan Marketing plan www.bookfiesta4u.com 1-101
Corporate and Division Strategic Planning All corporate headquarters undertake All corporate headquarters undertake four planning activities four planning activities Defining the Corporate Mission Defining the Corporate Mission www.bookfiesta4u.com 1-102 Defining the Corporate Mission Defining the Corporate Mission Establishing Strategic Business Units (SBUs) Establishing Strategic Business Units (SBUs) Assigning resources to each SBU Assigning resources to each SBU Planning new businesses, downsizing, or Planning new businesses, downsizing, or terminating older businesses terminating older businesses
Corporate and Division Strategic Planning Defining the Corporate Mission Defining the Corporate Mission Mission statements define which competitive Mission statements define which competitive scopes the company will operate in scopes the company will operate in www.bookfiesta4u.com 1-103 Industry scope Industry scope Products and applications scope Products and applications scope Competence scope Competence scope Market Market- -segment scope segment scope Vertical scope Vertical scope Geographical scope Geographical scope
Can you name a company that has Can you name a company that has recently changed its product scope recently changed its product scope or market segment scope in a very or market segment scope in a very www.bookfiesta4u.com 1-104 or market segment scope in a very or market segment scope in a very public way? Was this an expansion public way? Was this an expansion or contraction of scope? or contraction of scope?
Corporate and Division Strategic Planning Establishing Strategic Business Units Establishing Strategic Business Units (SBUs) (SBUs) www.bookfiesta4u.com 1-105
Table 4.1: Product-Oriented versus Market-Oriented Definitions of a Business Company Company Product Definition Product Definition Market Definition Market Definition Missouri Missouri- -Pacific Pacific Railroad Railroad We run a railroad We run a railroad We are a people We are a people- -and and- - goods mover goods mover Xerox Xerox We make copying We make copying equipment equipment We help improve office We help improve office productivity productivity Standard Oil Standard Oil We sell gasoline We sell gasoline We supply energy We supply energy www.bookfiesta4u.com 1-106 Columbia Pictures Columbia Pictures We make movies We make movies We market entertainment We market entertainment Encyclopaedia Encyclopaedia We sell encyclopedias We sell encyclopedias We distribute Information We distribute Information Carrier Carrier We make air We make air conditioners and conditioners and furnaces furnaces We provide climate We provide climate control in the home control in the home
Corporate and Division Strategic Planning Three characteristics of SBUs Three characteristics of SBUs Single business or collection of related Single business or collection of related businesses that can be planned for separately businesses that can be planned for separately www.bookfiesta4u.com 1-107 businesses that can be planned for separately businesses that can be planned for separately Has its own set of competitors Has its own set of competitors Has a manager who is responsible for Has a manager who is responsible for strategic planning and profit strategic planning and profit
The Growth The Growth- -Share Matrix Share Matrix Relative market share Relative market share Four Cells Four Cells Question Marks Question Marks Stars Stars Cash Cows Cash Cows www.bookfiesta4u.com 1-108 Cash Cows Cash Cows Dogs Dogs SBU Strategies SBU Strategies SBU Lifecycle SBU Lifecycle
Can you give an example of a “Star” Can you give an example of a “Star” that skipped “Cash Cow”, and went that skipped “Cash Cow”, and went straight to “Dog” status? straight to “Dog” status? www.bookfiesta4u.com 1-109 straight to “Dog” status? straight to “Dog” status?
Corporate and Division Strategic Planning The General Electric Model The General Electric Model www.bookfiesta4u.com 1-110
Table 4-2: Factors underlying Market Attractiveness and Competitive Position in GE Multifactor Portfolio Model: Hydraulic-Pumps Market Market Market Attractiveness Attractiveness Overall market size Overall market size Annual market growth rate Annual market growth rate Historical profit margin Historical profit margin Competitive intensity Competitive intensity Technological requirements Technological requirements Inflationary vulnerability Inflationary vulnerability Energy requirements Energy requirements Environmental impact Environmental impact Weight Weight 0.20 0.20 0.20 0.20 0.15 0.15 0.15 0.15 0.15 0.15 0.05 0.05 0.05 0.05 0.05 0.05 Rating = Rating = (1 (1- -5) 5) 4 4 5 5 4 4 2 2 4 4 3 3 2 2 3 3 Value Value 0.80 0.80 1. 1. 0.60 0.60 0.30 0.30 0.60 0.60 0.15 0.15 0.10 0.10 0.15 0.15 www.bookfiesta4u.com 1-111 Environmental impact Environmental impact Social Social- -political political- -legal legal 0.05 0.05 Must be Must be acceptable acceptable 1.0 1.0 3 3 0.15 0.15 3.70 3.70 Business Business Strength Strength Market share Market share Share growth Share growth Product quality Product quality Brand reputation Brand reputation Distribution network Distribution network 0.10 0.10 0.15 0.15 0.10 0.10 0.10 0.10 0.05 0.05 4 4 2 2 4 4 5 5 4 4 0.40 0.40 0.30 0.30 0.40 0.40 0.50 0.50 0.20 0.20 See text for complete table
Corporate and Division Strategic Planning Critique of Portfolio Models Critique of Portfolio Models Planning New Businesses, Planning New Businesses, www.bookfiesta4u.com 1-112 Downsizing Older Businesses Downsizing Older Businesses
Corporate and Division Strategic Planning Intensive Growth Intensive Growth www.bookfiesta4u.com 1-113
Starbucks’ home page: Customers can request a Starbucks’ home page: Customers can request a catalog of Starbucks products, subscribe to a catalog of Starbucks products, subscribe to a newsletter, and shop online newsletter, and shop online www.bookfiesta4u.com 1-114
Corporate and Division Strategic Planning Integrative Growth Integrative Growth Diversification Growth Diversification Growth www.bookfiesta4u.com 1-115 Downsizing Older Businesses Downsizing Older Businesses
Give an example of a market Give an example of a market segment where integrative growth segment where integrative growth would be preferable to growth would be preferable to growth www.bookfiesta4u.com 1-116 would be preferable to growth would be preferable to growth through diversification. Explain through diversification. Explain why one approach is better why one approach is better than the other. than the other.
Business Unit Strategic Planning Business Mission Business Mission SWOT Analysis SWOT Analysis External Environment Analysis External Environment Analysis www.bookfiesta4u.com 1-117 External Environment Analysis External Environment Analysis (Opportunity and Threat Analysis) (Opportunity and Threat Analysis) Marketing Opportunity Marketing Opportunity Buying opportunity more convenient or Buying opportunity more convenient or efficient efficient Meet the need for more information and advice Meet the need for more information and advice Customize an offering that was previously only Customize an offering that was previously only available in standard form available in standard form
Give some examples of companies Give some examples of companies that have grown to dominate their that have grown to dominate their market segment by using technology market segment by using technology www.bookfiesta4u.com 1-118 market segment by using technology market segment by using technology to make buying opportunities more to make buying opportunities more convenient and efficient. convenient and efficient.
Business Unit Strategic Planning Marketing Opportunity Analysis (MOA) Marketing Opportunity Analysis (MOA) Can the benefits be articulated to a target Can the benefits be articulated to a target market? market? Can the target market be reached with cost Can the target market be reached with cost- - www.bookfiesta4u.com 1-119 Can the target market be reached with cost Can the target market be reached with cost- - effective media and trade channels? effective media and trade channels? Does the company have the critical capabilities Does the company have the critical capabilities to deliver the customer benefits? to deliver the customer benefits? Can the company deliver these benefits better Can the company deliver these benefits better than any actual or potential competitors? than any actual or potential competitors? Will the rate of return meet the required Will the rate of return meet the required threshold of investment? threshold of investment?
Figure 4-7: Opportunity and Threat Matrices www.bookfiesta4u.com 1-120
Business Unit Strategic Planning Internal Environmental Analysis Internal Environmental Analysis (Strength/Weakness Analysis) (Strength/Weakness Analysis) Goal Formation Goal Formation www.bookfiesta4u.com 1-121 Goal Formation Goal Formation Strategic Strategic Formulation Formulation Strategy Strategy
Business Unit Strategic Planning Porter’s Generic Strategies Porter’s Generic Strategies Overall cost leadership Overall cost leadership www.bookfiesta4u.com 1-122 Differentiation Differentiation Focus Focus
Travelocity’s Web site helps the consumer plan the Travelocity’s Web site helps the consumer plan the whole vacation whole vacation – – flights, lodging, and car rental.com flights, lodging, and car rental.com www.bookfiesta4u.com 1-123
Operational Effectiveness and Strategy Operational Effectiveness and Strategy Strategic group Strategic group Business Unit Strategic Planning www.bookfiesta4u.com 1-124 Strategic alliances Strategic alliances
Business Unit Strategic Planning Marketing Alliances Marketing Alliances Product or service alliances Product or service alliances Promotional alliances Promotional alliances Logistical alliances Logistical alliances www.bookfiesta4u.com 1-125 Logistical alliances Logistical alliances Pricing collaborations Pricing collaborations Partner Relationship Partner Relationship Management, PRM Management, PRM Program Formulation and Program Formulation and Implementation Implementation
Business Unit Strategic Planning Feedback and Control Feedback and Control www.bookfiesta4u.com 1-126
The Marketing Process Steps in the Planning Process Steps in the Planning Process The marketing process The marketing process Analyzing Market Opportunities Analyzing Market Opportunities Developing Marketing Strategies Developing Marketing Strategies www.bookfiesta4u.com 1-127 Planning Marketing Programs Planning Marketing Programs Managing the Marketing Effort Managing the Marketing Effort Annual Annual- -plan control plan control Profitability control Profitability control Strategic control Strategic control
Figure 4-10: Factors Influencing Company Marketing Strategy www.bookfiesta4u.com 1-128 Strategy
Product Planning: The Nature and Contents of a Marketing Plan Contents of the Marketing Plan Contents of the Marketing Plan Executive Summary Executive Summary Current Marketing Situation Current Marketing Situation Opportunity and issue analysis Opportunity and issue analysis www.bookfiesta4u.com 1-129 Opportunity and issue analysis Opportunity and issue analysis Objectives Objectives Marketing strategy Marketing strategy Action programs Action programs Financial projections Financial projections Implementation controls Implementation controls
Sample Marketing Plan: Sonic Personal Sample Marketing Plan: Sonic Personal Digital Assistant Digital Assistant Current Marketing Situation Current Marketing Situation Product Planning: The Nature and Contents of a Marketing Plan www.bookfiesta4u.com 1-130 Current Marketing Situation Current Marketing Situation Opportunity and Issue Analysis Opportunity and Issue Analysis Objectives Objectives Action Programs Action Programs Financial Projections Financial Projections
Implementation Controls Implementation Controls Marketing Strategy Marketing Strategy Positioning Positioning Product Planning: The Nature and Contents of a Marketing Plan www.bookfiesta4u.com 1-131 Positioning Positioning Product Management Product Management Pricing Pricing Distribution Distribution Marketing Communications Marketing Communications Marketing Research Marketing Research
Chapter 5 Chapter 5 Gathering Information and Gathering Information and Measuring Market Demand Measuring Market Demand by by www.bookfiesta4u.com 1-132 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
Kotler on Marketing Marketing is Marketing is becoming a battle becoming a battle www.bookfiesta4u.com 1-133 becoming a battle becoming a battle based more on based more on information than information than on sales power. on sales power.
Chapter Objectives In this chapter, we focus on the following In this chapter, we focus on the following questions: questions: What are the components of a modern What are the components of a modern marketing information system? marketing information system? What constitutes good marketing research? What constitutes good marketing research? www.bookfiesta4u.com 1-134 What constitutes good marketing research? What constitutes good marketing research? How can marketing decision support systems How can marketing decision support systems help marketing managers make better help marketing managers make better decisions? decisions? How can demand be more accurately How can demand be more accurately measured and forecasted? measured and forecasted?
Marketing Information System (MIS) Marketing Information System (MIS) 10 useful questions for determining the 10 useful questions for determining the information needs of marketing information needs of marketing The Components of a Modern Marketing Information System www.bookfiesta4u.com 1-135 information needs of marketing information needs of marketing managers. managers. What decisions do you regularly make? What decisions do you regularly make? What information do you need to make these What information do you need to make these decisions? decisions? What information do you regularly get? What information do you regularly get? What special studies do you periodically request? What special studies do you periodically request?
The Components of a Modern Marketing Information System What information would you want that you are not What information would you want that you are not getting now? getting now? What information would you want daily? Weekly? What information would you want daily? Weekly? Monthly? Yearly? Monthly? Yearly? www.bookfiesta4u.com 1-136 Monthly? Yearly? Monthly? Yearly? What magazines and trade reports would you like to What magazines and trade reports would you like to see on a regular basis? see on a regular basis? What topics would you like to be kept informed of? What topics would you like to be kept informed of? What data analysis programs would you want? What data analysis programs would you want? What are the four most helpful improvements that What are the four most helpful improvements that could be made in the present marketing information could be made in the present marketing information system? system?
Internal Record Systems The Order The Order- -to to- -Payment Cycle Payment Cycle Sales Information Systems Sales Information Systems www.bookfiesta4u.com 1-137 Sales Information Systems Sales Information Systems Databases, Data Warehouses Databases, Data Warehouses And Data And Data- -Mining Mining
Can you name a company that uses Can you name a company that uses targeted mailings to promote new targeted mailings to promote new products, or regional offerings? products, or regional offerings? www.bookfiesta4u.com 1-138 products, or regional offerings? products, or regional offerings?
The Marketing Intelligence System A Marketing Intelligence System A Marketing Intelligence System is a set of procedures and sources is a set of procedures and sources used by managers to obtain used by managers to obtain www.bookfiesta4u.com 1-139 used by managers to obtain used by managers to obtain everyday information about everyday information about developments in the marketing developments in the marketing environment. environment.
What are some of the potential What are some of the potential hazards a company might face by hazards a company might face by relying too heavily on distributors, relying too heavily on distributors, www.bookfiesta4u.com 1-140 relying too heavily on distributors, relying too heavily on distributors, retailers, or other retailers, or other intermediaries for intermediaries for market intelligence? market intelligence?
The Marriott Vacation Club International Web site The Marriott Vacation Club International Web site gives interested customers the opportunity to sell gives interested customers the opportunity to sell themselves on the Marriott offerings themselves on the Marriott offerings www.bookfiesta4u.com 1-141
CEOExpress.com is a portal to information CEOExpress.com is a portal to information– –a user a user clicks on a listing and is then connected to that site clicks on a listing and is then connected to that site www.bookfiesta4u.com 1-142
Table 5-1: Secondary-Data Sources Secondary Secondary- - Data Sources Data Sources A. A. Internal Sources Internal Sources Company profit Company profit- -loss statements, balance loss statements, balance sheets, sales figures, sales sheets, sales figures, sales- -call reports, call reports, invoices, inventory records, and prior invoices, inventory records, and prior research reports. research reports. B. B. Government Publications Government Publications • • Statistical Abstract of the United States Statistical Abstract of the United States www.bookfiesta4u.com 1-143 • • Statistical Abstract of the United States Statistical Abstract of the United States • • County and City Data Book County and City Data Book • • Industrial Outlook Industrial Outlook • • Marketing Information Guide Marketing Information Guide C. C. Periodicals and Books Periodicals and Books • • Business Periodicals Index Business Periodicals Index • • Standard and Poor’s Industry Standard and Poor’s Industry See text for complete table
Marketing Research System Marketing Research Marketing Research Suppliers of Marketing Research Suppliers of Marketing Research Engaging students or professors to Engaging students or professors to design and carry out projects design and carry out projects Using the Internet Using the Internet www.bookfiesta4u.com 1-144 Using the Internet Using the Internet Checking out rivals Checking out rivals Syndicated Syndicated- -service research firms service research firms Custom marketing research firms Custom marketing research firms Specialty Specialty- -line marketing research line marketing research firms firms
Figure 5-1: The Marketing Research Process www.bookfiesta4u.com 1-145
Marketing Research System The Marketing Research Process The Marketing Research Process Step 1: Define the Problem, the Step 1: Define the Problem, the Decision Alternatives, and the Decision Alternatives, and the Research Objectives Research Objectives www.bookfiesta4u.com 1-146 Research Objectives Research Objectives Step 2: Develop the Step 2: Develop the Research Plan Research Plan Data Sources Data Sources Research Approaches Research Approaches Observational research Observational research Focus group research Focus group research
Marketing Research System Survey research Behavioral data Experimental research Research Instruments Research Instruments www.bookfiesta4u.com 1-147 Research Instruments Research Instruments Questionnaires Questionnaires Psychological tools Psychological tools Mechanical devices Mechanical devices Quantitative measures Quantitative measures
Table 5-2: Types of Questions Children only Children only No one No one With whom are you traveling on this flight? With whom are you traveling on this flight? A question with three or more answers. A question with three or more answers. Multiple Multiple Choice Choice In arranging this trip, did you personally phone American? In arranging this trip, did you personally phone American? Yes No Yes No A question with two possible answers. A question with two possible answers. Dichotomous Dichotomous Example Example Description Description Name Name A. Closed A. Closed- -end Questions end Questions www.bookfiesta4u.com 1-148 See text for complete table 1_____ 2 _____ 3_____ 4_____ 5_____ 1_____ 2 _____ 3_____ 4_____ 5_____ Small airlines generally give better service than large ones. Small airlines generally give better service than large ones. Strongly Disagree Neither agree Agree Strongly Strongly Disagree Neither agree Agree Strongly disagree nor disagree agree disagree nor disagree agree A statement with which the respondent A statement with which the respondent shows the amount of agreement/ shows the amount of agreement/ disagreement. disagreement. Likert scale Likert scale An organized tour group An organized tour group Spouse and Spouse and children children Business associates/friends/relatives Business associates/friends/relatives Spouse Spouse
Marketing Research System Sampling Plan Sampling unit Sample size www.bookfiesta4u.com 1-149 Sampling procedure
www.wansink.com is a consumer psychology Web site set up by Dr. Brian Wansink of the University of Illinois www.bookfiesta4u.com 1-150
A. A.Probability Sample Probability Sample Simple random sample Simple random sample Every member of the population has an Every member of the population has an equal chance of selection equal chance of selection Stratified random Stratified random sample sample The population is divided into mutually The population is divided into mutually exclusive groups (such as age groups), exclusive groups (such as age groups), and random samples are drawn from and random samples are drawn from Table 5-3: Probability and Nonprobability Samples www.bookfiesta4u.com 1-151 and random samples are drawn from and random samples are drawn from each group each group Cluster (area) sample Cluster (area) sample The population is divided into mutually The population is divided into mutually exclusive groups (such as city blocks), exclusive groups (such as city blocks), and the researcher draws a sample of and the researcher draws a sample of the groups to interview the groups to interview Continued on next slide . . .
B. B.Nonprobability Nonprobability Sample Sample Convenience sample Convenience sample The researcher selects the most The researcher selects the most accessible population members accessible population members Judgment sample Judgment sample The researcher selects population The researcher selects population members who are good prospects for members who are good prospects for Table 5-3: Probability and Nonprobability Samples (Continued) www.bookfiesta4u.com 1-152 members who are good prospects for members who are good prospects for accurate information accurate information Quota sample Quota sample The researcher finds and interviews a The researcher finds and interviews a prescribed number of people in each of prescribed number of people in each of several categories several categories
Marketing Research System Contact Methods Mail questionnaire Personal interviewing Arranged interviews Intercept interviews www.bookfiesta4u.com 1-153 Intercept interviews Online methods Click-stream Cookies Automated telephone surveys
Marketing Research System Step 3: Collect the Information Step 4: Analyze the Information www.bookfiesta4u.com 1-154 Information Step 5: Present the Findings Step 6: Make the Decision
Table 5-4: The Seven Characteristics of Good Marketing Research 1. Scientific 1. Scientific method method Effective marketing research uses the principles Effective marketing research uses the principles of the scientific method: careful observation, of the scientific method: careful observation, formulation of hypotheses, prediction, and testing. formulation of hypotheses, prediction, and testing. 2. Research 2. Research creativity creativity At its best, marketing research develops At its best, marketing research develops innovative ways to solve a problem: a clothing innovative ways to solve a problem: a clothing company catering to teenagers gave several company catering to teenagers gave several www.bookfiesta4u.com 1-155 company catering to teenagers gave several company catering to teenagers gave several young men video cameras, then used the videos young men video cameras, then used the videos for focus groups held in restaurants and other for focus groups held in restaurants and other places teens frequent. places teens frequent. 3. Multiple 3. Multiple methods methods Marketing researchers shy away from overreliance Marketing researchers shy away from overreliance on any one method. They also recognize the value on any one method. They also recognize the value of using two or three methods to increase of using two or three methods to increase confidence in the results. confidence in the results. See text for complete table
Marketing Research System Overcoming Barriers to the Use of Overcoming Barriers to the Use of Marketing Research Marketing Research A narrow conception of the research A narrow conception of the research www.bookfiesta4u.com 1-156 Uneven caliber of researchers Uneven caliber of researchers Poor framing of the problem Poor framing of the problem Late and occasionally erroneous findings Late and occasionally erroneous findings Personality and presentational differences Personality and presentational differences
Marketing Decision Support System Marketing Decision Support Marketing Decision Support System (MDSS) System (MDSS) Marketing and sales software programs www.bookfiesta4u.com 1-157 software programs BRANDAID CALLPLAN DETAILER GEOLINE MEDIAC PROMOTER ADCAD CONVERSTORY
Table 5-5: Quantitative Tools Used in Marketing Decision Support Systems Statistical Tools Statistical Tools 1. Multiple 1. Multiple regression: regression: A statistical technique for estimating a “best fitting” A statistical technique for estimating a “best fitting” equation showing how the value of a dependent variable equation showing how the value of a dependent variable varies with changing values in a number of independent varies with changing values in a number of independent variables. variables. Example Example: A company can estimate how unit : A company can estimate how unit sales are influenced by changes in the level of company sales are influenced by changes in the level of company advertising expenditures, sales force size, and price. advertising expenditures, sales force size, and price. 2. Discriminant 2. Discriminant analysis: analysis: A statistical technique for classifying an object or A statistical technique for classifying an object or persons into two or more categories. persons into two or more categories. Example Example: A large : A large www.bookfiesta4u.com 1-158 analysis: analysis: persons into two or more categories. persons into two or more categories. Example Example: A large : A large retail chain store can determine the variables that retail chain store can determine the variables that discriminate between successful and unsuccessful store discriminate between successful and unsuccessful store locations. locations. 3. Factor 3. Factor analysis: analysis: A statistical technique used to determine the few A statistical technique used to determine the few underlying dimensions of a larger set of intercorrelated underlying dimensions of a larger set of intercorrelated variables. variables. Example Example: A broadcast network can reduce a : A broadcast network can reduce a large set of TV programs down to a small set of basic large set of TV programs down to a small set of basic program types. program types. See text for complete table
Forecasting and Demand Measurement The Measures of Market Demand The Measures of Market Demand Figure 5-3: Ninety www.bookfiesta4u.com 1-159 Figure 5-3: Ninety Types of Demand Measurement (6X5X3)
Which Market to Measure? Market Potential market Available market Forecasting and Demand Measurement www.bookfiesta4u.com 1-160 Available market Target market (severed market) Penetrated market A Vocabulary for Demand Measurement Market Demand Market share Market penetration index Share penetration index
Figure 5-4: Market Demand Functions Forecasting and Demand Measurement www.bookfiesta4u.com 1-161
Can you name a market segment Can you name a market segment with a low penetration index? A with a low penetration index? A high penetration index? Can you high penetration index? Can you www.bookfiesta4u.com 1-162 high penetration index? Can you high penetration index? Can you think of a market where the high think of a market where the high penetration index might be a penetration index might be a misleading indicator? misleading indicator?
Forecasting and Demand Measurement Market Forecast Market Forecast Market Potential Market Potential Product penetration Product penetration percentage percentage www.bookfiesta4u.com 1-163 percentage percentage Company Demand Company Demand Company Sales Company Sales Forecast Forecast Sales quota Sales quota Sales budget Sales budget Company Sales Potential Company Sales Potential
Estimating Current demand Estimating Current demand Total Market Potential Total Market Potential Area Market Potential Area Market Potential Forecasting and Demand Measurement www.bookfiesta4u.com 1-164 Area Market Potential Area Market Potential Market Market- -Buildup Method Buildup Method
Table 5-6: Market-Buildup Method Using SIC Codes SIC SIC (a) (a) Annual Annual Sales in Sales in Millions Millions of $ of $ (b) (b) Number of Number of Establishments Establishments (c) (c) Potential Potential Number Number of Lathe Sales of Lathe Sales Per $1 Million Per $1 Million Customer Sales Customer Sales Market Market Potential Potential (a x b x c) (a x b x c) www.bookfiesta4u.com 1-165 SIC SIC of $ of $ Establishments Establishments Customer Sales Customer Sales (a x b x c) (a x b x c) 2511 2511 1 1 6 6 10 10 60 60 5 5 2 2 10 10 100 100 2521 2521 1 1 3 3 5 5 15 15 5 5 1 1 5 5 25 25 30 30 200 200
Forecasting and Demand Measurement Multiple-Factor Index Method www.bookfiesta4u.com 1-166 Brand development Brand development index (BDI) index (BDI)
Table 5-7: Calculating the Brand Development Index (BDI) (a) (a) Percent of Percent of U.S. Brand U.S. Brand (b) (b) Percent of Percent of U.S. Category U.S. Category BDI BDI Territory Territory Sales Sales Sales Sales (a (a ÷ ÷ ÷ ÷ ÷ ÷ ÷ ÷ b) x 100 b) x 100 Seattle Seattle 3.09 3.09 2.71 2.71 114 114 www.bookfiesta4u.com 1-167 Portland Portland 6.74 6.74 10.41 10.41 65 65 Boston Boston 3.49 3.49 3.85 3.85 91 91 Toledo Toledo .97 .97 .81 .81 120 120 Chicago Chicago 1.13 1.13 .81 .81 140 140 Baltimore Baltimore 3.12 3.12 3.00 3.00 104 104
Forecasting and Demand Measurement Industry Sales and Market Shares Estimating Future Demand Survey of Buyers’ Intentions www.bookfiesta4u.com 1-168 Survey of Buyers’ Intentions Forecasting Purchase probability scale
Forecasting and Demand Measurement Composite of Sales Force Opinions Expert Opinion Group discussion method Pooling of individual estimates www.bookfiesta4u.com 1-169 Pooling of individual estimates Past-Sales Analysis Time-series analysis Exponential smoothing Statistical demand analysis Econometric analysis Market-Test Method
Chapter 6 Chapter 6 Scanning the Marketing Scanning the Marketing Environment Environment by by www.bookfiesta4u.com 1-170 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
Kotler on Marketing Today you Today you have to run have to run faster to stay faster to stay www.bookfiesta4u.com 1-171 faster to stay faster to stay in place. in place.
Chapter Objectives In this chapter, we focus on two In this chapter, we focus on two questions: questions: What are the key methods for tracking and What are the key methods for tracking and www.bookfiesta4u.com 1-172 What are the key methods for tracking and What are the key methods for tracking and identifying opportunities in the identifying opportunities in the macroenvironment? macroenvironment? What are the key demographic, economic, What are the key demographic, economic, natural, technological, political, and cultural natural, technological, political, and cultural developments? developments?
Analyzing Needs and Trends in the Macroenvironment Trend Trend Fad Fad Megatrends Megatrends www.bookfiesta4u.com 1-173 Megatrends Megatrends
Given the definitions for fads, Given the definitions for fads, trends, and megatrends presented in trends, and megatrends presented in the text, how would you define the text, how would you define your your www.bookfiesta4u.com 1-174 the text, how would you define the text, how would you define your your online activities? Can you identify online activities? Can you identify an online trend that is likely an online trend that is likely to grow into a megatrend? to grow into a megatrend?
The substantial speedup of international The substantial speedup of international transportation, communication, and financial transportation, communication, and financial transactions, leading to the rapid growth of world trade transactions, leading to the rapid growth of world trade and investment, especially tripolar trade (North and investment, especially tripolar trade (North America, Western Europe, Far East) America, Western Europe, Far East) Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-175 America, Western Europe, Far East) America, Western Europe, Far East) The movement of manufacturing capacity and skills to The movement of manufacturing capacity and skills to lower cost countries. lower cost countries. The rising economic power of several Asian countries The rising economic power of several Asian countries in world markets. in world markets. The rise of trade blocks such as the European Union The rise of trade blocks such as the European Union and NAFTA signatories. and NAFTA signatories.
The severe debt problems of a number of countries, The severe debt problems of a number of countries, along with the increasing fragility of the international along with the increasing fragility of the international financial system. financial system. The increasing use of barter and countertrade to The increasing use of barter and countertrade to support international transactions. support international transactions. Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-176 support international transactions. support international transactions. The move toward market economies in formerly The move toward market economies in formerly socialist countries along with rapid privatization of socialist countries along with rapid privatization of publicly owned companies. publicly owned companies. The rapid dissemination of global lifestyles. The rapid dissemination of global lifestyles. The gradual opening of major new markets, namely The gradual opening of major new markets, namely China, India, eastern Europe, the Arab countries, and China, India, eastern Europe, the Arab countries, and Latin America. Latin America.
The increasing tendency of multinationals to transcend The increasing tendency of multinationals to transcend their locational and national characteristics and their locational and national characteristics and become transnational firms. become transnational firms. The increasing number of cross The increasing number of cross- -border corporate border corporate strategic alliances strategic alliances– –for example, MCI and British for example, MCI and British Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-177 strategic alliances strategic alliances– –for example, MCI and British for example, MCI and British Telecom, and Texas Instruments and Hitachi. Telecom, and Texas Instruments and Hitachi. The increasing ethnic and religious conflicts in certain The increasing ethnic and religious conflicts in certain countries and regions. countries and regions. The growth of global brands in autos, food, clothing, The growth of global brands in autos, food, clothing, electronics. electronics.
Demographic Environment Demographic Environment Worldwide Population Worldwide Population Growth Growth Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-178 Growth Growth Population Age Mix Population Age Mix Ethnic and Other Ethnic and Other Markets Markets
Can you identify one or more Can you identify one or more nations whose populations hold the nations whose populations hold the promise of huge potential markets promise of huge potential markets for consumer goods? How have for consumer goods? How have www.bookfiesta4u.com 1-179 for consumer goods? How have for consumer goods? How have pressures from potential marketers pressures from potential marketers to these untapped consumer to these untapped consumer groups driven the political groups driven the political discussion on a national discussion on a national and international level? and international level?
Educational Groups Educational Groups Household Patterns Household Patterns Geographical Shifts in Geographical Shifts in Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-180 Geographical Shifts in Geographical Shifts in Population Population From a Mass Market From a Mass Market to Micromarkets to Micromarkets
Economic Environment Economic Environment Income Distribution Income Distribution Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-181 Savings, Debt, and Savings, Debt, and Credit Availability Credit Availability
Natural Environment Natural Environment Shortage of Raw Materials Shortage of Raw Materials Increased Energy Cost Increased Energy Cost Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-182 Increased Energy Cost Increased Energy Cost Anti Anti- -Pollution Pressures Pollution Pressures Changing Role of Governments Changing Role of Governments
Technological Environment Technological Environment Accelerating Pace of Change Accelerating Pace of Change Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-183 Unlimited Opportunities Unlimited Opportunities for Innovation for Innovation
Varying RD Budgets Varying RD Budgets Increased Regulation of Increased Regulation of Technological Change Technological Change Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-184 Political Political- -Legal Environment Legal Environment Legislation Regulating Legislation Regulating Business Business Growth of Special Growth of Special- -Interest Interest Groups Groups Consumerist movement Consumerist movement
Social Social- -Cultural Cultural Environment Environment Views of themselves Views of themselves Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-185 Views of themselves Views of themselves Views of others Views of others Views of organizations Views of organizations Views of society Views of society Views of nature Views of nature Views of universe Views of universe
High Persistence of Core High Persistence of Core Cultural Values Cultural Values Existence of subcultures Existence of subcultures Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-186 Existence of subcultures Existence of subcultures Subcultures Subcultures Shifts of Secondary Cultural Shifts of Secondary Cultural Values Through Time Values Through Time
Chapter 7 Chapter 7 Analyzing Consumer Analyzing Consumer Markets and Buyer Behavior Markets and Buyer Behavior by by www.bookfiesta4u.com 1-187 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
Kotler on Marketing The most The most important important thing is to thing is to www.bookfiesta4u.com 1-188 forecast where forecast where customers are customers are moving, and moving, and be in front of be in front of them. them.
In this chapter, we focus on two questions: In this chapter, we focus on two questions: How do the buyers’ characteristics How do the buyers’ characteristics – – cultural, cultural, social, personal, and psychological social, personal, and psychological – – influence influence Chapter Objectives www.bookfiesta4u.com 1-189 social, personal, and psychological social, personal, and psychological – – influence influence buying behavior? buying behavior? How does the buyer make purchasing How does the buyer make purchasing decisions? decisions?
Consumer Behavior Consumer Behavior Cultural Factors Cultural Factors Culture Culture Subcultures Subcultures Diversity marketing Diversity marketing Influencing Buyer Behavior www.bookfiesta4u.com 1-190 Diversity marketing Diversity marketing Social class Social class
Social Factors Social Factors Reference Groups Reference Groups Reference groups Reference groups Membership groups Membership groups Influencing Buyer Behavior www.bookfiesta4u.com 1-191 Membership groups Membership groups Primary groups Primary groups Secondary groups Secondary groups Aspirational groups Aspirational groups Dissociative groups Dissociative groups Opinion leader Opinion leader
Table 7.1: Characteristics of Major U.S. Social Classes 1. 1. Upper Uppers Upper Uppers (less than 1%) (less than 1%) The social elite who live on inherited wealth. They The social elite who live on inherited wealth. They give large sums to charity, run the debutante balls, give large sums to charity, run the debutante balls, maintain more than one home, and send their maintain more than one home, and send their children to the finest schools. They are a market for children to the finest schools. They are a market for jewelry, antiques, homes, and vacations. They often jewelry, antiques, homes, and vacations. They often buy and dress conservatively. Although small as a buy and dress conservatively. Although small as a group, they serve as a reference group to the extent group, they serve as a reference group to the extent that their consumption decisions are imitated by the that their consumption decisions are imitated by the other social classes. other social classes. www.bookfiesta4u.com 1-192 See text for complete table other social classes. other social classes. 2. 2. Lower Uppers Lower Uppers (about 2%) (about 2%) Persons, usually from the middle class, who have Persons, usually from the middle class, who have earned high income or wealth through exceptional earned high income or wealth through exceptional ability in the professions or business. They tend to ability in the professions or business. They tend to be active in social and civic affairs and to buy the be active in social and civic affairs and to buy the symbols of status for themselves and their children. symbols of status for themselves and their children. They include the nouveau riche, whose pattern of They include the nouveau riche, whose pattern of conspicuous consumption is designed to impress conspicuous consumption is designed to impress those below them. those below them.
Secondary groups Secondary groups Aspirational groups Aspirational groups Dissociative groups Dissociative groups Opinion leader Opinion leader Influencing Buyer Behavior www.bookfiesta4u.com 1-193 Opinion leader Opinion leader
Family Family Family of orientation Family of orientation Family of procreation Family of procreation Roles and Statuses Roles and Statuses Influencing Buyer Behavior www.bookfiesta4u.com 1-194 Roles and Statuses Roles and Statuses Role Role Status Status
With the “graying” of the American populace, With the “graying” of the American populace, marketers have begun to shift images and marketers have begun to shift images and cultural references in advertising from things cultural references in advertising from things that are relevant to the twenty that are relevant to the twenty- -somethings to somethings to www.bookfiesta4u.com 1-195 that are relevant to the twenty that are relevant to the twenty- -somethings to somethings to images of active seniors, and soundtracks images of active seniors, and soundtracks from the sixties and seventies. Can you from the sixties and seventies. Can you identify any particular identify any particular ad campaigns that fit ad campaigns that fit this pattern? this pattern?
Personal Factors Personal Factors Age and Stage in the Life Cycle Age and Stage in the Life Cycle Family life cycle Family life cycle Influencing Buyer Behavior www.bookfiesta4u.com 1-196 Family life cycle Family life cycle Occupation and Economic Occupation and Economic Circumstances Circumstances
In recent years, many organizations have In recent years, many organizations have “provided” televisions with limited programming “provided” televisions with limited programming access for use in K access for use in K- -12 classrooms. Do these 12 classrooms. Do these entities have a moral obligation to avoid overt entities have a moral obligation to avoid overt www.bookfiesta4u.com 1-197 entities have a moral obligation to avoid overt entities have a moral obligation to avoid overt marketing to their captive audiences, or is this a marketing to their captive audiences, or is this a valid tool for introducing offerings to future valid tool for introducing offerings to future consumers? What should the consumers? What should the responsibilities of the educators responsibilities of the educators be in these situations? be in these situations?
Table 7.2: Stages in the Family Life Cycle 1. Bachelor stage: 1. Bachelor stage: Young, single, not living Young, single, not living at home at home Few financial burdens. Fashion opinion Few financial burdens. Fashion opinion leaders. Recreation oriented. Buy: basic home leaders. Recreation oriented. Buy: basic home equipment, furniture, cars, equipment for the equipment, furniture, cars, equipment for the mating game; vacations. mating game; vacations. 2. Newly married 2. Newly married couples: couples: Young, no children Young, no children Highest purchase rate and highest average Highest purchase rate and highest average purchase of durables: cars, appliances, purchase of durables: cars, appliances, furniture, vacations. furniture, vacations. 3. Full nest I: 3. Full nest I: Home purchasing at peak. Liquid assets low. Home purchasing at peak. Liquid assets low. www.bookfiesta4u.com 1-198 See text for complete table 3. Full nest I: 3. Full nest I: Youngest child under Youngest child under six six Home purchasing at peak. Liquid assets low. Home purchasing at peak. Liquid assets low. Interested in new products, advertised Interested in new products, advertised products. Buy: washers, dryers, TV, baby food, products. Buy: washers, dryers, TV, baby food, chest rubs and cough medicines, vitamins, chest rubs and cough medicines, vitamins, dolls, wagons, sleds, skates. dolls, wagons, sleds, skates. 4. Full nest II: 4. Full nest II: Youngest child six or Youngest child six or over over Financial position better. Less influenced by Financial position better. Less influenced by advertising. Buy larger advertising. Buy larger- -size packages, size packages, multiple multiple- -unit deals. Buy: many foods, cleaning unit deals. Buy: many foods, cleaning materials, bicycles, music lessons, pianos. materials, bicycles, music lessons, pianos.
Figure 7.2: The VALS segmentation system: An 8-part typology Groups with High Groups with High Resources Resources 1. 1. Actualizers Actualizers 2. 2. Fulfilleds Fulfilleds 3. 3. Achievers Achievers www.bookfiesta4u.com 1-199 3. 3. Achievers Achievers 4. 4. Experiencers Experiencers Groups with Lower Groups with Lower Resources Resources 1. 1. Believers Believers 2. 2. Strivers Strivers 3. 3. Makers Makers 4. 4. Strugglers Strugglers
SRI Consulting Business Intelligence’s Web site SRI Consulting Business Intelligence’s Web site www.bookfiesta4u.com 1-200
Personality and Self Personality and Self- -Concept Concept Personality Personality Brand personality Brand personality Sincerity Sincerity Excitement Excitement Influencing Buyer Behavior www.bookfiesta4u.com 1-201 Excitement Excitement Competence Competence Sophistication Sophistication Ruggedness Ruggedness Self Self- -concept concept Person’s actual self Person’s actual self- -concept concept Ideal self Ideal self- -concept concept Others’ self Others’ self- -concept concept
Psychological Factors Psychological Factors Motivation Motivation Motive Motive Freud’s Theory Freud’s Theory Influencing Buyer Behavior www.bookfiesta4u.com 1-202 Freud’s Theory Freud’s Theory Laddering Laddering Projective techniques Projective techniques
Ernest Dichter’s research found: Ernest Dichter’s research found: Consumers resist prunes because prunes are Consumers resist prunes because prunes are wrinkled looking and remind people of old age. wrinkled looking and remind people of old age. Men smoke cigars as an adult version of thumb Men smoke cigars as an adult version of thumb sucking. sucking. Influencing Buyer Behavior www.bookfiesta4u.com 1-203 sucking. sucking. Women prefer vegetable shortening to animal Women prefer vegetable shortening to animal fats because the latter arouse a sense of guilt fats because the latter arouse a sense of guilt over killing animals. over killing animals. Women don’t trust cake mixes unless they Women don’t trust cake mixes unless they require adding an egg, because this helps them require adding an egg, because this helps them feel they are giving “birth.” feel they are giving “birth.”
Maslow’s Theory Maslow’s Theory Influencing Buyer Behavior Figure 7.3: www.bookfiesta4u.com 1-204 Figure 7.3: Maslow’s Hierarchy of Needs
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Philip Kotler - Marketing Management Slides.pdf
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Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf
Philip Kotler - Marketing Management Slides.pdf

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Philip Kotler - Marketing Management Slides.pdf

  • 1. www.bookfiesta4u.com 1-1 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley Creative Assistance by Creative Assistance by D. Carter and S. Koger D. Carter and S. Koger
  • 2. Chapter 1 Chapter 1 Defining Marketing for the Defining Marketing for the 21 21st st Century Century by by www.bookfiesta4u.com 1-2 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 3. The future is not ahead The future is not ahead of us. It has already of us. It has already happened. happened. Kotler on Marketing www.bookfiesta4u.com 1-3 happened. happened. Unfortunately, it is Unfortunately, it is unequally distributed unequally distributed among companies, among companies, industries and nations. industries and nations.
  • 4. Chapter Objectives In this chapter we will address the following In this chapter we will address the following questions: questions: What is the new economy like? What is the new economy like? What are the tasks of marketing? What are the tasks of marketing? www.bookfiesta4u.com 1-4 What are the tasks of marketing? What are the tasks of marketing? What are the major concepts and tools of What are the major concepts and tools of marketing? marketing? What orientations do companies exhibit in the What orientations do companies exhibit in the marketplace? marketplace? How are companies and marketers responding to How are companies and marketers responding to the new challenges? the new challenges?
  • 5. The New Economy Substantial increase in buying power Substantial increase in buying power A greater variety of goods and services A greater variety of goods and services A greater amount of information about A greater amount of information about practically anything practically anything www.bookfiesta4u.com 1-5 practically anything practically anything A greater ease in interacting and placing A greater ease in interacting and placing and receiving orders and receiving orders An ability to compare notes on products An ability to compare notes on products and services and services
  • 6. The New Economy Websites can provide companies with Websites can provide companies with powerful new information and sales powerful new information and sales channels. channels. Companies can collect fuller and richer Companies can collect fuller and richer information about markets, customers, information about markets, customers, www.bookfiesta4u.com 1-6 information about markets, customers, information about markets, customers, prospects and competitors. prospects and competitors. Companies can facilitate and speed up Companies can facilitate and speed up communications among employees. communications among employees. Companies can have 2 Companies can have 2- -way way communication with customers and communication with customers and prospects prospects
  • 7. The New Economy Companies can send ads, coupons, Companies can send ads, coupons, samples, information to targeted samples, information to targeted customers. customers. Companies can customize offerings and Companies can customize offerings and services to individual customers. services to individual customers. www.bookfiesta4u.com 1-7 services to individual customers. services to individual customers. The Internet can be used as a The Internet can be used as a communication channel for purchasing, communication channel for purchasing, training, and recruiting. training, and recruiting. Companies can improve logistics and Companies can improve logistics and operations for cost savings while operations for cost savings while improving accuracy and service quality. improving accuracy and service quality.
  • 8. The three major challenges faced by The three major challenges faced by businesses today are globalization, businesses today are globalization, advances in technology, and deregulation. advances in technology, and deregulation. www.bookfiesta4u.com 1-8 advances in technology, and deregulation. advances in technology, and deregulation. Which of these affords the greatest Which of these affords the greatest opportunity for opportunity for established established businesses? businesses? Which affords the greatest Which affords the greatest opportunities for opportunities for new new businesses? Why? businesses? Why?
  • 9. Marketing Task Ten rules of radical marketing Ten rules of radical marketing The CEO must own the marketing function. The CEO must own the marketing function. Make sure the marketing department starts Make sure the marketing department starts small and flat and stays small and flat. small and flat and stays small and flat. www.bookfiesta4u.com 1-9 Get face to face with the people who matter Get face to face with the people who matter most most – – the customers. the customers. Use market research cautiously. Use market research cautiously. Hire only passionate missionaries. Hire only passionate missionaries.
  • 10. Marketing Task Love and respect your customers. Love and respect your customers. Create a community of consumers. Create a community of consumers. Rethink the marketing mix. Rethink the marketing mix. Celebrate common sense. Celebrate common sense. www.bookfiesta4u.com 1-10 Be true to the brand. Be true to the brand. Three stages of marketing practice Three stages of marketing practice Entrepreneurial Marketing Entrepreneurial Marketing Formulated Marketing Formulated Marketing Intrepreneurial Marketing Intrepreneurial Marketing
  • 11. The Scope of Marketing Marketing: typically seen as the Marketing: typically seen as the task of creating, promoting, and task of creating, promoting, and delivering goods and services to delivering goods and services to consumers and businesses. consumers and businesses. www.bookfiesta4u.com 1-11 consumers and businesses. consumers and businesses.
  • 12. Table 1.1 Demand States and Marketing Tasks 1. Negative 1. Negative demand demand A major part of the market dislikes the A major part of the market dislikes the product and may even pay a price to product and may even pay a price to avoid it avoid it— —vaccinations, dental work, vaccinations, dental work, vasectomies, and gallbladder vasectomies, and gallbladder operations, for instance. Employers have operations, for instance. Employers have a negative demand for ex a negative demand for ex- -convicts and convicts and alcoholics as employees. The marketing alcoholics as employees. The marketing task is to analyze why the market task is to analyze why the market dislikes the product and whether a dislikes the product and whether a marketing program consisting of marketing program consisting of product redesign, lower prices, and product redesign, lower prices, and more positive promotion can change more positive promotion can change www.bookfiesta4u.com 1-12 more positive promotion can change more positive promotion can change beliefs and attitudes. beliefs and attitudes. 2. No demand 2. No demand Target consumers may be unaware of or Target consumers may be unaware of or uninterested in the product. Farmers uninterested in the product. Farmers may not be interested in a new farming may not be interested in a new farming method, and college students may not method, and college students may not be interested in foreign be interested in foreign- -language language courses. The marketing task is to find courses. The marketing task is to find ways to connect the benefits of the ways to connect the benefits of the product with people’s natural needs and product with people’s natural needs and interests. interests. See text for complete table
  • 13. Can you name a category of Can you name a category of products for which your negative products for which your negative feelings have softened? feelings have softened? www.bookfiesta4u.com 1-13 feelings have softened? feelings have softened? What precipitated What precipitated this change? this change?
  • 14. The Scope of Marketing Places Places Properties Properties Organizations Organizations Goods Goods Services Services Experiences Experiences www.bookfiesta4u.com 1-14 Organizations Organizations Information Information Ideas Ideas Experiences Experiences Events Events Persons Persons
  • 15. The Decisions Marketers Make Consumer Markets Consumer Markets Business Markets Business Markets Global Markets Global Markets www.bookfiesta4u.com 1-15 Global Markets Global Markets Nonprofit and Nonprofit and Governmental Markets Governmental Markets
  • 16. Marketing Concepts and Tools Defining Marketing Defining Marketing Marketing Marketing Marketing management Marketing management www.bookfiesta4u.com 1-16 Marketing management Marketing management Core Marketing Concepts Core Marketing Concepts Target Markets and Target Markets and Segmentation Segmentation
  • 17. Figure 1-1: A Simple Marketing System www.bookfiesta4u.com 1-17
  • 18. Marketing Concepts and Tools Marketplace, Marketplace, Marketspace, Marketspace, and and www.bookfiesta4u.com 1-18 and and Metamarket Metamarket
  • 19. Marketing Concepts and Tools Marketers and Prospects Marketers and Prospects Needs, Wants, and Demands Needs, Wants, and Demands Product, Offering, and Brand Product, Offering, and Brand Value and Satisfaction Value and Satisfaction www.bookfiesta4u.com 1-19 Value and Satisfaction Value and Satisfaction Customer value triad Customer value triad Value Value Value = Benefits / Costs = Value = Benefits / Costs = (Functional benefits + Emotional benefits) / (Functional benefits + Emotional benefits) / (Monetary costs + Time costs + Energy costs + (Monetary costs + Time costs + Energy costs + Psychic costs) Psychic costs)
  • 20. Marketing Concepts and Tools Exchange and Transactions Exchange and Transactions Exchange Exchange Transaction Transaction www.bookfiesta4u.com 1-20 Transaction Transaction Barter Barter Transfer Transfer Behavioral response Behavioral response
  • 21. Marketing Concepts and Tools Relationships and Networks Relationships and Networks Relationship marketing Relationship marketing Marketing network Marketing network www.bookfiesta4u.com 1-21 Marketing network Marketing network Marketing Channels Marketing Channels Supply Chain Supply Chain Competition Competition
  • 22. Marketing Concepts and Tools Brand competition Brand competition Industry competition Industry competition Form competition Form competition Generic competition Generic competition www.bookfiesta4u.com 1-22 Generic competition Generic competition Marketing environment Marketing environment Task environment Task environment Broad environment Broad environment Marketing Program Marketing Program Marketing program Marketing program Marketing mix Marketing mix
  • 23. Company Orientations Toward the Marketplace Production Concept Production Concept Product concept Product concept www.bookfiesta4u.com 1-23 Selling Concept Selling Concept Marketing Concept Marketing Concept
  • 24. Company Orientations Toward the Marketplace Target Market Target Market Customer Needs Customer Needs www.bookfiesta4u.com 1-24 Stated needs Stated needs Real needs Real needs Unstated needs Unstated needs Delight needs Delight needs Secret needs Secret needs
  • 25. Company Orientations Toward the Marketplace Integrated Marketing Integrated Marketing External marketing External marketing www.bookfiesta4u.com 1-25 Internal marketing Internal marketing
  • 26. Company Orientations Toward the Marketplace Profitability Profitability Sales decline Sales decline Slow growth Slow growth www.bookfiesta4u.com 1-26 Slow growth Slow growth Changing buying patterns Changing buying patterns Increasing competition Increasing competition Increasing marketing Increasing marketing expenditures expenditures
  • 27. Company Orientations Toward the Marketplace Societal Marketing Concept Societal Marketing Concept Cause Cause- -related marketing related marketing www.bookfiesta4u.com 1-27
  • 28. Can you identify the trends that have Can you identify the trends that have made the marketing concept, the made the marketing concept, the customer concept, and the societal customer concept, and the societal www.bookfiesta4u.com 1-28 customer concept, and the societal customer concept, and the societal marketing concept more attractive marketing concept more attractive models for contemporary models for contemporary marketing managers? marketing managers?
  • 29. How Business and Marketing are Changing Customers Customers Brand manufacturers Brand manufacturers www.bookfiesta4u.com 1-29 Store Store- -based retailers based retailers
  • 30. How Business and Marketing are Changing Company responses and adjustments Company responses and adjustments Reengineering Reengineering Outsourcing Outsourcing Partner Partner- -suppliers suppliers Market Market- -centered centered www.bookfiesta4u.com 1-30 Outsourcing Outsourcing E E- -commerce commerce Benchmarking Benchmarking Alliances Alliances Market Market- -centered centered Global and local Global and local Decentralized Decentralized
  • 31. How Business and Marketing are Changing Marketer Responses Marketer Responses and Adjustments and Adjustments Customer relationship Customer relationship marketing marketing Integrated marketing Integrated marketing communications communications www.bookfiesta4u.com 1-31 marketing marketing Customer lifetime value Customer lifetime value Customer share Customer share Target marketing Target marketing Customization Customization Customer database Customer database communications communications Channels as partners Channels as partners Every employee a Every employee a marketer marketer Model Model- -based decision based decision making making
  • 32. Chapter 2 Chapter 2 Adapting Marketing To The Adapting Marketing To The New Economy New Economy by by www.bookfiesta4u.com 1-32 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 33. The Internet will The Internet will create new winners create new winners and bury the and bury the Kotler on Marketing www.bookfiesta4u.com 1-33 and bury the and bury the laggards. laggards.
  • 34. Chapter Objectives In this chapter, we will address the In this chapter, we will address the following questions: following questions: What are the major forces driving the New What are the major forces driving the New Economy? Economy? www.bookfiesta4u.com 1-34 Economy? Economy? How are business and marketing practices How are business and marketing practices changing as a result of the New Economy? changing as a result of the New Economy? How are marketers using the Internet, How are marketers using the Internet, customer databases, and customer customer databases, and customer relationship management in the New relationship management in the New Economy? Economy?
  • 35. Adapting Marketing to the New Economy Major Drivers of the New Economy Major Drivers of the New Economy Digitization and Connectivity Digitization and Connectivity Disintermediation and Disintermediation and www.bookfiesta4u.com 1-35 Disintermediation and Disintermediation and Reintermediation Reintermediation Customization and Customization and Customerization Customerization
  • 36. Procter Gamble’s Reflect.com site allows customers Procter Gamble’s Reflect.com site allows customers to design their own beauty products to design their own beauty products www.bookfiesta4u.com 1-36
  • 37. Adapting Marketing to the New Economy Industry Convergence Industry Convergence How Business Practices are Changing How Business Practices are Changing Organize by product units to organize by Organize by product units to organize by customer segments customer segments www.bookfiesta4u.com 1-37 customer segments customer segments Shift focus from profitable transactions to Shift focus from profitable transactions to customer lifetime value customer lifetime value Shift focus from financial scorecard to also Shift focus from financial scorecard to also focusing on the marketing scorecard focusing on the marketing scorecard Shift focus from shareholders to stakeholders Shift focus from shareholders to stakeholders
  • 38. Table 2-1: Old Economy vs. New Economy Old Economy Old Economy New Economy New Economy Organize by product units Organize by product units Focus on profitable transactions Focus on profitable transactions Look primarily at financial Look primarily at financial scorecard scorecard Focus on shareholders Focus on shareholders Organize by customer segments Organize by customer segments Focus on customer lifetime value Focus on customer lifetime value Look also at marketing scorecard Look also at marketing scorecard Focus on stakeholders Focus on stakeholders Everyone does the marketing Everyone does the marketing www.bookfiesta4u.com 1-38 Marketing does the marketing Marketing does the marketing Build brands through advertising Build brands through advertising Focus on customer acquisition Focus on customer acquisition No customer satisfaction No customer satisfaction measurement measurement Overpromise, underdeliver Overpromise, underdeliver Everyone does the marketing Everyone does the marketing Build brands through behavior Build brands through behavior Focus on customer retention and Focus on customer retention and growth growth Measure customer satisfaction and Measure customer satisfaction and retention rate retention rate Underpromise, overdeliver Underpromise, overdeliver
  • 39. Adapting Marketing to the New Economy Everyone does the marketing Everyone does the marketing Build brands through performance, Build brands through performance, not just advertising not just advertising Customer retention rather Customer retention rather www.bookfiesta4u.com 1-39 Customer retention rather Customer retention rather than customer acquisition than customer acquisition From none to in From none to in- -depth customer depth customer satisfaction measurement satisfaction measurement From over From over- -promise, under promise, under- -deliver to deliver to under under- -promise, over promise, over- -deliver deliver The New Hybrid The New Hybrid
  • 40. How Marketing Practices How Marketing Practices are Changing: E are Changing: E- -Business Business E E- -business business Adapting Marketing to the New Economy www.bookfiesta4u.com 1-40 E E- -business business E E- -commerce commerce E E- -purchasing purchasing E E- -marketing marketing Internet Domains: B2C Internet Domains: B2C (Business to Customer) (Business to Customer)
  • 41. Customers can shop online at Calyx and Corolla or Customers can shop online at Calyx and Corolla or ask for a catalog and shop by phone ask for a catalog and shop by phone www.bookfiesta4u.com 1-41
  • 42. Adapting Marketing to the New Economy Internet Domains: B2B Internet Domains: B2B (Business to Business) (Business to Business) www.bookfiesta4u.com 1-42
  • 43. Figure 2-1: The Supplier- Customer Relationship: Traditional and New Economy www.bookfiesta4u.com 1-43 New Economy Structures
  • 44. www.transora.com: global online marketplace for www.transora.com: global online marketplace for the consumer packaged goods industry the consumer packaged goods industry www.bookfiesta4u.com 1-44
  • 45. Adapting Marketing to the New Economy Internet Domains: C2C Internet Domains: C2C (Consumer to Consumer) (Consumer to Consumer) Internet Domains: C2B Internet Domains: C2B www.bookfiesta4u.com 1-45 Internet Domains: C2B Internet Domains: C2B (Customer to Business) (Customer to Business) Pure Click vs. Brick and Pure Click vs. Brick and Click Companies Click Companies Pure Pure- -click companies click companies
  • 46. CarPoint, leading metamediary for car buying, is a pure CarPoint, leading metamediary for car buying, is a pure click company: It exists only on the Web. click company: It exists only on the Web. www.bookfiesta4u.com 1-46
  • 47. Adapting Marketing to the New Economy Brick and Click companies Brick and Click companies www.bookfiesta4u.com 1-47
  • 48. Which is more important for Which is more important for developing an e developing an e- -presence: the agility presence: the agility of a pure click company, or the well of a pure click company, or the well www.bookfiesta4u.com 1-48 of a pure click company, or the well of a pure click company, or the well defined and readily identifiable defined and readily identifiable resources of a traditional resources of a traditional brick and mortar brick and mortar company? company?
  • 49. Adapting Marketing to the New Economy How Marketing Practices are Changing: How Marketing Practices are Changing: Setting Up Web Sites Setting Up Web Sites Designing an Attractive Website Designing an Attractive Website Seven elements of effective sites Seven elements of effective sites www.bookfiesta4u.com 1-49 Seven elements of effective sites Seven elements of effective sites Context Context Content Content Community Community Customization Customization Communication Communication Connection Connection Commerce Commerce
  • 50. Would you be willing to give up one or Would you be willing to give up one or more of the seven elements of an effective more of the seven elements of an effective web site in order to speed the deployment web site in order to speed the deployment www.bookfiesta4u.com 1-50 of a new company e of a new company e- -commerce site? commerce site? What would the expected trade What would the expected trade- -offs be offs be between an effective site between an effective site and an early web and an early web presence? presence?
  • 51. Attracting and Keeping Visitors Attracting and Keeping Visitors How can we get more prospects to know and visit our site? How can we get more prospects to know and visit our site? How can we use marketing to spread word How can we use marketing to spread word- -of of- -mouth? mouth? How can we convert visitors into repeaters? How can we convert visitors into repeaters? How do we make our site more experiential and real? How do we make our site more experiential and real? How can we build a strong relationship with our customers? How can we build a strong relationship with our customers? How can we build a customer community? How can we build a customer community? How can we capture and exploit customer data for up How can we capture and exploit customer data for up- -selling selling Table 2 Table 2- -2: 2: Setting Setting Up a Up a Dot Dot- -com com Presence Presence www.bookfiesta4u.com 1-51 How can we capture and exploit customer data for up How can we capture and exploit customer data for up- -selling selling and cross and cross- -selling? selling? How much should we spend on building and marketing our How much should we spend on building and marketing our site? site? Advertising on the Internet Advertising on the Internet What are the various ways that we can advertise on the What are the various ways that we can advertise on the Internet? Internet? How do we choose the right sites for placing our ads or How do we choose the right sites for placing our ads or sponsorship? sponsorship? See text for complete table
  • 52. Adapting Marketing to the New Economy Context factors Context factors Content factors Content factors www.bookfiesta4u.com 1-52 Content factors Content factors Getting feedback Getting feedback
  • 53. Adapting Marketing to the New Economy Placing Ads and Promotions Online Placing Ads and Promotions Online Banner ads Banner ads Sponsorships Sponsorships Microsite Microsite www.bookfiesta4u.com 1-53 Microsite Microsite Interstitials Interstitials Browser ads Browser ads Alliances and affiliate Alliances and affiliate programs programs Push Push
  • 54. Infogate.com “pushes” targeted content and ads to those Infogate.com “pushes” targeted content and ads to those who are interested in a product or product category who are interested in a product or product category www.bookfiesta4u.com 1-54
  • 55. Adapting Marketing to the New Economy Building a Revenue and Profit Model Building a Revenue and Profit Model Advertising income Advertising income Sponsorship income Sponsorship income Membership and Membership and subscriptions subscriptions www.bookfiesta4u.com 1-55 Membership and Membership and subscriptions subscriptions Profile income Profile income Product and service Product and service sales sales Transaction commission Transaction commission and fees and fees Market research/information Market research/information Referral income Referral income
  • 56. Adapting Marketing to the New Economy How Marketing Practices are Changing: How Marketing Practices are Changing: Customer Relationship Marketing Customer Relationship Marketing Reduce rate of customer defection Reduce rate of customer defection Increase longevity of Increase longevity of www.bookfiesta4u.com 1-56 Increase longevity of Increase longevity of customer relationship customer relationship Enhance growth potential Enhance growth potential through cross through cross- -selling and up selling and up- -selling selling Make low profit customers more profitable Make low profit customers more profitable or terminate them or terminate them
  • 57. Adapting Marketing to the New Economy Focus disproportionate effort Focus disproportionate effort on high value customers on high value customers www.bookfiesta4u.com 1-57
  • 58. Table 2-3: Mass Marketing vs. One-to-One Marketing Mass Marketing Mass Marketing One One- -to to- -One Marketing One Marketing Average customer Average customer Customer anonymity Customer anonymity Standard product Standard product Mass production Mass production Mass distribution Mass distribution Individual customer Individual customer Customer profile Customer profile Customized market Customized market offering offering Customized production Customized production www.bookfiesta4u.com 1-58 Mass distribution Mass distribution Mass advertising Mass advertising Mass promotion Mass promotion One One- -way message way message Economies of scale Economies of scale Share of market Share of market All customers All customers Customer attraction Customer attraction Individualized distribution Individualized distribution Individualized message Individualized message Individualized incentives Individualized incentives Two Two- -way messages way messages Economies of scope Economies of scope Share of customer Share of customer Profitable customers Profitable customers Customer retention Customer retention
  • 59. Adapting Marketing to the New Economy Four steps for One Four steps for One- -to to- -One Marketing One Marketing Don’t go after everyone, Don’t go after everyone, identify prospects. identify prospects. Define customers by their needs Define customers by their needs www.bookfiesta4u.com 1-59 Define customers by their needs Define customers by their needs and their value to the company. and their value to the company. Individual interaction with customers Individual interaction with customers builds stronger relationships. builds stronger relationships. Customize messages, services, and Customize messages, services, and products for each customer. products for each customer.
  • 60. Adapting Marketing to the New Economy Customer Databases and Customer Databases and Database Marketing Database Marketing Customer mailing list Customer mailing list www.bookfiesta4u.com 1-60 Customer mailing list Customer mailing list Business database Business database
  • 61. Data Warehouses and Data Mining Data Warehouses and Data Mining Using the database Using the database To identify prospects To identify prospects To determine target market To determine target market Adapting Marketing to the New Economy www.bookfiesta4u.com 1-61 To determine target market To determine target market To deepen customer loyalty To deepen customer loyalty To reactivate customer To reactivate customer purchases purchases To avoid serious customer To avoid serious customer mistakes mistakes The Downside of Database The Downside of Database Marketing Marketing
  • 62. Chapter 3 Chapter 3 Building Customer Building Customer Satisfaction, Value, and Satisfaction, Value, and Retention Retention by by www.bookfiesta4u.com 1-62 by by PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 63. It is no longer It is no longer enough to satisfy enough to satisfy customers. You must customers. You must Kotler on Marketing www.bookfiesta4u.com 1-63 customers. You must customers. You must delight them. delight them.
  • 64. Chapter Objectives In this chapter, we will address the In this chapter, we will address the following questions: following questions: What are customer value and satisfaction, What are customer value and satisfaction, and how can companies deliver them? and how can companies deliver them? What makes a high What makes a high- -performance business? performance business? www.bookfiesta4u.com 1-64 What makes a high What makes a high- -performance business? performance business? How can companies both attract How can companies both attract and retain customers? and retain customers? How can companies improve both customer How can companies improve both customer and company profitability? and company profitability? How can companies deliver total quality? How can companies deliver total quality?
  • 65. Defining Customer Value and Satisfaction Customer Perceived Value (CPV) Customer Perceived Value (CPV) Total customer value Total customer value www.bookfiesta4u.com 1-65 Total customer cost Total customer cost
  • 67. Total Customer Satisfaction Total Customer Satisfaction Satisfaction Satisfaction Customer Expectations Customer Expectations Defining Customer Value and Satisfaction www.bookfiesta4u.com 1-67 Customer Expectations Customer Expectations Delivering High Customer Value Delivering High Customer Value Value proposition Value proposition Value Value- -delivery system delivery system Measuring Satisfaction Measuring Satisfaction
  • 68. Table 3-1: Tools for Tracking and Measuring Customer Satisfaction Complaint Complaint and and suggestion suggestion systems: systems: A customer A customer- -centered organization makes it easy for centered organization makes it easy for customers to register suggestions and complaints. customers to register suggestions and complaints. Some customer Some customer- -centered companies centered companies- -PG, General PG, General Electric, Whirlpool Electric, Whirlpool— —establish hot lines with toll establish hot lines with toll- -free free numbers. Companies are also using Web sites and numbers. Companies are also using Web sites and e e- -mail for quick, two mail for quick, two- -way communication. way communication. Studies show that although customers are dissatisfied Studies show that although customers are dissatisfied www.bookfiesta4u.com 1-68 Customer Customer satisfaction satisfaction surveys: surveys: Studies show that although customers are dissatisfied Studies show that although customers are dissatisfied with one out of every four purchases, less than 5 with one out of every four purchases, less than 5 percent will complain. Most customers will buy less or percent will complain. Most customers will buy less or switch suppliers. Responsive companies measure switch suppliers. Responsive companies measure customer satisfaction directly by conducting periodic customer satisfaction directly by conducting periodic surveys. While collecting customer satisfaction data, it surveys. While collecting customer satisfaction data, it is also useful to ask additional questions to measure is also useful to ask additional questions to measure repurchase intention and to measure the likelihood or repurchase intention and to measure the likelihood or willingness to recommend the company and brand to willingness to recommend the company and brand to others. others. See text for complete table
  • 69. Would you feel more brand loyalty for a Would you feel more brand loyalty for a company that tried to immediately resolve company that tried to immediately resolve a complaint via E a complaint via E- -mail, or a company that mail, or a company that www.bookfiesta4u.com 1-69 a complaint via E a complaint via E- -mail, or a company that mail, or a company that had a customer service representative call had a customer service representative call within two business days to within two business days to resolve the problem over resolve the problem over the phone? the phone?
  • 70. Premier Dell.com is a special business Premier Dell.com is a special business- -oriented part of the oriented part of the Dell Web site that allows customers to interact with Dell and Dell Web site that allows customers to interact with Dell and customize all phases of doing business with Dell. customize all phases of doing business with Dell. www.bookfiesta4u.com 1-70
  • 71. The Nature of High Performance Business High High- -performance business performance business www.bookfiesta4u.com 1-71
  • 72. Figure 3-2: The High Performance Business www.bookfiesta4u.com 1-72
  • 73. The Nature of High Performance Business Stakeholders Stakeholders Processes Processes Resources Resources www.bookfiesta4u.com 1-73 Core competency Core competency Distinctive capabilities Distinctive capabilities Organization and Organizational Culture Organization and Organizational Culture Organization Organization Corporate culture Corporate culture Scenario analysis Scenario analysis
  • 74. Can you name a company that has Can you name a company that has changed the public’s perception of changed the public’s perception of their corporate culture? Has this their corporate culture? Has this www.bookfiesta4u.com 1-74 their corporate culture? Has this their corporate culture? Has this effectively rehabilitated that effectively rehabilitated that company’s image? company’s image?
  • 75. Delivering Customer Value and Satisfaction Value Chain Value Chain Value chain Value chain www.bookfiesta4u.com 1-75
  • 76. Figure 3-3: The Generic Value Chain www.bookfiesta4u.com 1-76
  • 77. Delivering Customer Value and Satisfaction Benchmarks Benchmarks Core Business Processes Core Business Processes The market sensing process The market sensing process www.bookfiesta4u.com 1-77 The market sensing process The market sensing process The new offering realization process The new offering realization process The customer acquisition process The customer acquisition process The customer relationship The customer relationship management process management process The fulfillment management process The fulfillment management process
  • 78. The Value Delivery Network The Value Delivery Network (Supply Chain) (Supply Chain) Delivering Customer Value and Satisfaction www.bookfiesta4u.com 1-78
  • 80. Attracting and Retaining Customers Partner relationship Partner relationship management (PRM) management (PRM) Customer relationship Customer relationship www.bookfiesta4u.com 1-80 Customer relationship Customer relationship management (CRM) management (CRM)
  • 81. Saturn has gained a customer loyalty rate Saturn has gained a customer loyalty rate of more than 60% by fundamentally of more than 60% by fundamentally changing the buyer changing the buyer- -seller relationship. seller relationship. www.bookfiesta4u.com 1-81 changing the buyer changing the buyer- -seller relationship. seller relationship. Can you think of another company that Can you think of another company that has made a change of similar has made a change of similar magnitude? Have they magnitude? Have they had similar results? had similar results?
  • 82. Attracting and Retaining Customers Attracting Customers Attracting Customers Computing the Cost of Computing the Cost of Lost Customers Lost Customers www.bookfiesta4u.com 1-82 Lost Customers Lost Customers Customer churn Customer churn Lifetime value Lifetime value
  • 83. On the Lands’ End Web site, customers can click a On the Lands’ End Web site, customers can click a button to talk with a customer service representative button to talk with a customer service representative www.bookfiesta4u.com 1-83
  • 84. Attracting and Retaining Customers The Need for Customer Retention The Need for Customer Retention Measuring Customer Measuring Customer Lifetime Value (CLV) Lifetime Value (CLV) Customer Relationship Management Customer Relationship Management www.bookfiesta4u.com 1-84 Customer Relationship Management Customer Relationship Management (CRM): The Key (CRM): The Key Customer equity Customer equity Three drivers of customer equity Three drivers of customer equity Value equity Value equity Brand equity Brand equity Relationship equity Relationship equity
  • 86. Attracting and Retaining Customers Five levels of investment in Five levels of investment in customer relationship building customer relationship building Basic marketing Basic marketing www.bookfiesta4u.com 1-86 Basic marketing Basic marketing Reactive marketing Reactive marketing Accountable marketing Accountable marketing Proactive marketing Proactive marketing Partnership marketing Partnership marketing
  • 87. Figure 3-6: Levels of Relationship Marketing www.bookfiesta4u.com 1-87
  • 88. Attracting and Retaining Customers Forming Strong Customer Bonds: Forming Strong Customer Bonds: The Basics The Basics Cross Cross- -departmental participation departmental participation www.bookfiesta4u.com 1-88 Cross Cross- -departmental participation departmental participation Integrate the Voice of the Customer Integrate the Voice of the Customer into all business decisions into all business decisions Create superior offering for the Create superior offering for the target market target market
  • 89. Organize and make accessible a Organize and make accessible a database of customer information database of customer information Make it easy for customers to Make it easy for customers to Attracting and Retaining Customers www.bookfiesta4u.com 1-89 Make it easy for customers to Make it easy for customers to reach the appropriate personnel reach the appropriate personnel Reward outstanding employees Reward outstanding employees Adding Financial Benefits Adding Financial Benefits Frequency programs (FPs) Frequency programs (FPs)
  • 90. The H.O.G. Web site presents the benefits of joining. The H.O.G. Web site presents the benefits of joining. www.bookfiesta4u.com 1-90
  • 91. Attracting and Retaining Customers Adding Social Benefits Adding Social Benefits www.bookfiesta4u.com 1-91
  • 92. Table 3-2: Social Actions Affecting Buyer-Seller Relationships Good Things Good Things Bad Things Bad Things Initiate positive phone calls Initiate positive phone calls Make recommendations Make recommendations Candor in language Candor in language Use phone Use phone Show appreciation Show appreciation Make service suggestions Make service suggestions Use “we” problem Use “we” problem- -solving solving language language Make only callbacks Make only callbacks Make justifications Make justifications Accommodative language Accommodative language Use correspondence Use correspondence Wait for misunderstandings Wait for misunderstandings Wait for service requests Wait for service requests Use “owe Use “owe- -us” legal language us” legal language Only respond to problems Only respond to problems www.bookfiesta4u.com 1-92 language language Get to problems Get to problems Use jargon or shorthand Use jargon or shorthand Personality problems aired Personality problems aired Talk of “our future together” Talk of “our future together” Routinize responses Routinize responses Accept responsibility Accept responsibility Plan the future Plan the future Only respond to problems Only respond to problems Use long Use long- -winded winded communications communications Personality problems hidden Personality problems hidden Talk about making good on Talk about making good on the past the past Fire drill and emergency Fire drill and emergency responsiveness responsiveness Shift blame Shift blame Rehash the past Rehash the past
  • 93. Attracting and Retaining Customers Adding Structural Ties Adding Structural Ties Create long Create long- -term contracts term contracts Charge lower price to high Charge lower price to high www.bookfiesta4u.com 1-93 Charge lower price to high Charge lower price to high volume customers volume customers Turn product into Turn product into long long- -term service term service
  • 94. Customer Profitability, Company Profitability, and Total Quality Management Measuring Profitability Measuring Profitability www.bookfiesta4u.com 1-94 Profitable customer Profitable customer
  • 95. Figure 3-7: Customer-Product Profitability Analysis www.bookfiesta4u.com 1-95
  • 96. Figure 3-8: Allocating marketing investment according to customer value www.bookfiesta4u.com 1-96
  • 97. Customer Profitability, Company Profitability, and Total Quality Management Increasing Company Profitability Increasing Company Profitability Competitive advantage Competitive advantage www.bookfiesta4u.com 1-97 Competitive advantage Competitive advantage Implementing TQM Implementing TQM Total Quality Management Total Quality Management Quality Quality
  • 98. Chapter 4 Chapter 4 Winning Markets Through Winning Markets Through Market Market- -Oriented Strategic Oriented Strategic Planning Planning by by www.bookfiesta4u.com 1-98 by by PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 99. Kotler on Marketing It is more important It is more important to do what is to do what is strategically right strategically right www.bookfiesta4u.com 1-99 strategically right strategically right than what is than what is immediately immediately profitable. profitable.
  • 100. Chapter Objectives In this chapter, we examine the In this chapter, we examine the following questions: following questions: How is strategic planning carried out at How is strategic planning carried out at the corporate and division levels? the corporate and division levels? How is planning carried out at the How is planning carried out at the www.bookfiesta4u.com 1-100 How is planning carried out at the How is planning carried out at the business unit level? business unit level? What are the major steps in the What are the major steps in the marketing process? marketing process? How is planning carried out at the How is planning carried out at the product level? product level? What does a marketing plan include? What does a marketing plan include?
  • 101. Strategic Planning: Three Key Areas and Four Organization Levels Strategic marketing plan Strategic marketing plan Tactical Tactical marketing plan marketing plan Marketing plan Marketing plan www.bookfiesta4u.com 1-101
  • 102. Corporate and Division Strategic Planning All corporate headquarters undertake All corporate headquarters undertake four planning activities four planning activities Defining the Corporate Mission Defining the Corporate Mission www.bookfiesta4u.com 1-102 Defining the Corporate Mission Defining the Corporate Mission Establishing Strategic Business Units (SBUs) Establishing Strategic Business Units (SBUs) Assigning resources to each SBU Assigning resources to each SBU Planning new businesses, downsizing, or Planning new businesses, downsizing, or terminating older businesses terminating older businesses
  • 103. Corporate and Division Strategic Planning Defining the Corporate Mission Defining the Corporate Mission Mission statements define which competitive Mission statements define which competitive scopes the company will operate in scopes the company will operate in www.bookfiesta4u.com 1-103 Industry scope Industry scope Products and applications scope Products and applications scope Competence scope Competence scope Market Market- -segment scope segment scope Vertical scope Vertical scope Geographical scope Geographical scope
  • 104. Can you name a company that has Can you name a company that has recently changed its product scope recently changed its product scope or market segment scope in a very or market segment scope in a very www.bookfiesta4u.com 1-104 or market segment scope in a very or market segment scope in a very public way? Was this an expansion public way? Was this an expansion or contraction of scope? or contraction of scope?
  • 105. Corporate and Division Strategic Planning Establishing Strategic Business Units Establishing Strategic Business Units (SBUs) (SBUs) www.bookfiesta4u.com 1-105
  • 106. Table 4.1: Product-Oriented versus Market-Oriented Definitions of a Business Company Company Product Definition Product Definition Market Definition Market Definition Missouri Missouri- -Pacific Pacific Railroad Railroad We run a railroad We run a railroad We are a people We are a people- -and and- - goods mover goods mover Xerox Xerox We make copying We make copying equipment equipment We help improve office We help improve office productivity productivity Standard Oil Standard Oil We sell gasoline We sell gasoline We supply energy We supply energy www.bookfiesta4u.com 1-106 Columbia Pictures Columbia Pictures We make movies We make movies We market entertainment We market entertainment Encyclopaedia Encyclopaedia We sell encyclopedias We sell encyclopedias We distribute Information We distribute Information Carrier Carrier We make air We make air conditioners and conditioners and furnaces furnaces We provide climate We provide climate control in the home control in the home
  • 107. Corporate and Division Strategic Planning Three characteristics of SBUs Three characteristics of SBUs Single business or collection of related Single business or collection of related businesses that can be planned for separately businesses that can be planned for separately www.bookfiesta4u.com 1-107 businesses that can be planned for separately businesses that can be planned for separately Has its own set of competitors Has its own set of competitors Has a manager who is responsible for Has a manager who is responsible for strategic planning and profit strategic planning and profit
  • 108. The Growth The Growth- -Share Matrix Share Matrix Relative market share Relative market share Four Cells Four Cells Question Marks Question Marks Stars Stars Cash Cows Cash Cows www.bookfiesta4u.com 1-108 Cash Cows Cash Cows Dogs Dogs SBU Strategies SBU Strategies SBU Lifecycle SBU Lifecycle
  • 109. Can you give an example of a “Star” Can you give an example of a “Star” that skipped “Cash Cow”, and went that skipped “Cash Cow”, and went straight to “Dog” status? straight to “Dog” status? www.bookfiesta4u.com 1-109 straight to “Dog” status? straight to “Dog” status?
  • 110. Corporate and Division Strategic Planning The General Electric Model The General Electric Model www.bookfiesta4u.com 1-110
  • 111. Table 4-2: Factors underlying Market Attractiveness and Competitive Position in GE Multifactor Portfolio Model: Hydraulic-Pumps Market Market Market Attractiveness Attractiveness Overall market size Overall market size Annual market growth rate Annual market growth rate Historical profit margin Historical profit margin Competitive intensity Competitive intensity Technological requirements Technological requirements Inflationary vulnerability Inflationary vulnerability Energy requirements Energy requirements Environmental impact Environmental impact Weight Weight 0.20 0.20 0.20 0.20 0.15 0.15 0.15 0.15 0.15 0.15 0.05 0.05 0.05 0.05 0.05 0.05 Rating = Rating = (1 (1- -5) 5) 4 4 5 5 4 4 2 2 4 4 3 3 2 2 3 3 Value Value 0.80 0.80 1. 1. 0.60 0.60 0.30 0.30 0.60 0.60 0.15 0.15 0.10 0.10 0.15 0.15 www.bookfiesta4u.com 1-111 Environmental impact Environmental impact Social Social- -political political- -legal legal 0.05 0.05 Must be Must be acceptable acceptable 1.0 1.0 3 3 0.15 0.15 3.70 3.70 Business Business Strength Strength Market share Market share Share growth Share growth Product quality Product quality Brand reputation Brand reputation Distribution network Distribution network 0.10 0.10 0.15 0.15 0.10 0.10 0.10 0.10 0.05 0.05 4 4 2 2 4 4 5 5 4 4 0.40 0.40 0.30 0.30 0.40 0.40 0.50 0.50 0.20 0.20 See text for complete table
  • 112. Corporate and Division Strategic Planning Critique of Portfolio Models Critique of Portfolio Models Planning New Businesses, Planning New Businesses, www.bookfiesta4u.com 1-112 Downsizing Older Businesses Downsizing Older Businesses
  • 113. Corporate and Division Strategic Planning Intensive Growth Intensive Growth www.bookfiesta4u.com 1-113
  • 114. Starbucks’ home page: Customers can request a Starbucks’ home page: Customers can request a catalog of Starbucks products, subscribe to a catalog of Starbucks products, subscribe to a newsletter, and shop online newsletter, and shop online www.bookfiesta4u.com 1-114
  • 115. Corporate and Division Strategic Planning Integrative Growth Integrative Growth Diversification Growth Diversification Growth www.bookfiesta4u.com 1-115 Downsizing Older Businesses Downsizing Older Businesses
  • 116. Give an example of a market Give an example of a market segment where integrative growth segment where integrative growth would be preferable to growth would be preferable to growth www.bookfiesta4u.com 1-116 would be preferable to growth would be preferable to growth through diversification. Explain through diversification. Explain why one approach is better why one approach is better than the other. than the other.
  • 117. Business Unit Strategic Planning Business Mission Business Mission SWOT Analysis SWOT Analysis External Environment Analysis External Environment Analysis www.bookfiesta4u.com 1-117 External Environment Analysis External Environment Analysis (Opportunity and Threat Analysis) (Opportunity and Threat Analysis) Marketing Opportunity Marketing Opportunity Buying opportunity more convenient or Buying opportunity more convenient or efficient efficient Meet the need for more information and advice Meet the need for more information and advice Customize an offering that was previously only Customize an offering that was previously only available in standard form available in standard form
  • 118. Give some examples of companies Give some examples of companies that have grown to dominate their that have grown to dominate their market segment by using technology market segment by using technology www.bookfiesta4u.com 1-118 market segment by using technology market segment by using technology to make buying opportunities more to make buying opportunities more convenient and efficient. convenient and efficient.
  • 119. Business Unit Strategic Planning Marketing Opportunity Analysis (MOA) Marketing Opportunity Analysis (MOA) Can the benefits be articulated to a target Can the benefits be articulated to a target market? market? Can the target market be reached with cost Can the target market be reached with cost- - www.bookfiesta4u.com 1-119 Can the target market be reached with cost Can the target market be reached with cost- - effective media and trade channels? effective media and trade channels? Does the company have the critical capabilities Does the company have the critical capabilities to deliver the customer benefits? to deliver the customer benefits? Can the company deliver these benefits better Can the company deliver these benefits better than any actual or potential competitors? than any actual or potential competitors? Will the rate of return meet the required Will the rate of return meet the required threshold of investment? threshold of investment?
  • 120. Figure 4-7: Opportunity and Threat Matrices www.bookfiesta4u.com 1-120
  • 121. Business Unit Strategic Planning Internal Environmental Analysis Internal Environmental Analysis (Strength/Weakness Analysis) (Strength/Weakness Analysis) Goal Formation Goal Formation www.bookfiesta4u.com 1-121 Goal Formation Goal Formation Strategic Strategic Formulation Formulation Strategy Strategy
  • 122. Business Unit Strategic Planning Porter’s Generic Strategies Porter’s Generic Strategies Overall cost leadership Overall cost leadership www.bookfiesta4u.com 1-122 Differentiation Differentiation Focus Focus
  • 123. Travelocity’s Web site helps the consumer plan the Travelocity’s Web site helps the consumer plan the whole vacation whole vacation – – flights, lodging, and car rental.com flights, lodging, and car rental.com www.bookfiesta4u.com 1-123
  • 124. Operational Effectiveness and Strategy Operational Effectiveness and Strategy Strategic group Strategic group Business Unit Strategic Planning www.bookfiesta4u.com 1-124 Strategic alliances Strategic alliances
  • 125. Business Unit Strategic Planning Marketing Alliances Marketing Alliances Product or service alliances Product or service alliances Promotional alliances Promotional alliances Logistical alliances Logistical alliances www.bookfiesta4u.com 1-125 Logistical alliances Logistical alliances Pricing collaborations Pricing collaborations Partner Relationship Partner Relationship Management, PRM Management, PRM Program Formulation and Program Formulation and Implementation Implementation
  • 126. Business Unit Strategic Planning Feedback and Control Feedback and Control www.bookfiesta4u.com 1-126
  • 127. The Marketing Process Steps in the Planning Process Steps in the Planning Process The marketing process The marketing process Analyzing Market Opportunities Analyzing Market Opportunities Developing Marketing Strategies Developing Marketing Strategies www.bookfiesta4u.com 1-127 Planning Marketing Programs Planning Marketing Programs Managing the Marketing Effort Managing the Marketing Effort Annual Annual- -plan control plan control Profitability control Profitability control Strategic control Strategic control
  • 129. Product Planning: The Nature and Contents of a Marketing Plan Contents of the Marketing Plan Contents of the Marketing Plan Executive Summary Executive Summary Current Marketing Situation Current Marketing Situation Opportunity and issue analysis Opportunity and issue analysis www.bookfiesta4u.com 1-129 Opportunity and issue analysis Opportunity and issue analysis Objectives Objectives Marketing strategy Marketing strategy Action programs Action programs Financial projections Financial projections Implementation controls Implementation controls
  • 130. Sample Marketing Plan: Sonic Personal Sample Marketing Plan: Sonic Personal Digital Assistant Digital Assistant Current Marketing Situation Current Marketing Situation Product Planning: The Nature and Contents of a Marketing Plan www.bookfiesta4u.com 1-130 Current Marketing Situation Current Marketing Situation Opportunity and Issue Analysis Opportunity and Issue Analysis Objectives Objectives Action Programs Action Programs Financial Projections Financial Projections
  • 131. Implementation Controls Implementation Controls Marketing Strategy Marketing Strategy Positioning Positioning Product Planning: The Nature and Contents of a Marketing Plan www.bookfiesta4u.com 1-131 Positioning Positioning Product Management Product Management Pricing Pricing Distribution Distribution Marketing Communications Marketing Communications Marketing Research Marketing Research
  • 132. Chapter 5 Chapter 5 Gathering Information and Gathering Information and Measuring Market Demand Measuring Market Demand by by www.bookfiesta4u.com 1-132 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 133. Kotler on Marketing Marketing is Marketing is becoming a battle becoming a battle www.bookfiesta4u.com 1-133 becoming a battle becoming a battle based more on based more on information than information than on sales power. on sales power.
  • 134. Chapter Objectives In this chapter, we focus on the following In this chapter, we focus on the following questions: questions: What are the components of a modern What are the components of a modern marketing information system? marketing information system? What constitutes good marketing research? What constitutes good marketing research? www.bookfiesta4u.com 1-134 What constitutes good marketing research? What constitutes good marketing research? How can marketing decision support systems How can marketing decision support systems help marketing managers make better help marketing managers make better decisions? decisions? How can demand be more accurately How can demand be more accurately measured and forecasted? measured and forecasted?
  • 135. Marketing Information System (MIS) Marketing Information System (MIS) 10 useful questions for determining the 10 useful questions for determining the information needs of marketing information needs of marketing The Components of a Modern Marketing Information System www.bookfiesta4u.com 1-135 information needs of marketing information needs of marketing managers. managers. What decisions do you regularly make? What decisions do you regularly make? What information do you need to make these What information do you need to make these decisions? decisions? What information do you regularly get? What information do you regularly get? What special studies do you periodically request? What special studies do you periodically request?
  • 136. The Components of a Modern Marketing Information System What information would you want that you are not What information would you want that you are not getting now? getting now? What information would you want daily? Weekly? What information would you want daily? Weekly? Monthly? Yearly? Monthly? Yearly? www.bookfiesta4u.com 1-136 Monthly? Yearly? Monthly? Yearly? What magazines and trade reports would you like to What magazines and trade reports would you like to see on a regular basis? see on a regular basis? What topics would you like to be kept informed of? What topics would you like to be kept informed of? What data analysis programs would you want? What data analysis programs would you want? What are the four most helpful improvements that What are the four most helpful improvements that could be made in the present marketing information could be made in the present marketing information system? system?
  • 137. Internal Record Systems The Order The Order- -to to- -Payment Cycle Payment Cycle Sales Information Systems Sales Information Systems www.bookfiesta4u.com 1-137 Sales Information Systems Sales Information Systems Databases, Data Warehouses Databases, Data Warehouses And Data And Data- -Mining Mining
  • 138. Can you name a company that uses Can you name a company that uses targeted mailings to promote new targeted mailings to promote new products, or regional offerings? products, or regional offerings? www.bookfiesta4u.com 1-138 products, or regional offerings? products, or regional offerings?
  • 139. The Marketing Intelligence System A Marketing Intelligence System A Marketing Intelligence System is a set of procedures and sources is a set of procedures and sources used by managers to obtain used by managers to obtain www.bookfiesta4u.com 1-139 used by managers to obtain used by managers to obtain everyday information about everyday information about developments in the marketing developments in the marketing environment. environment.
  • 140. What are some of the potential What are some of the potential hazards a company might face by hazards a company might face by relying too heavily on distributors, relying too heavily on distributors, www.bookfiesta4u.com 1-140 relying too heavily on distributors, relying too heavily on distributors, retailers, or other retailers, or other intermediaries for intermediaries for market intelligence? market intelligence?
  • 141. The Marriott Vacation Club International Web site The Marriott Vacation Club International Web site gives interested customers the opportunity to sell gives interested customers the opportunity to sell themselves on the Marriott offerings themselves on the Marriott offerings www.bookfiesta4u.com 1-141
  • 142. CEOExpress.com is a portal to information CEOExpress.com is a portal to information– –a user a user clicks on a listing and is then connected to that site clicks on a listing and is then connected to that site www.bookfiesta4u.com 1-142
  • 143. Table 5-1: Secondary-Data Sources Secondary Secondary- - Data Sources Data Sources A. A. Internal Sources Internal Sources Company profit Company profit- -loss statements, balance loss statements, balance sheets, sales figures, sales sheets, sales figures, sales- -call reports, call reports, invoices, inventory records, and prior invoices, inventory records, and prior research reports. research reports. B. B. Government Publications Government Publications • • Statistical Abstract of the United States Statistical Abstract of the United States www.bookfiesta4u.com 1-143 • • Statistical Abstract of the United States Statistical Abstract of the United States • • County and City Data Book County and City Data Book • • Industrial Outlook Industrial Outlook • • Marketing Information Guide Marketing Information Guide C. C. Periodicals and Books Periodicals and Books • • Business Periodicals Index Business Periodicals Index • • Standard and Poor’s Industry Standard and Poor’s Industry See text for complete table
  • 144. Marketing Research System Marketing Research Marketing Research Suppliers of Marketing Research Suppliers of Marketing Research Engaging students or professors to Engaging students or professors to design and carry out projects design and carry out projects Using the Internet Using the Internet www.bookfiesta4u.com 1-144 Using the Internet Using the Internet Checking out rivals Checking out rivals Syndicated Syndicated- -service research firms service research firms Custom marketing research firms Custom marketing research firms Specialty Specialty- -line marketing research line marketing research firms firms
  • 146. Marketing Research System The Marketing Research Process The Marketing Research Process Step 1: Define the Problem, the Step 1: Define the Problem, the Decision Alternatives, and the Decision Alternatives, and the Research Objectives Research Objectives www.bookfiesta4u.com 1-146 Research Objectives Research Objectives Step 2: Develop the Step 2: Develop the Research Plan Research Plan Data Sources Data Sources Research Approaches Research Approaches Observational research Observational research Focus group research Focus group research
  • 147. Marketing Research System Survey research Behavioral data Experimental research Research Instruments Research Instruments www.bookfiesta4u.com 1-147 Research Instruments Research Instruments Questionnaires Questionnaires Psychological tools Psychological tools Mechanical devices Mechanical devices Quantitative measures Quantitative measures
  • 148. Table 5-2: Types of Questions Children only Children only No one No one With whom are you traveling on this flight? With whom are you traveling on this flight? A question with three or more answers. A question with three or more answers. Multiple Multiple Choice Choice In arranging this trip, did you personally phone American? In arranging this trip, did you personally phone American? Yes No Yes No A question with two possible answers. A question with two possible answers. Dichotomous Dichotomous Example Example Description Description Name Name A. Closed A. Closed- -end Questions end Questions www.bookfiesta4u.com 1-148 See text for complete table 1_____ 2 _____ 3_____ 4_____ 5_____ 1_____ 2 _____ 3_____ 4_____ 5_____ Small airlines generally give better service than large ones. Small airlines generally give better service than large ones. Strongly Disagree Neither agree Agree Strongly Strongly Disagree Neither agree Agree Strongly disagree nor disagree agree disagree nor disagree agree A statement with which the respondent A statement with which the respondent shows the amount of agreement/ shows the amount of agreement/ disagreement. disagreement. Likert scale Likert scale An organized tour group An organized tour group Spouse and Spouse and children children Business associates/friends/relatives Business associates/friends/relatives Spouse Spouse
  • 149. Marketing Research System Sampling Plan Sampling unit Sample size www.bookfiesta4u.com 1-149 Sampling procedure
  • 150. www.wansink.com is a consumer psychology Web site set up by Dr. Brian Wansink of the University of Illinois www.bookfiesta4u.com 1-150
  • 151. A. A.Probability Sample Probability Sample Simple random sample Simple random sample Every member of the population has an Every member of the population has an equal chance of selection equal chance of selection Stratified random Stratified random sample sample The population is divided into mutually The population is divided into mutually exclusive groups (such as age groups), exclusive groups (such as age groups), and random samples are drawn from and random samples are drawn from Table 5-3: Probability and Nonprobability Samples www.bookfiesta4u.com 1-151 and random samples are drawn from and random samples are drawn from each group each group Cluster (area) sample Cluster (area) sample The population is divided into mutually The population is divided into mutually exclusive groups (such as city blocks), exclusive groups (such as city blocks), and the researcher draws a sample of and the researcher draws a sample of the groups to interview the groups to interview Continued on next slide . . .
  • 152. B. B.Nonprobability Nonprobability Sample Sample Convenience sample Convenience sample The researcher selects the most The researcher selects the most accessible population members accessible population members Judgment sample Judgment sample The researcher selects population The researcher selects population members who are good prospects for members who are good prospects for Table 5-3: Probability and Nonprobability Samples (Continued) www.bookfiesta4u.com 1-152 members who are good prospects for members who are good prospects for accurate information accurate information Quota sample Quota sample The researcher finds and interviews a The researcher finds and interviews a prescribed number of people in each of prescribed number of people in each of several categories several categories
  • 153. Marketing Research System Contact Methods Mail questionnaire Personal interviewing Arranged interviews Intercept interviews www.bookfiesta4u.com 1-153 Intercept interviews Online methods Click-stream Cookies Automated telephone surveys
  • 154. Marketing Research System Step 3: Collect the Information Step 4: Analyze the Information www.bookfiesta4u.com 1-154 Information Step 5: Present the Findings Step 6: Make the Decision
  • 155. Table 5-4: The Seven Characteristics of Good Marketing Research 1. Scientific 1. Scientific method method Effective marketing research uses the principles Effective marketing research uses the principles of the scientific method: careful observation, of the scientific method: careful observation, formulation of hypotheses, prediction, and testing. formulation of hypotheses, prediction, and testing. 2. Research 2. Research creativity creativity At its best, marketing research develops At its best, marketing research develops innovative ways to solve a problem: a clothing innovative ways to solve a problem: a clothing company catering to teenagers gave several company catering to teenagers gave several www.bookfiesta4u.com 1-155 company catering to teenagers gave several company catering to teenagers gave several young men video cameras, then used the videos young men video cameras, then used the videos for focus groups held in restaurants and other for focus groups held in restaurants and other places teens frequent. places teens frequent. 3. Multiple 3. Multiple methods methods Marketing researchers shy away from overreliance Marketing researchers shy away from overreliance on any one method. They also recognize the value on any one method. They also recognize the value of using two or three methods to increase of using two or three methods to increase confidence in the results. confidence in the results. See text for complete table
  • 156. Marketing Research System Overcoming Barriers to the Use of Overcoming Barriers to the Use of Marketing Research Marketing Research A narrow conception of the research A narrow conception of the research www.bookfiesta4u.com 1-156 Uneven caliber of researchers Uneven caliber of researchers Poor framing of the problem Poor framing of the problem Late and occasionally erroneous findings Late and occasionally erroneous findings Personality and presentational differences Personality and presentational differences
  • 157. Marketing Decision Support System Marketing Decision Support Marketing Decision Support System (MDSS) System (MDSS) Marketing and sales software programs www.bookfiesta4u.com 1-157 software programs BRANDAID CALLPLAN DETAILER GEOLINE MEDIAC PROMOTER ADCAD CONVERSTORY
  • 158. Table 5-5: Quantitative Tools Used in Marketing Decision Support Systems Statistical Tools Statistical Tools 1. Multiple 1. Multiple regression: regression: A statistical technique for estimating a “best fitting” A statistical technique for estimating a “best fitting” equation showing how the value of a dependent variable equation showing how the value of a dependent variable varies with changing values in a number of independent varies with changing values in a number of independent variables. variables. Example Example: A company can estimate how unit : A company can estimate how unit sales are influenced by changes in the level of company sales are influenced by changes in the level of company advertising expenditures, sales force size, and price. advertising expenditures, sales force size, and price. 2. Discriminant 2. Discriminant analysis: analysis: A statistical technique for classifying an object or A statistical technique for classifying an object or persons into two or more categories. persons into two or more categories. Example Example: A large : A large www.bookfiesta4u.com 1-158 analysis: analysis: persons into two or more categories. persons into two or more categories. Example Example: A large : A large retail chain store can determine the variables that retail chain store can determine the variables that discriminate between successful and unsuccessful store discriminate between successful and unsuccessful store locations. locations. 3. Factor 3. Factor analysis: analysis: A statistical technique used to determine the few A statistical technique used to determine the few underlying dimensions of a larger set of intercorrelated underlying dimensions of a larger set of intercorrelated variables. variables. Example Example: A broadcast network can reduce a : A broadcast network can reduce a large set of TV programs down to a small set of basic large set of TV programs down to a small set of basic program types. program types. See text for complete table
  • 159. Forecasting and Demand Measurement The Measures of Market Demand The Measures of Market Demand Figure 5-3: Ninety www.bookfiesta4u.com 1-159 Figure 5-3: Ninety Types of Demand Measurement (6X5X3)
  • 160. Which Market to Measure? Market Potential market Available market Forecasting and Demand Measurement www.bookfiesta4u.com 1-160 Available market Target market (severed market) Penetrated market A Vocabulary for Demand Measurement Market Demand Market share Market penetration index Share penetration index
  • 161. Figure 5-4: Market Demand Functions Forecasting and Demand Measurement www.bookfiesta4u.com 1-161
  • 162. Can you name a market segment Can you name a market segment with a low penetration index? A with a low penetration index? A high penetration index? Can you high penetration index? Can you www.bookfiesta4u.com 1-162 high penetration index? Can you high penetration index? Can you think of a market where the high think of a market where the high penetration index might be a penetration index might be a misleading indicator? misleading indicator?
  • 163. Forecasting and Demand Measurement Market Forecast Market Forecast Market Potential Market Potential Product penetration Product penetration percentage percentage www.bookfiesta4u.com 1-163 percentage percentage Company Demand Company Demand Company Sales Company Sales Forecast Forecast Sales quota Sales quota Sales budget Sales budget Company Sales Potential Company Sales Potential
  • 164. Estimating Current demand Estimating Current demand Total Market Potential Total Market Potential Area Market Potential Area Market Potential Forecasting and Demand Measurement www.bookfiesta4u.com 1-164 Area Market Potential Area Market Potential Market Market- -Buildup Method Buildup Method
  • 165. Table 5-6: Market-Buildup Method Using SIC Codes SIC SIC (a) (a) Annual Annual Sales in Sales in Millions Millions of $ of $ (b) (b) Number of Number of Establishments Establishments (c) (c) Potential Potential Number Number of Lathe Sales of Lathe Sales Per $1 Million Per $1 Million Customer Sales Customer Sales Market Market Potential Potential (a x b x c) (a x b x c) www.bookfiesta4u.com 1-165 SIC SIC of $ of $ Establishments Establishments Customer Sales Customer Sales (a x b x c) (a x b x c) 2511 2511 1 1 6 6 10 10 60 60 5 5 2 2 10 10 100 100 2521 2521 1 1 3 3 5 5 15 15 5 5 1 1 5 5 25 25 30 30 200 200
  • 166. Forecasting and Demand Measurement Multiple-Factor Index Method www.bookfiesta4u.com 1-166 Brand development Brand development index (BDI) index (BDI)
  • 167. Table 5-7: Calculating the Brand Development Index (BDI) (a) (a) Percent of Percent of U.S. Brand U.S. Brand (b) (b) Percent of Percent of U.S. Category U.S. Category BDI BDI Territory Territory Sales Sales Sales Sales (a (a ÷ ÷ ÷ ÷ ÷ ÷ ÷ ÷ b) x 100 b) x 100 Seattle Seattle 3.09 3.09 2.71 2.71 114 114 www.bookfiesta4u.com 1-167 Portland Portland 6.74 6.74 10.41 10.41 65 65 Boston Boston 3.49 3.49 3.85 3.85 91 91 Toledo Toledo .97 .97 .81 .81 120 120 Chicago Chicago 1.13 1.13 .81 .81 140 140 Baltimore Baltimore 3.12 3.12 3.00 3.00 104 104
  • 168. Forecasting and Demand Measurement Industry Sales and Market Shares Estimating Future Demand Survey of Buyers’ Intentions www.bookfiesta4u.com 1-168 Survey of Buyers’ Intentions Forecasting Purchase probability scale
  • 169. Forecasting and Demand Measurement Composite of Sales Force Opinions Expert Opinion Group discussion method Pooling of individual estimates www.bookfiesta4u.com 1-169 Pooling of individual estimates Past-Sales Analysis Time-series analysis Exponential smoothing Statistical demand analysis Econometric analysis Market-Test Method
  • 170. Chapter 6 Chapter 6 Scanning the Marketing Scanning the Marketing Environment Environment by by www.bookfiesta4u.com 1-170 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 171. Kotler on Marketing Today you Today you have to run have to run faster to stay faster to stay www.bookfiesta4u.com 1-171 faster to stay faster to stay in place. in place.
  • 172. Chapter Objectives In this chapter, we focus on two In this chapter, we focus on two questions: questions: What are the key methods for tracking and What are the key methods for tracking and www.bookfiesta4u.com 1-172 What are the key methods for tracking and What are the key methods for tracking and identifying opportunities in the identifying opportunities in the macroenvironment? macroenvironment? What are the key demographic, economic, What are the key demographic, economic, natural, technological, political, and cultural natural, technological, political, and cultural developments? developments?
  • 173. Analyzing Needs and Trends in the Macroenvironment Trend Trend Fad Fad Megatrends Megatrends www.bookfiesta4u.com 1-173 Megatrends Megatrends
  • 174. Given the definitions for fads, Given the definitions for fads, trends, and megatrends presented in trends, and megatrends presented in the text, how would you define the text, how would you define your your www.bookfiesta4u.com 1-174 the text, how would you define the text, how would you define your your online activities? Can you identify online activities? Can you identify an online trend that is likely an online trend that is likely to grow into a megatrend? to grow into a megatrend?
  • 175. The substantial speedup of international The substantial speedup of international transportation, communication, and financial transportation, communication, and financial transactions, leading to the rapid growth of world trade transactions, leading to the rapid growth of world trade and investment, especially tripolar trade (North and investment, especially tripolar trade (North America, Western Europe, Far East) America, Western Europe, Far East) Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-175 America, Western Europe, Far East) America, Western Europe, Far East) The movement of manufacturing capacity and skills to The movement of manufacturing capacity and skills to lower cost countries. lower cost countries. The rising economic power of several Asian countries The rising economic power of several Asian countries in world markets. in world markets. The rise of trade blocks such as the European Union The rise of trade blocks such as the European Union and NAFTA signatories. and NAFTA signatories.
  • 176. The severe debt problems of a number of countries, The severe debt problems of a number of countries, along with the increasing fragility of the international along with the increasing fragility of the international financial system. financial system. The increasing use of barter and countertrade to The increasing use of barter and countertrade to support international transactions. support international transactions. Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-176 support international transactions. support international transactions. The move toward market economies in formerly The move toward market economies in formerly socialist countries along with rapid privatization of socialist countries along with rapid privatization of publicly owned companies. publicly owned companies. The rapid dissemination of global lifestyles. The rapid dissemination of global lifestyles. The gradual opening of major new markets, namely The gradual opening of major new markets, namely China, India, eastern Europe, the Arab countries, and China, India, eastern Europe, the Arab countries, and Latin America. Latin America.
  • 177. The increasing tendency of multinationals to transcend The increasing tendency of multinationals to transcend their locational and national characteristics and their locational and national characteristics and become transnational firms. become transnational firms. The increasing number of cross The increasing number of cross- -border corporate border corporate strategic alliances strategic alliances– –for example, MCI and British for example, MCI and British Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-177 strategic alliances strategic alliances– –for example, MCI and British for example, MCI and British Telecom, and Texas Instruments and Hitachi. Telecom, and Texas Instruments and Hitachi. The increasing ethnic and religious conflicts in certain The increasing ethnic and religious conflicts in certain countries and regions. countries and regions. The growth of global brands in autos, food, clothing, The growth of global brands in autos, food, clothing, electronics. electronics.
  • 178. Demographic Environment Demographic Environment Worldwide Population Worldwide Population Growth Growth Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-178 Growth Growth Population Age Mix Population Age Mix Ethnic and Other Ethnic and Other Markets Markets
  • 179. Can you identify one or more Can you identify one or more nations whose populations hold the nations whose populations hold the promise of huge potential markets promise of huge potential markets for consumer goods? How have for consumer goods? How have www.bookfiesta4u.com 1-179 for consumer goods? How have for consumer goods? How have pressures from potential marketers pressures from potential marketers to these untapped consumer to these untapped consumer groups driven the political groups driven the political discussion on a national discussion on a national and international level? and international level?
  • 180. Educational Groups Educational Groups Household Patterns Household Patterns Geographical Shifts in Geographical Shifts in Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-180 Geographical Shifts in Geographical Shifts in Population Population From a Mass Market From a Mass Market to Micromarkets to Micromarkets
  • 181. Economic Environment Economic Environment Income Distribution Income Distribution Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-181 Savings, Debt, and Savings, Debt, and Credit Availability Credit Availability
  • 182. Natural Environment Natural Environment Shortage of Raw Materials Shortage of Raw Materials Increased Energy Cost Increased Energy Cost Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-182 Increased Energy Cost Increased Energy Cost Anti Anti- -Pollution Pressures Pollution Pressures Changing Role of Governments Changing Role of Governments
  • 183. Technological Environment Technological Environment Accelerating Pace of Change Accelerating Pace of Change Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-183 Unlimited Opportunities Unlimited Opportunities for Innovation for Innovation
  • 184. Varying RD Budgets Varying RD Budgets Increased Regulation of Increased Regulation of Technological Change Technological Change Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-184 Political Political- -Legal Environment Legal Environment Legislation Regulating Legislation Regulating Business Business Growth of Special Growth of Special- -Interest Interest Groups Groups Consumerist movement Consumerist movement
  • 185. Social Social- -Cultural Cultural Environment Environment Views of themselves Views of themselves Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-185 Views of themselves Views of themselves Views of others Views of others Views of organizations Views of organizations Views of society Views of society Views of nature Views of nature Views of universe Views of universe
  • 186. High Persistence of Core High Persistence of Core Cultural Values Cultural Values Existence of subcultures Existence of subcultures Identifying and Responding to the Major Macroenvironment Forces www.bookfiesta4u.com 1-186 Existence of subcultures Existence of subcultures Subcultures Subcultures Shifts of Secondary Cultural Shifts of Secondary Cultural Values Through Time Values Through Time
  • 187. Chapter 7 Chapter 7 Analyzing Consumer Analyzing Consumer Markets and Buyer Behavior Markets and Buyer Behavior by by www.bookfiesta4u.com 1-187 PowerPoint by PowerPoint by Milton M. Pressley Milton M. Pressley University of New Orleans University of New Orleans
  • 188. Kotler on Marketing The most The most important important thing is to thing is to www.bookfiesta4u.com 1-188 forecast where forecast where customers are customers are moving, and moving, and be in front of be in front of them. them.
  • 189. In this chapter, we focus on two questions: In this chapter, we focus on two questions: How do the buyers’ characteristics How do the buyers’ characteristics – – cultural, cultural, social, personal, and psychological social, personal, and psychological – – influence influence Chapter Objectives www.bookfiesta4u.com 1-189 social, personal, and psychological social, personal, and psychological – – influence influence buying behavior? buying behavior? How does the buyer make purchasing How does the buyer make purchasing decisions? decisions?
  • 190. Consumer Behavior Consumer Behavior Cultural Factors Cultural Factors Culture Culture Subcultures Subcultures Diversity marketing Diversity marketing Influencing Buyer Behavior www.bookfiesta4u.com 1-190 Diversity marketing Diversity marketing Social class Social class
  • 191. Social Factors Social Factors Reference Groups Reference Groups Reference groups Reference groups Membership groups Membership groups Influencing Buyer Behavior www.bookfiesta4u.com 1-191 Membership groups Membership groups Primary groups Primary groups Secondary groups Secondary groups Aspirational groups Aspirational groups Dissociative groups Dissociative groups Opinion leader Opinion leader
  • 192. Table 7.1: Characteristics of Major U.S. Social Classes 1. 1. Upper Uppers Upper Uppers (less than 1%) (less than 1%) The social elite who live on inherited wealth. They The social elite who live on inherited wealth. They give large sums to charity, run the debutante balls, give large sums to charity, run the debutante balls, maintain more than one home, and send their maintain more than one home, and send their children to the finest schools. They are a market for children to the finest schools. They are a market for jewelry, antiques, homes, and vacations. They often jewelry, antiques, homes, and vacations. They often buy and dress conservatively. Although small as a buy and dress conservatively. Although small as a group, they serve as a reference group to the extent group, they serve as a reference group to the extent that their consumption decisions are imitated by the that their consumption decisions are imitated by the other social classes. other social classes. www.bookfiesta4u.com 1-192 See text for complete table other social classes. other social classes. 2. 2. Lower Uppers Lower Uppers (about 2%) (about 2%) Persons, usually from the middle class, who have Persons, usually from the middle class, who have earned high income or wealth through exceptional earned high income or wealth through exceptional ability in the professions or business. They tend to ability in the professions or business. They tend to be active in social and civic affairs and to buy the be active in social and civic affairs and to buy the symbols of status for themselves and their children. symbols of status for themselves and their children. They include the nouveau riche, whose pattern of They include the nouveau riche, whose pattern of conspicuous consumption is designed to impress conspicuous consumption is designed to impress those below them. those below them.
  • 193. Secondary groups Secondary groups Aspirational groups Aspirational groups Dissociative groups Dissociative groups Opinion leader Opinion leader Influencing Buyer Behavior www.bookfiesta4u.com 1-193 Opinion leader Opinion leader
  • 194. Family Family Family of orientation Family of orientation Family of procreation Family of procreation Roles and Statuses Roles and Statuses Influencing Buyer Behavior www.bookfiesta4u.com 1-194 Roles and Statuses Roles and Statuses Role Role Status Status
  • 195. With the “graying” of the American populace, With the “graying” of the American populace, marketers have begun to shift images and marketers have begun to shift images and cultural references in advertising from things cultural references in advertising from things that are relevant to the twenty that are relevant to the twenty- -somethings to somethings to www.bookfiesta4u.com 1-195 that are relevant to the twenty that are relevant to the twenty- -somethings to somethings to images of active seniors, and soundtracks images of active seniors, and soundtracks from the sixties and seventies. Can you from the sixties and seventies. Can you identify any particular identify any particular ad campaigns that fit ad campaigns that fit this pattern? this pattern?
  • 196. Personal Factors Personal Factors Age and Stage in the Life Cycle Age and Stage in the Life Cycle Family life cycle Family life cycle Influencing Buyer Behavior www.bookfiesta4u.com 1-196 Family life cycle Family life cycle Occupation and Economic Occupation and Economic Circumstances Circumstances
  • 197. In recent years, many organizations have In recent years, many organizations have “provided” televisions with limited programming “provided” televisions with limited programming access for use in K access for use in K- -12 classrooms. Do these 12 classrooms. Do these entities have a moral obligation to avoid overt entities have a moral obligation to avoid overt www.bookfiesta4u.com 1-197 entities have a moral obligation to avoid overt entities have a moral obligation to avoid overt marketing to their captive audiences, or is this a marketing to their captive audiences, or is this a valid tool for introducing offerings to future valid tool for introducing offerings to future consumers? What should the consumers? What should the responsibilities of the educators responsibilities of the educators be in these situations? be in these situations?
  • 198. Table 7.2: Stages in the Family Life Cycle 1. Bachelor stage: 1. Bachelor stage: Young, single, not living Young, single, not living at home at home Few financial burdens. Fashion opinion Few financial burdens. Fashion opinion leaders. Recreation oriented. Buy: basic home leaders. Recreation oriented. Buy: basic home equipment, furniture, cars, equipment for the equipment, furniture, cars, equipment for the mating game; vacations. mating game; vacations. 2. Newly married 2. Newly married couples: couples: Young, no children Young, no children Highest purchase rate and highest average Highest purchase rate and highest average purchase of durables: cars, appliances, purchase of durables: cars, appliances, furniture, vacations. furniture, vacations. 3. Full nest I: 3. Full nest I: Home purchasing at peak. Liquid assets low. Home purchasing at peak. Liquid assets low. www.bookfiesta4u.com 1-198 See text for complete table 3. Full nest I: 3. Full nest I: Youngest child under Youngest child under six six Home purchasing at peak. Liquid assets low. Home purchasing at peak. Liquid assets low. Interested in new products, advertised Interested in new products, advertised products. Buy: washers, dryers, TV, baby food, products. Buy: washers, dryers, TV, baby food, chest rubs and cough medicines, vitamins, chest rubs and cough medicines, vitamins, dolls, wagons, sleds, skates. dolls, wagons, sleds, skates. 4. Full nest II: 4. Full nest II: Youngest child six or Youngest child six or over over Financial position better. Less influenced by Financial position better. Less influenced by advertising. Buy larger advertising. Buy larger- -size packages, size packages, multiple multiple- -unit deals. Buy: many foods, cleaning unit deals. Buy: many foods, cleaning materials, bicycles, music lessons, pianos. materials, bicycles, music lessons, pianos.
  • 199. Figure 7.2: The VALS segmentation system: An 8-part typology Groups with High Groups with High Resources Resources 1. 1. Actualizers Actualizers 2. 2. Fulfilleds Fulfilleds 3. 3. Achievers Achievers www.bookfiesta4u.com 1-199 3. 3. Achievers Achievers 4. 4. Experiencers Experiencers Groups with Lower Groups with Lower Resources Resources 1. 1. Believers Believers 2. 2. Strivers Strivers 3. 3. Makers Makers 4. 4. Strugglers Strugglers
  • 200. SRI Consulting Business Intelligence’s Web site SRI Consulting Business Intelligence’s Web site www.bookfiesta4u.com 1-200
  • 201. Personality and Self Personality and Self- -Concept Concept Personality Personality Brand personality Brand personality Sincerity Sincerity Excitement Excitement Influencing Buyer Behavior www.bookfiesta4u.com 1-201 Excitement Excitement Competence Competence Sophistication Sophistication Ruggedness Ruggedness Self Self- -concept concept Person’s actual self Person’s actual self- -concept concept Ideal self Ideal self- -concept concept Others’ self Others’ self- -concept concept
  • 202. Psychological Factors Psychological Factors Motivation Motivation Motive Motive Freud’s Theory Freud’s Theory Influencing Buyer Behavior www.bookfiesta4u.com 1-202 Freud’s Theory Freud’s Theory Laddering Laddering Projective techniques Projective techniques
  • 203. Ernest Dichter’s research found: Ernest Dichter’s research found: Consumers resist prunes because prunes are Consumers resist prunes because prunes are wrinkled looking and remind people of old age. wrinkled looking and remind people of old age. Men smoke cigars as an adult version of thumb Men smoke cigars as an adult version of thumb sucking. sucking. Influencing Buyer Behavior www.bookfiesta4u.com 1-203 sucking. sucking. Women prefer vegetable shortening to animal Women prefer vegetable shortening to animal fats because the latter arouse a sense of guilt fats because the latter arouse a sense of guilt over killing animals. over killing animals. Women don’t trust cake mixes unless they Women don’t trust cake mixes unless they require adding an egg, because this helps them require adding an egg, because this helps them feel they are giving “birth.” feel they are giving “birth.”
  • 204. Maslow’s Theory Maslow’s Theory Influencing Buyer Behavior Figure 7.3: www.bookfiesta4u.com 1-204 Figure 7.3: Maslow’s Hierarchy of Needs