Bmgt 411 week_2

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Bmgt 411 week_2

  1. 1. BMGT Week 2: September 3 2013 Kottler Chapter2 1: Marketing Management Chapter 2: Connecting with Customers 1
  2. 2. BGMT 411: Chapter 1 • What is Marketing: • Identifying human and social needs • Identifying needs profitably • 4 P’s Of Marketing 2
  3. 3. BGMT 411: Chapter 1 • 4 P’s of Marketing: • Price • Product • Place • Promotion • People • Partnerships 3
  4. 4. BGMT411: Chapter 1 • Marketing Management: The art and science of choosing target markets and getting, keeping, and growing customers through creating, delivering, and communicating superior customer value • What is value? • Price? • Convenience • Luxury • Status 4
  5. 5. Goods P&G Pamper’s Diapers 5
  6. 6. Services Kindercare Daycare Centers 6
  7. 7. Events 2013 Chesney 7
  8. 8. Experiences Skydiving Experiences 8
  9. 9. Apple Product Experience http://www.youtube.com/watch? v=Zr1s_B0zqX0 9
  10. 10. • Other things that are marketed widely: • People • Places • Properties • Organizations • Information • Ideas BGMT 411: Chapter 1 10
  11. 11. • Can you think of companies that: • Market more than one thing on the list? • Used to market something, then added additional things to market? • Became well known for a new marketing entity in addition to the one that got them started? BGMT 411: Chapter 1 11
  12. 12. Disney Experiences, Events, People, 12
  13. 13. IBM Became Known for PC’s, Does not Make them Anymore 13
  14. 14. Apple Genius Bar and Experiences 14
  15. 15. Needs, Wants, Demands Stated Needs: The customer wants an SUV Real Needs: The customer does not want to pay over 25K Unstated Needs: The customer would like to get good gas mileage Delight Needs: Innovative system like SYNC for navigating and linking up iPhone Secret Needs: The customer wants to be viewed as a trend setter 15
  16. 16. Needs, Wants, Demands Stated Needs: The customer wants an SUV Real Needs: Looking for a luxury SUV that reflect’s executive status Unstated Needs: The customer would like hassle free service at regular intervals Delight Needs: Free oil changes for 5 years, Hassle Free ownership Secret Needs: The customer wants to be viewed as successful among friends and family 16
  17. 17. BGMT411: Chapter 1 • Target Market: The market that presents the greatest opportunity to a marketer • Demographics • Psychographics • Behaviors • Segmentation: Distinct groups of buyers who might prefer product and service mixes. Segmentation and target markets are very similar • Often time marketers will try to segment their best customers, and identify key trends to find more like them 17
  18. 18. BGMT411: Chapter 1 • Value Proposition: A set of benefits that satisfy needs of potential customers, often made real by an offering • Brand Image: The association in people’s minds hen they think of your product and service • Companies spend millions of dollars building brands over time, trying to build long term relationships with customers and prospects 18
  19. 19. http://brandirectory.com/ league_tables/table/ 19
  20. 20. • Marketing Channels: • Communication Channels: Mass Media, Targeted Media, Interactive, and Social Media • Distribution Channels: How to get the finished products or goods to the end consumer, retailers, web sites, etc • Service Channels: How to get the service into the customers hands vs a product (Ex. Bank) BGMT 411: Chapter 1 20
  21. 21. Channel Disruption: Dollar 21
  22. 22. • Marketing Concepts: • Production Concept: Products are widely available and inexpensive (Produce as much as you can at the lowest cost) • Product Concept: Customers prefer products that offer the most quality or innovation • Selling Concept: Aggressive marketing using communication channels and distribution channels to influence buys BGMT 411: Chapter 1 22
  23. 23. • Marketing Vs. Selling: • Selling: Preoccupied with the sellers need to convert their product to cash • Marketing: Focuses on the needs of the buyer, satisfying a customers needs not only by the product, but the entire experience around it BGMT 411: Chapter 1 23
  24. 24. Holistic Marketing Concept: development, design, and implementation of marketing programs, processes, activities (Everything matters). Added 4 Additional P’s: People, Processes, Programs, and Performance. 24
  25. 25. • Performance Marketing: • Financial Accountability: All spends are justified, with a clear ROI metric to measure the campaign • Social Accountability: Ethical, environmental, legal, and social aspects that help build a brand - often associated with the needs and wants of the target market BGMT 411: Chapter 1 25
  26. 26. • The Role of a Marketing Manager: 1.Develop Marketing Strategies and Plans 2.Capture Marketing Insights 3.Connect with Customers 4.Build Strong Brands 5.Shape the Product Offerings 6.Deliver Value 7.Communicate Value BGMT 411: Chapter 1 26
  27. 27. BMGT 411: Kottler Chapter 2 Developing Marketing Strategies and Plans 27
  28. 28. BMGT 411: Chapter 2 ✤ Characteristics of a Great Marketing Company: ✤ Selects superior target markets in which it enjoys advantages ✤ All employees are customer focused ✤ Good working relationship across departments ✤ Incentives designed to lead to the right behaviors (Long Term Loyalty) ✤ Continuously build and tracks customer loyalty ✤ Skilled at building brand name and image ✤ Flexible in meeting customer demands 28
  29. 29. Examples of Great Marketing Companies ✤ Starbucks ✤ Customer focused ✤ Strong loyalty ✤ Brand name and image 29
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  31. 31. BGMT 411: Chapter 2 ✤ Creating Customer Value ✤ Value Exploration: How a company identifies new value opportunities ✤ Ex. Netflix Streaming Video ✤ Value Creation: How a company efficiently creates more promising new value offering ✤ Ford Sync System ✤ Value Delivery: How a company uses it’s capabilities and infrastructure to deliver new offerings more efficiently 31
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  33. 33. BGMT 411: Chapter 2 ✤ Marketing Plan: The central instrument for directing and coordinating the marketing effort, operating at both strategic and tactical levels ✤ Strategic Marketing Plan: Often developed during annual plan, includes research, position, and strategies for growth - PowerPoint ✤ Tactical Marketing Plan: Outlines specific marketing tactics and timing 33
  34. 34. Tactical Marketing Plan Example 34
  35. 35. BMGT 411: Chapter 2 ✤ Contents of a Strategic Marketing Plan (Note for Project) ✤ Executive Summary ✤ Situational Analysis - Including SWOT, Sales Trends, Internal Data, what is going on today ✤ Marketing Strategy - Mission, Marketing Objective, Financial Objectives ✤ Financial Projections ✤ Tactical Plan Overview 35
  36. 36. Strategic Business Units 36
  37. 37. BMGT 411: Chapter 2 ✤ Marketing Plan Development: Large Organizations ✤ Begins at the Company Level - Profit drivers identified and Focus Strategic Business Units Identified ✤ Marketing Plans Allocated by SBU ✤ SBU Distributes Funds by Brand ✤ Each Brand Develops Marketing Plans to Meet Brand, SBU, and Company Goals 37
  38. 38. Assessing Growth Opportunitie$ 38
  39. 39. BMGT 411: Chapter 2 ✤ SWOT Analysis: The overall evaluation of a companies strength’s, weaknesses, opportunities, and threats ✤ Internal ✤ Strengths: What is your key strength’s? What should you focus on? ✤ Weaknesses: What are some area’s that could improve? Could you make customers believe these are strengths? ✤ External ✤ Opportunities: Changes in the economy, population growth, competitor closing ✤ Threats: Changes in the environment that may risk your products growth 39
  40. 40. BMGT 411: Chapter 2 ✤ Michael Korrs ✤ Whole Foods ✤ Apple ✤ Ford ✤ Target ✤ Chipotle ✤ Coors Light ✤ Point Park University 40
  41. 41. BMGT 411: Chapter 2 ✤ How to measure marketing plan performance: 1. Sales Analysis: STS Sales, YOY Sales, YTD Sales 2. Market Share Analysis: Increases in share vs key competition based on Nielsen data or other 3rd party data 3. Marketing Expense to Sales Analysis: Often used in declining brands to maintain sales with a lower marketing expense 4. Financial Analysis: Profit Margin, ROMI or Return on Marketing Investment 41
  42. 42. BMGT 411: Chapter 2 What do you think will be the key metrics for the Wigle Whiskey Marketing Plan? 42
  43. 43. BMGT 411: Week 3 Prep • Written Assignment #2: Develop a SWOT Analysis for Wigle Wiskey and Present it to the class. Leverage Wood Chapter 2 • Post Answers to Blog • Kottler: Read • Chapters 3 - Collecting Information and Forecasting Demand • Chapter 4 - Creating Long Term Loyal Relationships • Wood: Read Chapter 2 - Analyzing the Current Situation 43

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