This document discusses key concepts for developing marketing strategies for customer-centric organizations, including conducting market analysis and segmentation. Some key points covered are:
- The importance of understanding consumer trends, markets, and effective communication methods to reach target audiences.
- Characteristics of customer-centric organizations like having a shared vision focused on serving customers.
- Conducting market analysis to understand strengths, competitors, and the business environment to minimize risks.
- The process of market segmentation to identify groups with similar behaviors to better target customers.
- Elements of the marketing mix like developing products that provide value, and choosing appropriate distribution, pricing, and promotion.
Mkt 421 final exam guide (new, 2017) newnoahjamessss
MKT 421 Final Exam Guide (New, 2017) NEW
Check this A+ tutorial guideline at
http://mkt421entirecourse.com/mkt-421-new/mkt-421-final-exam-guide-latest
For more classes visit
http://mkt421entirecourse.com
__________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing.
Relationship marketing
Digital marketing
Customer relationship management
Environmental scanning
Account-Based Marketing: Foundations and Strategy Demandbase
Please join us on Wednesday, September 3rd for an Account-Based Marketing Webinar with Demandbase’s Senior Manager of Campaign Strategy Sarah Nels.
You will learn:
The fundamentals of deploying an Account-Based Marketing framework, How to better understand the market segments and attributes of your best customers as the foundation of a target account list, To review strategies for aligning sales and marketing around a common list of target accounts, through interactive examples, and Explore both offsite and onsite personalization strategies to complete the buyer’s journey.
Mkt 421 final exam guide (new, 2017) newnoahjamessss
MKT 421 Final Exam Guide (New, 2017) NEW
Check this A+ tutorial guideline at
http://mkt421entirecourse.com/mkt-421-new/mkt-421-final-exam-guide-latest
For more classes visit
http://mkt421entirecourse.com
__________ is best defined as the process of continuously obtaining information on events happening outside a company to recognize and interpret possible trends that affect marketing.
Relationship marketing
Digital marketing
Customer relationship management
Environmental scanning
Account-Based Marketing: Foundations and Strategy Demandbase
Please join us on Wednesday, September 3rd for an Account-Based Marketing Webinar with Demandbase’s Senior Manager of Campaign Strategy Sarah Nels.
You will learn:
The fundamentals of deploying an Account-Based Marketing framework, How to better understand the market segments and attributes of your best customers as the foundation of a target account list, To review strategies for aligning sales and marketing around a common list of target accounts, through interactive examples, and Explore both offsite and onsite personalization strategies to complete the buyer’s journey.
Penetrating Target Accounts with Account-Based Marketingdigitallibrary
Most companies don't go far enough with their marketing. Account-based marketing is a strategy of treating each individual account as if it is a market in its own right. It is a structured approach to developing and implementing highly customized marketing campaigns for an audience of one. It should have tailored messages that are based on an account's business and technology needs, not your own. It has a high rate of return and increases the ROI from your investments. Successful account-based marketing relies upon tight collaboration with the sales organization. A very structured approach makes sure you get buy-in from the executive level, set clear objectives, and choose your targets wisely. Target your messages based on the job role of the decision maker.
gannettlocal Sales Presentation for Atlantic CityJosh Crafter
For our graduate Media Planning class, we were tasked with developing a sales presentation, as gannettlocal, for Atlantic City, NJ. We researched and developed a target market, as well as the best ways to reach them via gannettlocal's products and offerings.
Overseas online sales strategy for Chinese BrandsOxygen 2.0
In this presentation for Chinese brands Oxygen 2.0 highlights how to use inbound marketing best practices in tandem with Western social media channels such as Facebook, Twitter, LinkedIn, Pinterest etc. to increase website traffic, increase sales qualified leads, increase customer acquisition, increase market share and increase revenue
Consumer Behavior and Marketing StrategyChapter 1.docxmaxinesmith73660
Consumer Behavior and Marketing Strategy
Chapter 1
Consumer behavior Definition
Consumer behavior is the study of individuals, groups, or organizations and the processes they use to select, secure, use, and dispose of products, services, experiences, or ideas to satisfy needs and the impacts that these processes have on the consumer and society.
Key Aspects Regarding Consumer Behavior
Need extensive information about consumer behavior (i.e., organizations are regularly applying theories and information about consumer behavior)
Need to obtain information about specific consumers of interest (i.e., conduct research)
Key Aspects Regarding Consumer Behavior (continued)
3. Consumer behavior is complex and multidimensional (note: research increases the odds for success but is not a guarantee that you will succeed)
4. Marketing approaches that focus on modifying consumer behavior can involve ethical concerns (e.g., marketing Coca Cola can provide consumers with an enjoyable drink but also a lot of sugar consumption can have unhealthy effects such as cavities in teeth)
Applications of Consumer BehaviorMarketing StrategyRegulatory PolicySocial MarketingInformed Individuals
Marketing StrategyMarketing strategies and tactics are based on explicit or implicit beliefs about consumer behavior.Decisions based on explicit assumptions and sound theory and research are more likely to be successful than are decisions based solely on implicit intuition.Knowledge of consumer behavior can be an important competitive advantage and can greatly reduce the odds of bad decisions and market failures!
Regulatory PolicyVarious regulatory bodies exist to develop, interpret, and/or implement policies designed to protect and aid consumer [e.g., Food and Drug Administration, (FDA)].Effective regulation of many marketing practices requires an extensive knowledge of consumer behavior.
Social MarketingSocial marketing is the application of marketing strategies and tactics to alter or create behaviors that have a positive effect on the targeted individuals or society as a whole.As is true for commercial marketing strategy, successful social marketing strategy requires a sound understanding of consumer behavior.
Informed IndividualsMost economically developed societies are referred to as consumption societies. Most individuals in these societies spend more time engaged in consumption than any other activity, including work or sleep.Knowledge of consumer behavior can enhance our understanding of our environment and ourselves. Such an understanding is essential for sound citizenship, effective purchasing behavior, and reasoned business ethics.
Marketing Strategy and Consumer BehaviorCustomer value is the difference between all the benefits derived from a total product and all the costs of acquiring those benefits.It is important that one considers the customer’s perspective.Providing superior customer value requires the organization to do a better job o.
Dr. V. Ramadevi, Department of Management.ramakarthik
This PPT contains the basic marketing concepts, marketing mix elements, customer value and satisfaction, value chain, strategic marketing planning process, marketing research, marketing environment, CRM.
This ppt would be useful for the management students.
The ppt covers the basics marketing principles given by Philip Kotler:
The importance of marketing
Core Marketing Concepts
Company Orientations
Segmentation-Targeting-Positioning
7p’s Framework
Similar to Consumer+behaviour+consumer+analysis+ch2 (20)
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Top mailing list providers in the USA.pptxJeremyPeirce1
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Understanding User Needs and Satisfying ThemAggregage
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
1. CHAPTER 2 Creating marketing strategies for customer-centric organisations
2. Consumer analysis The process of understanding consumer trends, global consumer markets, models to predict purchase and consumption patterns, and communication methods to reach target markets most effectively Strategy A decisive allocation of resources (capital, technology, and people) in a particular direction
3. Customer-centric organisations A strategic commitment to focus every resource of the firm on serving and delighting profitable customers
4. Characteristics of customer-centric organisations Shared vision and values Cross-functional integration System-wide simultaneous training Customer-based metrics The goal of a customer-centric organisation is to provide a consumer with more value than its competitors
5. Value The difference between what consumers give up (pay with time, money or other resources) for a product and the benefits they receive
6. Marketing strategy Involves the allocation of resources to develop and sell products or services that consumers will perceive to provide more value than competitive products or services
7. Implementation in marketplace Marketing mix Product, Brand, Price, Place Promotion, and 7Rs Market analysis Consumer Company Environmental Political/Legal Segmentation Demographic situational psychographic
8. Market analysis The process of analysing changing consumer trends, current and potential competitors, company strengths and resources, and the technological, legal, and economic environments One goal is to minimize the number of failed products introduced to the market by better understanding the wants and needs of the market
9. Market analysis: Consumer insight and product development Consumer insight : an understanding of consumers’ expressed and unspoken needs and realities that affect how they make life, brand, and product choices Combines fact (from research) and intuition to yield an insight that can lead to a new product, existing product innovation, brand extension, or revised communication plan
10. Market analysis: Consumer environment Includes demographic trends, personal and group influences, knowledge, attitudes, motivation, purchase and consumption patterns, changing consumer needs, wants, and lifestyles Changes in the consumer environment can lead to new product ideas, product adaptations, new packaging or new services to help consumers meet their changing needs (e.g. iPod accessories)
11. Market analysis: Corporate strengths and resources Resources: - Financial - Technological - Personnel / managerial - Production - Development and design - Research - Marketing / advertising
12.
13. Market analysis: Market Environment Physical conditions Government stability and regulations Market environment Technology State of economy
15. Market segmentation Process of identifying groups of people who behave in similar ways to each other, but somewhat differently than other groups Results in market segment : a group of consumers with similar behaviours and needs that differ from those of the entire mass market Goal: minimise variance within groups and maximise variance between groups Opposite of market aggregation
16. Market segmentation Market aggregation : when organisations choose to market and sell the same product or service to all customers (also known as mass marketing )
18. Market segmentation Increasing diversity in consumer needs and wants leads to mass customisation : customising goods for individual customers in high volumes and at relatively low costs Key is understanding which customized features customers value the most Ability to reach ‘segment of one’ Segmentation can increase customer satisfaction and profitability - decreases marketing expenses - increases value (and therefore price) to consumers
19. Criteria for choosing segments Measurability : ability to obtain information about the size, nature, and behaviour of a market segment Accessibility : degree to which segments can be reached, either through targeted advertising and communication programs or multiple retail channels Substantiality : size of the market – is it large enough to be profitable? Congruity : how similar members within the segment exhibit behaviours or characteristics that correlate with consumption behaviour
20. Bayesian analysis Statistical technique based on a theorem that expresses uncertainty in probability terms Allows consumer analysts to make ‘educated guesses’ on how the human mind affects behaviour or ‘why people buy’ Analyses data collected from point-of-sale (POS) scanners to identify patterns of behaviour that define market segments
21. Market mix strategies: Product Product : the total bundle of utilities (or benefits) obtained by consumers in the exchange process Internal considerations include: - What are the costs of developing, producing, distributing, and selling the product? External considerations include: - What form of product best serves consumption patterns for the target segment - What packaging will most likely attract consumers and fulfill transportation, usage, and disposal of the product? - How will consumers compare this product to competitive or substitute products?
22. Market mix strategies: Place Place : physical distribution and location of sale - Where will consumers expect and want to buy this product? - What are the most effective outlets through which to sell the product and how best to get it there?
23. Market mix strategies: Price Price : total bundle of disutilities (costs) given up by consumers in exchange for the product Pricing considerations include: - What is the best pricing policy for the product or for the store? - How will consumers react to Everyday Low Prices or promotional prices? - Is it more important to have the ‘lowest price’ or prices in the range consumers expect to pay? - What effect does price reduction or price ending have on perceived quality of product? - What does pricing policy need to be to maintain a healthy profit margin?
24. Market mix strategies: Promotion Promotion : activities involved in selling a product, including advertising, public relations, sales promotions, and personal sales - What message should be sent to consumers? - Which forms of communication will best reach specific segments? - What type of communication should occur at various stages of purchase and consumption - How should different product attributes be positioned through different forms of media?
25.
26. Market mix strategies: Brand Brand : A product or product line, store or service with an identifiable set of benefits, wrapped in a recognisable personality Brand Equity Difference in value created by the brand minus the cost of creating the brand Brand Personality Reflection consumers see of themselves or think will develop by using a brand Brand Protection By promising a certain outcome, brands reduce the risk to consumers that the product may not deliver as expected
27. Strategy implementation Even the best strategies are worthless if not implemented well in the marketplace 7Rs for formulation and implementation
29. It is less costly and easier to keep a customer than it is to create a new one Loyal customers generate superior margins and recruit additional customers With increased choices, consumers are becoming more fickle and less loyal Consumer feel entitled to try new brands and switching behaviour increases To retain current customers, firms must focus on customer expectations of future benefits Customer loyalty
30. Customer relationship management Process of managing all the elements of the relationship a firm has with its customers and potential customers with CRM solutions and enterprise systems Provides the ability to calculate the Customer Lifetime Value - The value to the company of a customer over the whole time the customer relates to the company
31.
32.
33. Global marketing strategy Can marketing be standardised? - Can a firm use the same marketing program in all target countries, or must it create a different program for each? - Which are greater – the similarities among or differences between consumers in different countries? - How do advantages of economies of scale and unified brand image compare to advantages of culture-specific messages?
34. Global marketing strategy Cross-cultural analysis : the comparison of similarities and differences in behavioural and physical aspects of cultures Cultural empathy : the ability to understand the inner logic and coherence of other ways of life and refrain from judging other value systems Ethnography : describing and understanding consumer behaviour by interviewing and observing consumers in real-world situations
35. Global marketing strategy Intermarket segmentation : the identification of groups of customers who transcend traditional market or geographic boundaries (similar segments around the world) Intermarket segmentation plays a key role in understanding the similarities and differences between consumers and countries that become the foundation of market standardisation
36.
37. Global advertising effectiveness Before choosing a brand name , marketers should consider the following: - Does the name of the product have another meaning in one or more of the countries where it might be marketed? - Can the name be pronounced everywhere? - Is the name close to that of a foreign brand, or does it duplicate another product sold in other markets? - If the product is distinctly American, will national pride and prejudice work against the acceptance of the product?