Marketing management
There is a category of firms which believes that business can be managed by the maximization of production and the resultant lower unit cost .
MAXIMISE OUT PUT’ achieve a lower unit cost ; and sell at a LOWER PRICE is their Mantra
Harish Keswani, Marketing Technologist & Digital Marketing Expert in Mumbai conducted this 1 day workshop for Zalawar Business Forum in Feb 2016. The concepts can be useful for any entrepreneur or small business owner (SME) who needs a structured approach to his marketing strategy.
Marketing communication - Mapping Philip Kotler to Digitaljaydeep chakraborty
Philip Kotler had defined marketing communication long back. How relevant is it in the digital era? See how the basic theories of marketing communication map to digital strategy.
Marketing management
There is a category of firms which believes that business can be managed by the maximization of production and the resultant lower unit cost .
MAXIMISE OUT PUT’ achieve a lower unit cost ; and sell at a LOWER PRICE is their Mantra
Harish Keswani, Marketing Technologist & Digital Marketing Expert in Mumbai conducted this 1 day workshop for Zalawar Business Forum in Feb 2016. The concepts can be useful for any entrepreneur or small business owner (SME) who needs a structured approach to his marketing strategy.
Marketing communication - Mapping Philip Kotler to Digitaljaydeep chakraborty
Philip Kotler had defined marketing communication long back. How relevant is it in the digital era? See how the basic theories of marketing communication map to digital strategy.
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...Fill the Gap Marketing Ltd
Do your marketing differently. Thanks to Barry Ardley from the University of Lincoln for this presentation at the Fill the Gap Marketing Academy, March 2014.
A PowerPoint presentation of basic concepts in Marketing as a preparation for the more advanced dimensions of the discipline when students proceed to higher years.
There's more to marketing than advertising, sales or social media. These are tools of communication. Where marketing really starts is with creating a product and/or service people want to buy. It just makes promoting it a whole lot easier.
-- What we mean by business and revenue model
-- Customer segmentation and how to build customer profiles
-- Market research techniques and low-cost resources for finding key data and opportunities
-- The value of product/service “packaging” for both you and your customer
-- Key marketing concepts like, positioning, messaging, branding and so much more
www.trinityp3.com
Earlier this year I was invited to guest lecture at the EMBA course at the Sydney Business Sydney Business School, University of Wollongong. The topic title was marketing today and I was interested to know how this group of business executives and tomorrow’s leaders defined marketing.
As Chair of the Australian Marketing Institute, I was surprised at the range of definitions often raised in discussions with members of the institute and the diversity of opinions even on the board.
A Google search of definitions of marketing lead me to this collection of definitions by Heidi Cohen, http://heidicohen.com/marketing-definition/ that are quite comprehensive and I picked through these to identify particular themes on marketing definitions that I used as stimulus for the participants in the EMBA course.
Please don’t get me wrong, I am not suggesting any of these are wrong, I am more interested in the diversity of views on what is the definition of marketing and one that as a profession we are able to rally around if there is any chance to have marketing recognised as a profession in the same way that we recognise lawyers, architects, doctors, accountants and the like.
Perhaps agreement on defining the profession of marketing will be a step in the right direction to answer Mark Ritson’s recent question “Shouldn't an expert in marketing be trained in marketing?”
Here are some of the definitions collated by Heidi Cohen for your consideration. But more importantly I would like to hear your definition by leaving a comment at the bottom. Mine is here too. Right at the end.
This deck is a look at the information you need to know to make marketing decisions. Marketing is the connection that you have with your customers - you need to understand your customers in order to reach them effectively.
The Garage Entrepreneurs Team
blog.garageentrepreneurs.com
A brand is simply a person’s emotional connection to a product, service, or company. We will discuss how to forge this relationship through design and personal experience with your brand. The session will include a general overview of the principles of marketing and branding, and delve deeper into topics such as brand strategy, research and positioning, design elements and naming, as well as brand extensions. Logos and naming are the two most basic elements of any brand, and we will discuss them at length.
Entrepreneurial marketing presentation by barry ardley for fill the gap marke...Fill the Gap Marketing Ltd
Do your marketing differently. Thanks to Barry Ardley from the University of Lincoln for this presentation at the Fill the Gap Marketing Academy, March 2014.
A PowerPoint presentation of basic concepts in Marketing as a preparation for the more advanced dimensions of the discipline when students proceed to higher years.
There's more to marketing than advertising, sales or social media. These are tools of communication. Where marketing really starts is with creating a product and/or service people want to buy. It just makes promoting it a whole lot easier.
-- What we mean by business and revenue model
-- Customer segmentation and how to build customer profiles
-- Market research techniques and low-cost resources for finding key data and opportunities
-- The value of product/service “packaging” for both you and your customer
-- Key marketing concepts like, positioning, messaging, branding and so much more
www.trinityp3.com
Earlier this year I was invited to guest lecture at the EMBA course at the Sydney Business Sydney Business School, University of Wollongong. The topic title was marketing today and I was interested to know how this group of business executives and tomorrow’s leaders defined marketing.
As Chair of the Australian Marketing Institute, I was surprised at the range of definitions often raised in discussions with members of the institute and the diversity of opinions even on the board.
A Google search of definitions of marketing lead me to this collection of definitions by Heidi Cohen, http://heidicohen.com/marketing-definition/ that are quite comprehensive and I picked through these to identify particular themes on marketing definitions that I used as stimulus for the participants in the EMBA course.
Please don’t get me wrong, I am not suggesting any of these are wrong, I am more interested in the diversity of views on what is the definition of marketing and one that as a profession we are able to rally around if there is any chance to have marketing recognised as a profession in the same way that we recognise lawyers, architects, doctors, accountants and the like.
Perhaps agreement on defining the profession of marketing will be a step in the right direction to answer Mark Ritson’s recent question “Shouldn't an expert in marketing be trained in marketing?”
Here are some of the definitions collated by Heidi Cohen for your consideration. But more importantly I would like to hear your definition by leaving a comment at the bottom. Mine is here too. Right at the end.
This deck is a look at the information you need to know to make marketing decisions. Marketing is the connection that you have with your customers - you need to understand your customers in order to reach them effectively.
The Garage Entrepreneurs Team
blog.garageentrepreneurs.com
A brand is simply a person’s emotional connection to a product, service, or company. We will discuss how to forge this relationship through design and personal experience with your brand. The session will include a general overview of the principles of marketing and branding, and delve deeper into topics such as brand strategy, research and positioning, design elements and naming, as well as brand extensions. Logos and naming are the two most basic elements of any brand, and we will discuss them at length.
presentation aims at to highlight the importance of each element of communication that leads to build the confidence of the consumer to become your customer.it must be understood by marketer that each element is important but, when in synergy you create effectiveness.
A method of carefully coordinating all promotional activities to produce a consistent, unified message that is customer focused. presentation demonstrates the inter relationship and synergy of all elements of all marketing communications.elements.
a complete and comprehensive coverage of important concepts of marketing.presentation is designed such that marketer is able to understand and serve the consumer better.
How to Use AI to Write a High-Quality Article that Ranksminatamang0021
In the world of content creation, many AI bloggers have drifted away from their original vision, resulting in low-quality articles that search engines overlook. Don't let that happen to you! Join us to discover how to leverage AI tools effectively to craft high-quality content that not only captures your audience's attention but also ranks well on search engines.
Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
Short video marketing has sweeped the nation and is the fastest way to build an online brand on social media in 2024. In this session you will learn:- What is short video marketing- Which platforms work best for your business- Content strategies that are on brand for your business- How to sell organically without paying for ads.
Capstone Project: Luxury Handloom Saree Brand
As part of my college project, I applied my learning in brand strategy to create a comprehensive project for a luxury handloom saree brand. Key aspects of this project included:
- *Competitor Analysis:* Conducted in-depth competitor analysis to identify market position and differentiation opportunities.
- *Target Audience:* Defined and segmented the target audience to tailor brand messages effectively.
- *Brand Strategy:* Developed a detailed brand strategy to enhance market presence and appeal.
- *Brand Perception:* Analyzed and shaped the brand perception to align with luxury and heritage values.
- *Brand Ladder:* Created a brand ladder to outline the brand's core values, benefits, and attributes.
- *Brand Architecture:* Established a cohesive brand architecture to ensure consistency across all brand touchpoints.
This project helped me gain practical experience in brand strategy, from research and analysis to strategic planning and implementation.
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
In the digital age, businesses are inundated with tools promising to streamline operations, enhance creativity, and boost productivity. Yet, the true key to digital transformation lies not in the accumulation of tools but in strategically integrating the right AI solutions to revolutionize workflows. Join Jordache, an experienced entrepreneur, tech strategist and AI consultant, as he explores essential AI tools across three critical categories—Ideation, Creation, and Operations—that can reshape the way your business creates, operates, and scales.This talk will guide you through the practicalities of selecting and effectively using AI tools that go beyond the basics of today’s popular tools like ChatGPT, Claude, Gemini, Midjourney, or Dall-E. For each category of tools, Jordache will address three crucial questions: What is each tool? Why is each one valuable to you as a business leader? How can you start using it in your workflow? This approach will not only clarify the role of these tools but also highlight their strategic value, making it perfect for business leaders ready to make informed decisions about integrating AI into their workflows.
Key Takeaways:
>> Strategic Selection and Integration: Understand how to select AI tools that align with your business goals and how to conceptually integrate them into your workflows to enhance efficiency and innovation.
>> Understanding AI Tool Categories: Gain a deeper understanding of how AI tools can be leveraged in the areas of ideation, creation, and operation—transforming each aspect of your business.
>> Practical Starting Points: Learn how you can start using these tools in your business with practical tips on initial steps and integration ideas.
>> Future-Proofing Your Business: Discover how staying informed about and utilizing the latest AI tools and strategies can keep your business competitive in a rapidly evolving digital landscape.
Exploring the Top Digital Marketing Company in CanadaSolomo Media
Choosing Solomo Media as your digital marketing company in Canada can propel your business to new heights. With their expertise, innovative solutions, and client-centric approach, they are well-equipped to help you achieve your digital marketing goals. By focusing on strategic planning, leveraging cutting-edge tools, and delivering measurable results, Solomo Media proves to be a valuable partner in navigating the complex world of digital marketing.
Google Ads Vs Social Media Ads-A comparative analysisakashrawdot
Explore the differences, advantages, and strategies of using Google Ads vs Social Media Ads for online advertising. This presentation will provide insights into how each platform operates, their unique features, and how they can be leveraged to achieve marketing goals.
Gokila digital marketing| consultant| Coimbatoredmgokila
Myself Gokila digital marketing consultant located in Coimbatore other various types of digital marketing services such as SEM
SEO SMO SMM CAMPAIGNS content writing web design for all your business needs with affordable cost
Digital Marketing Services | Techvolt Software :
Digital Marketing is a latest method of Marketing techniques widely used across the Globe. Digital Marketing is an online marketing technique and methods used for all products and services through Search Engine and Social media advertisements. Previously the marketing techniques were used without using the internet via direct and indirect marketing strategies such as advertising through Telemarketing,Newspapers,Televisions,Posters etc.
List of Services offered in Digital Marketing |Techvolt Software :
Techvolt Software offers best Digital Marketing services for promoting your products and services through online platform on the below methods of Digital marketing
1. Search Engine Optimization (SEO)
2. Search Engine Marketing (SEM)
3. Social Media Optimization (SMO)
4. Social Media Marketing (SMM)
5. Campaigns
Importance | Need of Digital Marketing (Online Promotions) :
1. Quick Promotions through Online
2. Generation of More leads and Business Enquiries via Search Engine and Social Media Platform
3. Latest Technology development vs Business promotions
4. Creation of Social Branding
5. Promotion with less investment
Benefits Digital Marketing Services at Techvolt software :
1. Services offered with Affordable cost
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4. Best combo offers on website Hosting,design along with digital marketing services
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Free Website + Digital Marketing Services
Techvolt Software offers Free website design for all customer and clients who is availing the digital marketing services for a minimum period of 6 months.
With Regards
Gokila digital marketer
Coimbatore
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
The Good the Bad and The Ugly of Marketing MeasurementNapierPR
We explore how B2B marketers can impress the board by measuring their PR and marketing campaigns successfully, and explore 5 metrics that will get you promoted, and 3 that will get your fired.
We cover:
-Meaningless marketing metrics
-The difference between attribution and incrementality
-The importance of the customer journey
-Why you should care about prospects that are in market
-Measuring the unmeasurable
As the call for for skilled experts continues to develop, investing in quality education and education from a reputable https://www.safalta.com/online-digital-marketing/best-digital-marketing-institute-in-noida Digital advertising institute in Noida can lead to a a success career on this eve
The session includes a brief history of the evolution of search before diving into the roles technology, content, and links play in developing a powerful SEO strategy in a world of Generative AI and social search. Discover how to optimize for TikTok searches, Google's Gemini, and Search Generative Experience while developing a powerful arsenal of tools and templates to help maximize the effectiveness of your SEO initiatives.
Key Takeaways:
Understand how search engines work
Be able to find out where your users search
Know what is required for each discipline of SEO
Feel confident creating an SEO Plan
Confidently measure SEO performance
The Forgotten Secret Weapon of Digital Marketing: Email
Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
Everyone knows the power of stories, but when asked to come up with them, we struggle. Either we second guess ourselves as to the story's relevance, or we just come up blank and can't think of any. Unlocking Everyday Narratives: The Power of Storytelling in Marketing will teach you how to recognize stories in the moment and to recall forgotten moments that your audience needs to hear.
Key Takeaways:
Understand Why Personal Stories Connect Better
How To Remember Forgotten Stories
How To Use Customer Experiences As Stories For Your Brand
Checkout Abandonment - CRO School by Mailmodosaba771143
Fear of abandonment’ means a whole different thing in eCommerce.
Because the loss is tangible. And felt right in your pocket.
But that also means there are real things you could fix.
One of the final stages of shopping abandonment occurs is the checkout page.
Which means it impacts your bottom line directly.
So here’s a rundown of:
→ Reasons shoppers abandon the checkout process
→ How other brands cope with these issues
→ Actionables to fix your checkout flow
Do it right, and you’ll feel the change in your revenue.
This is a part of our CRO School series - to help you fix the revenue leaks in your eCommerce store.
Sign up for CRO School and get these insights right in your inbox
(Visit the link to enroll ->https://www.mailmodo.com/cro-school/?utm_source=cro-school&utm_medium=slideshare )
#ecommerce
#cro
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[Google March 2024 Update] How To Thrive: Content, Link Building & SEOSearch Engine Journal
March 2024 disrupted the SEO industry. Websites were deindexed, and manual penalties were delivered—all to produce more helpful, more trustworthy search results.
How did your website fare?
Watch us as we delve into the seismic shifts brought about by Google's March 2024 updates and explore strategies to not just survive, but thrive in this dynamic digital landscape.
You’ll learn:
- How to create content that is valuable to users (not just search engines) using E-E-A-T.
- How to build links that can boost rankings and withstand algorithm updates.
- Best practices for content creation and link building so you can thrive during algorithm updates.
With Vince Ramos, we'll examine the implications of the latest algorithm changes on content creation, link building, and SEO practices, and offer actionable insights from businesses like yours that have remained steadfast amidst the volatility.
Using real-life case studies, we’ll also show you the effectiveness of manual link building techniques and person-first content strategies.
Whether you're a seasoned SEO professional, a budding content creator, or anyone in between, this webinar will help you weather the changes in Google's algorithms and capitalize on them for sustained success.
Check out this webinar and unlock the secrets to thriving in the new Google era.
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Some Perspective
Marketing and History
“In well-ordered states, storekeepers and salesmen are commonly
those who are weakest in bodily strength and, therefore, of little
use for any other purpose.” - Plato
“Merchants are to be accounted vulgar; for they can make no
profit except by a certain amount of falsehood.” - Cicero
“Advertising ... is a meretricious endeavor in which psychological
appeals to ‘fear’ and ‘shame’ are developed to bamboozle the
public into purchasing essentially worthless packaged goods at
bloated prices.” - Thorstein Veblen
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Some Perspective
A Modern View
“Corporate leaders nationwide are discovering that their most
powerful competitive weapon is marketing -- the development,
pricing, distribution, and promotion of products.” - Newsweek
“Marketing is now central to success at any company in any
business, and it is going to make the difference between winners and
losers.” - Stephen Greyser, Harvard Business School
“Stop being a company with its face towards the CEO and back
towards the customer” -
Jack Welch, CEO, G.E.
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Marketing challenges
1. Destabilization due entrepreneurial freedom
2. The MNC onslaught
3. The all pervasive competition
4. The exacting demands of a buyer’s market
5. Compulsions to go global
6. Challenges on technology front
7. Need for quick product innovations
8. Challenges of achieving marketing excellence under
conditions of discontinuity
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Key Issues in the Business Environment
Customer Satisfaction - markets are saturated and we cannot rely
on pent up demand to make profits.
Must provide greater quality and value to smarter shoppers.
From mass marketing to segments of one.
Increase speed of innovation, diffusion and distribution.
Globalization
Global brands, different positioning or similar positioning in
different countries?
New ideas developed in country A, designed in country B,
manufactured in country C and sold in country D.
Environmental and Health Care Concerns
Must address concerns of better educated and better
informed consumers.
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Misconceptions of MarketingMisconceptions of Marketing
Marketer create needs, manipulate people to buy something
they don't want
Marketing = selling = advertising
Marketing = shoes polishing
Customer will favour those products that offer the most
quality, performance & innovative feature
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Marketing Is Important!
Marketing impacts all of us in our lives as consumers
Gives us choices
Stimulates innovation and economic growth
There are many good job opportunities in marketing
Regardless of what career path you take, no firm (or non-
profit organization) survives for long if it can’t satisfy some
group of customers.
1-5
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What is Marketing ? (1)
A social & managerial process by which individuals &
groups obtain what they need & want through
creating & exchanging values with others
Marketing ( management ) is the process of planning
& executing the production, pricing, promotion &
distribution of ideas, goods & services to create
exchange that satisfy individual & organizational
goals. ( integrated marketing activities)
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What is Marketing ? (2)
Key function of management : provide MR
inputs & guiding philosophy on company
mission & strategic planning
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Why the change over the ages?
Changing approaches to business over time
the production concept
the product concept
the sales concept
the marketing concept
Why is Marketing one of the most critical components of modern
business?
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Production
concept
Based on
•Cost benefit
•Mass
distribution
Product
concept
Based on
•Quality
•Performance
•Innovation
•Focus on
•Product
•Marketing
myopia
Selling
concept
Based on
•Consumer
inertia and
resistance
•Aggressive
selling and
promotions to
stimulate more
buying
Marketing concept
1950 shift from
make and sell to “sense and
respond”
Based on
•Creating
•Delivering
•Communicating
Superior customer value to
chosen target markets
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customer
•To understand the customer –basic is to know that s/he is
buying / using the products as a means to solve or address their
own problem, reason and strategy and not yours and therefore
unless marketer is customer specific in terms of marketing mix
elements, success is usually evasive.
•Customer does not buy a brand s/he buys their perception, and
choose a brand which offers the best solution to their problem
•Marketers only brief is to synergize the capabilities of the
organization so as to address customer’s specific needs.
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Changes in customer perceptions
1950-60 60’s early 70’s Late 70’s early 80 Late 89’s –90’s
Mass market
Segmented
perception Sub segments niche
Customer perceived as
As a mass audience
General/similar
needs
Limited product
offering
Limited No. of
Needs-price feature
Limited tiring of
products
Growing no. of needs
Primarily in lower
Segments
More market offerings
Portfolio of niche
products
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Perspective (A mental view of a scene)
SET OF PERSPECTIVES IN CONSUMER BEHAVIOR
MARKETER
CONSUMER
PUBLIC POLICY
MAKETERS AND CONSUMERS ARE ACTIVE ON DAILY BASIS
MARKETING DECISIONS
CONTROLLABLE (4P’s) UNCONTROLABLE (5C’s)
Marketing mix
elements
Customers Channels
Conditions Competitors
Company,
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Realistic view
This realistic view is important to the
marketer because ,
1. It gives an external view of the customer.
2. An aggregate view of the customer
3. A product specific view of the customer
4. A brand preference /purchase point of view
5. A behavioral influence orientation
• who does or does not use the product
• Who uses the competitors Brand
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Comparison of two perspectives
PerspectivePerspective
characteristicscharacteristics
Marketer’sMarketer’s
perspectiveperspective
Customer’sCustomer’s
perspectiveperspective
Point of viewPoint of view ExternalExternal
(buyers)(buyers)
InternalInternal
(me)(me)
Level of interestLevel of interest AggregateAggregate
(markets)(markets)
IndividualIndividual
(myself)(myself)
Scope of interestScope of interest Product specificProduct specific
(what I make)(what I make)
Across productsAcross products
(what I buy)(what I buy)
correct choicecorrect choice Brand specificBrand specific
(my brand)(my brand)
Best alternativeBest alternative
(best brand for me)(best brand for me)
Role of influenceRole of influence InfluenceInfluence
behaviorbehavior
Handle behavioralHandle behavioral
influencesinfluences
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Perspectives-contd.
customercustomer marketermarketer
Most behaviors are internally focused –weMost behaviors are internally focused –we
think silently-observe privately-& evaluatethink silently-observe privately-& evaluate
according to our own dictatesaccording to our own dictates
Marketer can only have an external view.Marketer can only have an external view.
Focus on themselves as individualsFocus on themselves as individuals Market segmentation as a process ofMarket segmentation as a process of
comprehending markets. Marketers try tocomprehending markets. Marketers try to
find sub markets within the total marketsfind sub markets within the total markets
for economic viability.for economic viability.
Not an expert for many of their purchasesNot an expert for many of their purchases An expert for his brand / categoryAn expert for his brand / category
Choose only one brand from a given set,Choose only one brand from a given set,
meaning , making a wrong choice from themeaning , making a wrong choice from the
point of view of every marketer but, one.point of view of every marketer but, one.
(branding helps)(branding helps)
Best brand is the one that we makeBest brand is the one that we make
(building brand equity helps)(building brand equity helps)
someTime and effort required to react tosomeTime and effort required to react to
stimuli. (only if it is interest to mestimuli. (only if it is interest to me
otherwise ignored)otherwise ignored)
Targeting markets of interest.Targeting markets of interest.
Creating stimuli-intrinsically interesting toCreating stimuli-intrinsically interesting to
consumersconsumers
stimuli are simple and easy on consumersstimuli are simple and easy on consumers
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Black box/CIP models
Consumer’s
Mind
Black box
Consumer”s
Mind
CIP
inputs outputs
outputinputs
External
world
External
world
External
world
External
world
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INTERNAL WORLDSINTERNAL WORLDSEXTERNAL
WORLD
SENSORY
REGISTER
SHORT TERM
MEMORY(STM) OR
WORKING
MEMOTY
LONG TERM
MEMORY (ltm)STIMULI
Short and long term memory
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The 5 stage process
1:Problem recognition
• The internal recognition by the consumer that their current needs are
not being met
• Discrepancy between actual & desired state
• Leads to motivation
• Could be real or imagined, physical or psychological
• Implications? Construction of advertising; penetration pricing strategies
for new products; importance of peers; social construction of desire.
2:Information Search
Next we ask ourselves the question of how do we solve our
problem?
•May already be familiar with options available
•May consult people whose opinions we respect
•May browse around the shops
•May consult independent experts
•Amount of information required dependent on risk attached
•Implications? Role of marketing communications
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The 5 stage process (continued)
3:Evaluation of alternatives
•In deciding which product to buy we have to weigh up which
product best suits our needs
•We construct criteria upon which to base our choice
•We already may have a list of criteria or we may form one
during the information search
•Compensatory vs. non compensatory evaluation
4: Product choice
•Having weighed up the pros and cons between alternatives
eventually we have to make a choice
•Could be as a result of the outcome of our evaluation process
against important criteria – best fit.
•Choice could be affected by availability, payment options etc.
•Implications? Make it easy!
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The 5 stage process (continued)
5: Post purchase evaluation
Once we have made our purchase we decide whether its met
our expectation
•If it does great positive brand associations and visa versa
•Implications? After sales service, marketing
communications
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Reference Group Influences
A reference group is the
group whose perspective
an individual takes on in
forming values, beliefs,
attitudes, opinions, and
overt behaviors.
They set levels of
aspiration
They help define the
actual items/services
considered acceptable for
displaying those
aspirations.
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Social Norms and Conformity
Social norm – any rule or behavior for meeting
societal expectations normative system
Conformity pressures – actions taken to
encourage or force members to act, think and/or
express themselves in certain ways.
The more important a group is in our lives, the
greater our desire to accept and conform to its
norms
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Homan’s Equation
The difference between the “price” we pay for
conformity and the rewards obtained for doing
so determines for each of us whether we will
conform to group expectations and to what
extent.Price:
•Loss of freedoms
•Time commitment
•Financial
commitment
•Etc.
Rewards:
•Levels of acceptance
•Advancement within the
group
•Prestige gained
•Etc.
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Reference Group Types
Primary reference group: one with which the individual has
frequent face-to-face contact and in which members are
close-knit.
Examples: families, households, study groups, work teams,
roommates, etc.
Secondary reference group: one in which interaction with
other members is less frequent
Formal group: one in which there is some sort of structure
and/or for which there are specific membership
requirements.
Informal group: one that has no special membership or
attendance requirements, other than common interests.
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Reference Group Types
(continued)
Membership group: one to which a person
currently belongs.
Aspirational group: a group that a person
would like to be part of, but to which he or she
does not currently/ may never belong
Dissociative group: a group that an individual
avoids or denies connection with.
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Reference Group Influences
Reference groups as
part of the socialization process
setters of roles
information sources
normative influences
an expression of self-value
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Conformity Pressure and
Marketplace behavior
The influence of reference groups varies
Groups tend to be more influential on product
decisions than they are on either brand or
outlet choices
Conspicuousness “based on exclusivity” -- product
decisions (bikers and black leather jackets)
Conspicuousness “associated with the individual” --
brand decisions possible within product class, “allowed
personal expression”
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Social Power
Power of reward – praise, approval,
acceptance, status, recognition, etc.
Coercive power – unacceptable behavior
strongly discouraged
Expert power – informational attraction
Referent power – closer the match between
person and group, more willingness to
conform
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Defining Customer Value
-
=
Total Customer
Value
Total Customer
Cost
(Product, Service,
Personnel, &
Image Values)
(Monetary, Time,
Energy, &
Psychic Costs)
Customer
Delivered Value
(Profit to the
Consumer)
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Customer Satisfaction
Customer Satisfaction Results When a Company’s Performance
Has Fulfilled a Buyer’s Expectations.
Buyer’s Expectations Are Based On:
Customer’s Past Buying Experiences
Opinions of Friends & Associates
Marketer/ Competitor Information & Promises
Product’sActualPerformance
Performance Exceeds Expectations-
Customer is Delighted
Performance Below Expectations -
Customer is Dissatisfied
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Total Customer Satisfaction
Highly satisfied (delighted) customers produce benefits:Highly satisfied (delighted) customers produce benefits:
They are less price sensitive,
They remain customers longer,
They talk favorably about the company and products to others.
Delighted customers have emotional and rational preferences forDelighted customers have emotional and rational preferences for
products, and this creates high customer loyalty.products, and this creates high customer loyalty.
Therefore, the purpose of Marketing is to generate customer valueTherefore, the purpose of Marketing is to generate customer value
profitably.profitably.
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The Need for Customer Retention
New
Customer
Costs
Lost
Customer
Costs
Customer
Lifetime
Value
The Key to Customer Retention is Superior Customer Value and
Satisfaction. Companies Must Consider:
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Building Customer Satisfaction and
Loyalty by Relationship Marketing
Structural
Ties
Structural
Ties
Social
Benefits
Social
Benefits
Relationship Marketing Involves Creating, Maintaining, and
Enhancing Strong, Long-Term Relationships with
Customers and Other Stakeholders.
Methods for Building Relationships Include Offering:
Financial
Benefits
Financial
Benefits
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Value Chain Analysis
The term value chain describes a way of looking at a
business as a chain of activities that transform inputs into
outputs that customers value.
Customer value derives from three basic sources:
activities that differentiate the product
activities that lower its cost
activities that meet the customer’s need quickly.
Value chain analysis views the organization as a sequential
process of value-creating activities, and attempts to
understand how a business creates customer value by
examining the contributions of different activities within the
business to that value.
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The Value Chain
Primary Activities
SecondaryActivities
General administration
Human resource management
Research, technology, and systems development
Procurement
Inbound
logistics
Operations Outbound
logistics
Marketing
and
sales
Service
M
argin
M
argin
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Conducting a Value Chain Analysis
Step 1. Divide the firm’s operations into specific activities or
business processes, usually grouping them according to
primary and support activities. Within each category, a firm
typically performs a number of discrete activities that may
represent key strengths or weaknesses.
Step 2. Next, attach costs to each discrete activity.
Step 3. Recognize the difficulty in activity-based accounting.
Step 4. Identify the activities that differentiate the firm from
their competitors.
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Conducting a Value Chain Analysis
Step 5. After documenting the value chain, managers need to
identify the activities that are critical to buyer satisfaction and
market success. These are the activities that deserve major
scrutiny in an internal analysis.
The mission should influence managers’ choice of the activities they
examine in detail.
The nature of value chains and the relative importance of the activities
within them vary by industry.
The relative importance of value activities can vary by a company’s
position in a broader value system that includes the value chains of its
upstream suppliers and downstream customers or partners involved in
providing products or services.
Step 6. Compare to competitors.