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8/6/2019 Marketing Session 002
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Metamarkets:Metamarkets: Markets in the Minds of theMarkets in the Minds of theCustomerCustomer
Customers think ofCustomers think ofactivitiesactivities,firms think of,firms think ofproductsproducts
e.g. The Home Ownership Experiencee.g. The Home Ownership Experience
Customers think ofCustomers think oflogically relatedlogically related activity clusteractivity cluster
*Buying and financing a home*Buying and financing a home
*Repair and Maintenance*Repair and Maintenance
Home ImprovementHome Improvement
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Home Ownership MetamarketHome Ownership Metamarket
Real Estate AgentsReal Estate Agents
BuildersBuilders
Municipal CorporationsMunicipal CorporationsElectricity CosElectricity Cos
PlumbersPlumbers
ElectriciansElectricians
Lawncare Service ProvidersLawncare Service Providers
ArchitectsArchitects
Interior DesignersInterior Designers
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MetamarketsMetamarkets
Around major life events:Around major life events:WeddingWedding
ChildbirthChildbirth
EducationEducationCareer ChangesCareer Changes
RetirementRetirement
Around Major AssetsAround Major AssetsHome OwnershipHome Ownership
Automobile OwenershipAutomobile Owenership
Financial AssetsFinancial Assets
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MetamediariesMetamediaries
TrustedTrusted third partiesthird parties that provide athat provide a single point of contactsingle point of contactbetweenbetween
A community of customersA community of customers
AndAnd
A community of sellers in a marketplaceA community of sellers in a marketplace
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Marketer and ProspectMarketer and Prospect
A marketer seeks aA marketer seeks a responseresponse from a prospectfrom a prospect
Response could be in several forms:Response could be in several forms:
PurchasePurchase
VoteVote
Expression of InterestExpression of Interest
ContributionContribution
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Needs,Wants and DemandsNeeds,Wants and Demands
Needs:Needs:
BasicH
uman RequirementsBasicH
uman RequirementsFoodFoodAirAir
ClothingClothing
ShelterShelter
RecreationRecreation
EducationEducation
EntertainmentEntertainment
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WantsWants
Needs directed toNeeds directed to specific objectsspecific objects thatthatsatisfy the needssatisfy the needs
An American and an Indian: Both needAn American and an Indian: Both needfood. American wants hamburger,Indianfood. American wants hamburger,Indianwants rotiwants roti
Wants areWants are shaped by ones societyshaped by ones society
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DemandsDemands
Wants for specific productsWants for specific products backed bybacked byability to payability to pay
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Value PropositionValue Proposition
Set of BenefitsSet of Benefits offered by marketersoffered by marketers totocustomers to satisfy their needscustomers to satisfy their needs
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IndiaIndia--An attractive value proposition forAn attractive value proposition foroutsourceresoutsourceres
Set of Benefits:Set of Benefits:
Reduction of process costs by 40Reduction of process costs by 40--60%60%
Abundant supply of qualified workforceAbundant supply of qualified workforceGood English speaking skillsGood English speaking skills
Lower Establishment CostsLower Establishment Costs
Improving Telecom InfrastructureImproving Telecom InfrastructureGovernment support for IT/ITESGovernment support for IT/ITES
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Market OfferingMarket Offering
Value Proposition is not concreteValue Proposition is not concrete
Market Offering: A Tangible offer from aMarket Offering: A Tangible offer from a
companycompany
Combination of:Combination of:ProductProduct
And/or ServiceAnd/or ServiceInformationInformationExperienceExperience
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BrandBrand
Offering from aOffering from a known sourceknown source
is ais a
NameName
TermTerm
DesignDesign
SymbolSymbol
Any other FeatureAny other Feature
ThatThat identifiesidentifies one sellers goods and services asone sellers goods and services as distinctdistinctfromfrom
othersothers
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Fundamentals of Customer ValueFundamentals of Customer Value
What customers care about?What customers care about?
What Vale Proposition appeals to them?What Vale Proposition appeals to them?
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ValueValue--The Dictionary MeaningThe Dictionary Meaning
Worth in usefulness or importance to theWorth in usefulness or importance to thepossessorpossessor
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ValueAn assessmentValueAn assessment
An assessment of:An assessment of:
ALL THAT YOU GETALL THAT YOU GET
In return forIn return for
ALL THAT YOU GIVEALL THAT YOU GIVE
In an exchangeIn an exchange
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Value.A better DefinitionValue.A better Definition
Perceived WorthPerceived Worth of a set of benefitsof a set of benefitsreceived in exchange for thereceived in exchange for the Total CostTotal Costofofan offering,taking into considerationan offering,taking into considerationavailableavailable competingcompetingofferings and pricesofferings and prices
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A new BMW buyerA new BMW buyer
What does she getWhat does she get
Benefits from the ProductBenefits from the Product
PerformancePerformance
ComfortComfort
SafetySafety
Benefits from ServiceBenefits from Service
FinancingFinancing
WarrantyWarranty
RepairsRepairsScheduled MaintenanceScheduled Maintenance
Roadside AssistanceRoadside Assistance
Emotional Benefits:Emotional Benefits: Social statusSocial status
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A new BMW buyerA new BMW buyer
What does she give?What does she give?
Involvement in time,money,efforts in follwing activitiesInvolvement in time,money,efforts in follwing activities
Searching for right carSearching for right car
Searching for right dealerSearching for right dealer
Negotiating dealNegotiating deal
Arranging for FinanceArranging for Finance
Maintaining car over lifetimeMaintaining car over lifetime
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Customer Value for a new BMW buyerCustomer Value for a new BMW buyer
Customer will assess these benefitsCustomer will assess these benefits
Weighed byWeighed by ImportanceImportance she gives to these benefitsshe gives to these benefits
Compared withCompared with Total Cost of buying and owning the carTotal Cost of buying and owning the car
Assessment of Value affected by:Assessment of Value affected by:
Other new cars in considerationOther new cars in considerationCurrently owned carCurrently owned car
Alternatives of public transportationAlternatives of public transportation
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ExchangeExchange
Process of obtaining desired product fromProcess of obtaining desired product from
someone by offering something in returnsomeone by offering something in return
Is a ValueIs a Value--creating processcreating process
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Exchange.Five ConditionsExchange.Five Conditions
At least two partiesAt least two parties
Each has something of Value to the otherEach has something of Value to the other
Each is capable of communicating and deliveryEach is capable of communicating and delivery
Each free to accept or reject the offerEach free to accept or reject the offer
Each believe it is appropriate/desirable to dealEach believe it is appropriate/desirable to dealwith third partywith third party
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TransactionTransaction
Said to take place when an exchangeSaid to take place when an exchangeactually happensactually happens
An exchange where the two parties agreeAn exchange where the two parties agreeupon terms and there is aupon terms and there is a trade of valuestrade of values
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BarterBarter
Transaction involving trading of goods andTransaction involving trading of goods andservices for other goods and servicesservices for other goods and services
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TransactionTransaction--Several DimensionsSeveral Dimensions
AgreedAgreed--upon Conditionsupon Conditions
Time of AgreementTime of Agreement
Place of AgreementPlace of Agreement
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TransferTransfer
Giver does not receive any tangibleGiver does not receive any tangiblereturns:returns:
GiftsGifts
SubsidiesSubsidies
Charitable ContributionsCharitable Contributions
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A marketer seeks responseA marketer seeks response
Behavioural Response from a prospect:Behavioural Response from a prospect:
An educational institute seeks enrolmentAn educational institute seeks enrolment
A business firm seeks purchaseA business firm seeks purchase
A political candidate seeks voteA political candidate seeks vote
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TwoTwo--Way Exchange MapWay Exchange Map
Student Want List1. High Quality Faculty
2.Contemporary course
Content
3. Quality PhysicalInfrastructure
4. Placement Assistance
Amplify(Marketer)
Student(Prospect)
Amplify Want List
1. Good Pricefor services delivered2.On-time payment
3. Good WOM
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Stages of the Exchange ProcessStages of the Exchange Process
Offer from
Marketer to prospect
Analysis ofothers needs
Counteroffer fromProspect to marketer
ExchangeSuccessful
ExchangeUnsuccessful
If there isagreement onT & C
If there is noagreement on
T & C
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Relationship MarketingRelationship Marketing
Business PhilosophyBusiness Philosophywhich aims to developwhich aims to developstrong relationships with a range ofstrong relationships with a range ofstakeholders:stakeholders:
CustomersCustomersSuppliersSuppliers
IntermediariesIntermediaries
Public OrganizationsPublic Organizations
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Relationships Matter more than everRelationships Matter more than ever
Partner RelationshipsPartner Relationships
As transaction costs decrease, firms willAs transaction costs decrease, firms willoutsource more of their non core activitiesoutsource more of their non core activities
The core of the firm will shrink,while theThe core of the firm will shrink,while theperiphery will expandperiphery will expand
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Relationships matter more than everRelationships matter more than ever
Customer RelationshipsCustomer Relationships
As markets saturate and new customers becomeAs markets saturate and new customers becomescarce,firms will need toscarce,firms will need to
Retain existing customersRetain existing customers more aggressivelymore aggressively
Generate more revenuesGenerate more revenues from each customerfrom each customer
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Relationships matter more than everRelationships matter more than ever
Employee RelationshipsEmployee Relationships
To win the war for talent, firms will need to:To win the war for talent, firms will need to:
AttractAttractandand RetainRetain the best employeesthe best employees
Improve theImprove theproductivityproductivityof their employeesof their employees
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Marketing ChannelsMarketing Channels
Marketing Channels
Communication
Channels
DistributionChannels
ServiceChannels
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Communication ChannelsCommunication Channels
Used for dialogue with the target buyers:Used for dialogue with the target buyers:TelevisionsTelevisions
RadioRadio
MagazinesMagazinesNewspapersNewspapers
OutdoorOutdoor
Direct MailDirect Mail
InternetInternet
Interactive MediaInteractive Media
Broadcast Media
Print Media
Support Media
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Distribution ChannelsDistribution Channels
Source
GrowerProducer
Service Provider
All individuals andOrganizations enroute
DistributorWholesaler
Retailer
Agent
Destination
Consumer
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Social Networking Sites in IndiaSocial Networking Sites in India
Companies increasingly using sites like FB, Orkut,Companies increasingly using sites like FB, Orkut,Bharatstudent,ibibo,Fropper for positioning their brandsBharatstudent,ibibo,Fropper for positioning their brands
Alternative costAlternative cost--effective patform for ad campaigneffective patform for ad campaign
Interactive contentInteractive content
One ad in five in the USA viewed on Social NetwrokingOne ad in five in the USA viewed on Social Netwrokingsitessites
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Webchutney..A digital agencyWebchutney..A digital agency
Works with clients like HUL,P & G, Airtel,MS to positionWorks with clients like HUL,P & G, Airtel,MS to positiontheir brandstheir brands
Survey: Ad budgets of 445 advertisersSurvey: Ad budgets of 445 advertisers
Overall spend fell by 10% to reach Rs.4,663 CrOverall spend fell by 10% to reach Rs.4,663 Cr
Spend on digital media grew by 44% to Rs. 299 CrSpend on digital media grew by 44% to Rs. 299 Cr
Major clients: Vodafone,Airtel,Samsung,Kwality andMajor clients: Vodafone,Airtel,Samsung,Kwality andAdidasAdidas
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Samsung Ultra Touch Mobile and ibiboSamsung Ultra Touch Mobile and ibibo
8.0 MP embedded Camera, Dual Power LED Flash8.0 MP embedded Camera, Dual Power LED Flash
Endeavour to reach trendy, fashion oriented customerEndeavour to reach trendy, fashion oriented customer
Sponsor of the ibibo iFashion photographer contestSponsor of the ibibo iFashion photographer contest
Even fashion photographer can shootEven fashion photographer can shoot
Largest fashion photography network onlineLargest fashion photography network online
iFashion Photographer Session 3iFashion Photographer Session 3
Target leading fashion photographers across IndiaTarget leading fashion photographers across India
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Samsung UT and ibiboSamsung UT and ibibo
Opportunity to shoot international models with the bestOpportunity to shoot international models with the bestmake up aristmake up arist
Samsung found the platform extremely relevant andSamsung found the platform extremely relevant andinterestinginteresting
Photographers simply upload their photos on the sitePhotographers simply upload their photos on the site
iBibo community judges the best photographsiBibo community judges the best photographs
Top 5: Samsung UT mobile eachTop 5: Samsung UT mobile each
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Samsung UT Brand positioning and the iBiboSamsung UT Brand positioning and the iBiboplatformplatform
The UT redefines perfectionism in style,design and technologyThe UT redefines perfectionism in style,design and technology
Interactive platform and contentInteractive platform and content
Communicating superior Multimedia FeaturesCommunicating superior Multimedia Features
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Vodafones Zoo Zoo campaignVodafones Zoo Zoo campaign
Only on InternetOnly on Internet
Gave TV and print a missGave TV and print a miss
Used Vdopia, a premier Online Video and MobileUsed Vdopia, a premier Online Video and MobileAdvertising NetworkAdvertising Network
3 days, ran on Premium news,entertainment and sports3 days, ran on Premium news,entertainment and sports
portalsportals
1 Million Video Views1 Million Video Views
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Hublot from the LVMH Group.setting upHublot from the LVMH Group.setting updistribution channel in Indiadistribution channel in India
Louis Vuitton Moet Henneseythe worlds premier luxury brands likeLouis Vuitton Moet Henneseythe worlds premier luxury brands likeChristian Dior, Tag Heur, Moet & Chandon and Don PerignonChristian Dior, Tag Heur, Moet & Chandon and Don Perignon
Hublot.Premier watch brand from LVMH launched in early 1980sHublot.Premier watch brand from LVMH launched in early 1980s
Planning exclusive brand boutiques in 2011Planning exclusive brand boutiques in 2011
Talks on for JV with local retailer Zimson & Kapoor Watch coTalks on for JV with local retailer Zimson & Kapoor Watch co
Brand Valued at $ 200 MillionBrand Valued at $ 200 Million
Available from 9 MBOs in Bangalore,Delhi and MumbaiAvailable from 9 MBOs in Bangalore,Delhi and Mumbai
Local Partners: Kapoor Watch Co in Delhi and Zimson in MumbaiLocal Partners: Kapoor Watch Co in Delhi and Zimson in Mumbai
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Hublot from LVMHHublot from LVMH
Another 3/4 MBOs planned very soonAnother 3/4 MBOs planned very soon
Exclusive Outlet: First in DelhiExclusive Outlet: First in Delhi
: 15 planned by 2020: 15 planned by 2020
India: 3India: 3--4% of Global Sales4% of Global Sales
Potential to contribute 10% in 6Potential to contribute 10% in 6--10 years10 years
Investments: $ 1.5 Million in IndiaInvestments: $ 1.5 Million in India
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HublotHublot
Watches priced from $10,000 to $ 1 MillionWatches priced from $10,000 to $ 1 Million
More than time keeping devicesMore than time keeping devices
Communicating DevicesCommunicating Devices
Pieces of ArtPieces of Art
PODs with other brands: Newer methods and materials(Mg)PODs with other brands: Newer methods and materials(Mg)
Combination of tradition and futureCombination of tradition and future
30 countries across the globe in 18 exclusive boutiques30 countries across the globe in 18 exclusive boutiques
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Service ChannelsService Channels
Individuals/organizations providing support services helpingIndividuals/organizations providing support services helpingmarketers transact with buyersmarketers transact with buyers
Warehouses: StorageWarehouses: Storage
Transportation cos: TransportationTransportation cos: TransportationBanks: FinancialBanks: Financial
Insurance cos: CoverageInsurance cos: Coverage
Service Channel membersService Channel members facilitatefacilitate transactionstransactions
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Supply ChainSupply Chain
Network ofNetwork ofFacilitiesFacilities andand Distribution OptionsDistribution Optionsthat perform the functions of:that perform the functions of:
ProcurementProcurementof materialsof materials
TransformationTransformation of materials into intermediatesof materials into intermediatesand finished productsand finished products
DistributionDistribution of these finished products toof these finished products tocustomerscustomers
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Supply ChainSupply Chain
Process P(1) P(2) P(3) P(4) P(n)Process P(1) P(2) P(3) P(4) P(n)
Chain of ProcessesChain of Processes
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Supply ChainSupply Chain
Three Parts:Three Parts:
Supply Side:Supply Side:
Concentrates on how,where from and when raw materials areConcentrates on how,where from and when raw materials areprocured and supplied to manufacturingprocured and supplied to manufacturing
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The Chevrolet MalibuThe Chevrolet Malibu
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Sample Suppliers of the Chevolet MalibuSample Suppliers of the Chevolet Malibu
Instrument ClusterSiemens(Germany)
SeatsFaurezia(France)
Fuel LinesDana(USA)
TiresBridgestone(Japan)
Door PanelsJohnson
Controls(USA)
Winshield ,WindowsPilkington(UK)
Transmission ChainsBorgWagner(USA)
AlternatorValeo (France)
Cylinder LinersMahle (Germany)
Water Level SensorHella (Germany)
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Supply ChainSupply Chain
Manufacturing SideManufacturing Side
Converts raw materials into finished productsConverts raw materials into finished products
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Supply ChainSupply Chain
Distribution SideDistribution Side
Ensures that these finished products reachEnsures that these finished products reachthe final customersthe final customers
Through a network ofThrough a network ofdistributors,wholesalers and reatilersdistributors,wholesalers and reatilers
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Value ChainValue Chain
A supply chain represents aA supply chain represents a Value DeliverySystemValue DeliverySystem
Each organization captures only a certain percentage ofEach organization captures only a certain percentage ofthe total value generatedthe total value generated
Attempts to capture a higher percentage of value seen inAttempts to capture a higher percentage of value seen in::
Upstream Movement(Steel Plant buying iron ore mine)Upstream Movement(Steel Plant buying iron ore mine)
Downstream Movement( Steel Producer setting upDownstream Movement( Steel Producer setting upoutlets for branded steel products)outlets for branded steel products)
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Stages in a Firms Value ChainStages in a Firms Value Chain
R & D Procurement Marketing DistributionMfgSales
and
Service
PfizerR&Din Singapore
And Japan
SteelcaseSources
low cost partsFrom Chinaand Mexico
DellousourcesBPO services(dataEntry,call center,
Payroll processing)From India
GenzymeOutsources
much ofManufacturing andTesting of surgicalEquipements andDignostic products
To Germany,Switzerland and
UK
RenaultProduces cars in low
Cost countriesIn Easterm Europe
BMWand HondaSubsidiaries in
the USA
Carrefourand
BarclaysworldwideNetwork ofStores and
offices
Wolverine(Hush
Puppies)Contracts with
independentretail stores
abroard
AmwayAvon
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CompetitionCompetition
Includes all the actual andIncludes all the actual and Potential:Potential:
Rival OfferingsRival Offerings
SubstitutesSubstitutes
That a buyer might considerThat a buyer might consider
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Competition.StarwarsCompetition.Starwars
OptionsOptions
MovieHalls: Maheshwari,Sangeet,Paradise: Balcony:Rs. 60MovieHalls: Maheshwari,Sangeet,Paradise: Balcony:Rs. 60
Multiplex: Citypride: Balcony: Rs.120Multiplex: Citypride: Balcony: Rs.120
Cable: HBO,Starmovies: Included in Cable BillCable: HBO,Starmovies: Included in Cable Bill
Buy DVD from PlanetM: Rs. 700Buy DVD from PlanetM: Rs. 700
Download Movies fromDownload Movies from www.moviedownloadworld.comwww.moviedownloadworld.com
www.pickyourmovies.comwww.pickyourmovies.com
Annual Fees: Rs.800Annual Fees: Rs.800
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Maheshwari.Competitor Radar Screen
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Four Levels of competitionFour Levels of competition
Brand Competition:Brand Competition:
A company sees as competition other cosA company sees as competition other cos
offeringoffering
SimilarSimilarproducts/service toproducts/service to
TheThe samesame customerscustomers
AtAt similarsimilarpricesprices
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Brand Competition forHyundaiBrand Competition forHyundai
SUV manufacturers in India:SUV manufacturers in India:Hyundai (Tuscon)Hyundai (Tuscon)
Ford (Endeavour)Ford (Endeavour)
Honda(Honda CRV)Honda(Honda CRV)
Mahindra(Scorpio)Mahindra(Scorpio)
Tata(Safari)Tata(Safari)Toyota(Landcruiser)Toyota(Landcruiser)
Mitsubishi(Pajero)Mitsubishi(Pajero)
Nissan(X Trial)Nissan(X Trial)
Hyundai will not see brand competition inHyundai will not see brand competition in
MarutiMarutiScodaScoda
Mercedes BenzMercedes Benz
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Industry CompetitionIndustry Competition
Company will consider as competitors all cos makingCompany will consider as competitors all cos makingsame:same:
ProductProduct
Class ofP
roductsClass ofP
roducts
Hyundai will consider as industry competitors:Hyundai will consider as industry competitors:
MarutiMaruti
Mercedes BenzMercedes BenzSkodaSkoda
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Form CompetitionForm Competition
A company sees its competition all cosA company sees its competition all cosmanufacturing products that supply the samemanufacturing products that supply the samefunctionfunction
Hyundai will consider as form competitors:Hyundai will consider as form competitors:
Two wheeler manufacturersTwo wheeler manufacturers
Truck manufacturersTruck manufacturersBicyclesBicycles
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Generic CompetitionGeneric Competition
A co sees as its competitorsA co sees as its competitors all cos thatall cos thatcompete for the consumers walletcompete for the consumers wallet
Hyundai will see as competitors cos thatHyundai will see as competitors cos thatsell:sell:
High End Consumer DurablesHigh End Consumer Durables
New HomesNew Homes
Foreign HolidaysForeign Holidays
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EnvironmentEnvironment
Consists ofConsists ofactorsactors andand forcesforces outside marketingoutside marketingthat affects managements ability to develop andthat affects managements ability to develop andmaintain successful transactions with its targetmaintain successful transactions with its target
customerscustomers
Microenvironment (Task Environment)Microenvironment (Task Environment)
Macroenvironment(Broad Environment)Macroenvironment(Broad Environment)
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Cos MicroenvironmentCos Microenvironment
Internal ForcesInternal Forces ororForces close to the companyForces close to the companyover which some control is possibleover which some control is possible
Top ManagementTop ManagementOther FunctionsOther Functions
SuppliersSuppliers
Marketing IntermediariesMarketing Intermediaries
CustomersCustomersCompetitorsCompetitors
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Cos MacroenvironmentCos Macroenvironment
Relates toRelates to larger forces having an impactlarger forces having an impacton society as a wholeon society as a whole
Co has little influence on these forces andCo has little influence on these forces andcan only adapt its marketing mix tocan only adapt its marketing mix toaccount for the resulting opportunities andaccount for the resulting opportunities and
threatsthreats
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Major Forces of the MacroenvironmentMajor Forces of the Macroenvironment
DemographicDemographic
EconomicEconomic
NaturalNaturalTechnologicalTechnological
CulturalCultural
Political/LegalPolitical/Legal
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The Indian Cashew MarketThe Indian Cashew Market
Domestic consumption on the riseDomestic consumption on the rise
2008 consumption: 1.92 L Tonnes2008 consumption: 1.92 L Tonnes
India emerging as the Global Consumer 1, surpassingIndia emerging as the Global Consumer 1, surpassingUSAUSA
Export: Import(2003) : 60:40Export: Import(2003) : 60:40Export: Import(2008): 40:60Export: Import(2008): 40:60
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The Indian Cashew MarketThe Indian Cashew Market
ReasonsReasons
Rise in domestic Per Capita IncomeRise in domestic Per Capita Income
Rise in number of middle class householdsRise in number of middle class households
Increasing use in sweets and confectionaryIncreasing use in sweets and confectionary
Rapid growth in retail outletsRapid growth in retail outlets
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The Indian Cashew MarketThe Indian Cashew Market
Exports of kernel going down steadily since 2003Exports of kernel going down steadily since 2003
2003: Exports: 1.26 L Tonnes2003: Exports: 1.26 L Tonnes
2003: Domestic Sales: 88,246 Tonnes2003: Domestic Sales: 88,246 Tonnes
2008: Exports: 1.1 L Tonnes2008: Exports: 1.1 L Tonnes
2008: Domestic Sales: 1.92 L Tonnes2008: Domestic Sales: 1.92 L Tonnes
US Exports: 2003: 1.03 L TonnesUS Exports: 2003: 1.03 L Tonnes
US Exports: 2008: 1.13 L TonnesUS Exports: 2008: 1.13 L Tonnes
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The Indian Cashew MarketThe Indian Cashew Market
Processing Capacity: 2003: 8 L Tonnes/YrProcessing Capacity: 2003: 8 L Tonnes/Yr
2008: 13 L Tonnes/Yr2008: 13 L Tonnes/Yr
Domestic market growing @17% per annumDomestic market growing @17% per annum
Prices steadyPrices steady
Modern retail chains: Increased shelfspace,increasedModern retail chains: Increased shelfspace,increasedvisibilty,availability, affordabilityvisibilty,availability, affordability
Modern retail: lower margins,more choice,variety, reachModern retail: lower margins,more choice,variety, reach
Unplanned purchaseUnplanned purchase
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Indian cashew marketIndian cashew market
ExportFutureExportFuture
By 2016, no exportable surplusBy 2016, no exportable surplus
Raw cashew crop has to increase@15% per annum to keep up withRaw cashew crop has to increase@15% per annum to keep up withdemanddemand
Domestic ConsumptionDomestic Consumption
Part of icecream,chocolate,sweet,biscuit,khichdi: Growth DriversPart of icecream,chocolate,sweet,biscuit,khichdi: Growth Drivers
45% of Domestic Demand is in Culinary and Confectionary segment45% of Domestic Demand is in Culinary and Confectionary segment
Traditionally used during festive seasonTraditionally used during festive season
Increase in users,usage,frequency and occasionsIncrease in users,usage,frequency and occasions
Easily available in small pouches of 50 gms,100 gmsEasily available in small pouches of 50 gms,100 gms
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The Global Automobile MarketThe Global Automobile Market
Data prepared by the Organization of Motor CarData prepared by the Organization of Motor CarManufacturers,ParisManufacturers,Paris
Automobiles: Passenger CarsAutomobiles: Passenger Cars
LCVLCV
MinibusMinibus
TrucksTrucksBusesBuses
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The Global Automobile Market.2008The Global Automobile Market.2008
World: 70.56 MillionWorld: 70.56 Million
EU: 18.43 MillionEU: 18.43 Million
Japan: 11.56 MillionJapan: 11.56 Million
China: 9.35 MillionChina: 9.35 Million
USA: 8.70 MillionUSA: 8.70 MillionGermany: 6.04 MillionGermany: 6.04 Million
South Korea: 3.8 MillionSouth Korea: 3.8 Million
Brazil: 3.2 MillionBrazil: 3.2 Million
France: 2.56 MillionFrance: 2.56 Million
Spain: 2.54 MillionSpain: 2.54 Million
India: 2.38 MillionIndia: 2.38 Million
Mexico: 2.19 MillionMexico: 2.19 Million
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Indian Car marketIndian Car market
Low penetration in India: 9/1000Low penetration in India: 9/1000
US car market:US car market:
2000: 16 Million2000: 16 Million
2009: 10 Million2009: 10 Million
Lowest Auto Sales in 2009 since MidLowest Auto Sales in 2009 since Mid--60s in USA60s in USA
Lowest Per Capita Car Sales in USA since WW 11Lowest Per Capita Car Sales in USA since WW 11
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Marketing ProgramMarketing Program
Plan to achieve cos objectivesPlan to achieve cos objectives
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Marketing MixMarketing Mix
Set ofSet ofMarketing ToolsMarketing Tools a firm uses toa firm uses topursue its objectivespursue its objectives
Also called theAlso called the Marketing DecisionMarketing DecisionVariablesVariables
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Marketing Mixthe Four PsMarketing Mixthe Four Ps
Classified into four broad groups:Classified into four broad groups:
ProductProduct
PricePrice
PromotionPromotion
PlacePlace
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ProductProductVariablesVariables
Product VarietyProduct Variety
Product QualityProduct Quality
DesignDesign
FeaturesFeaturesBrandnameBrandname
PackagingPackaging
SizeSize
ServicesServicesWarrantiesWarranties
ReturnsReturns
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Product VarietyProduct Variety
Santoor WhiteSantoor White
Santoor GlycerineSantoor Glycerine
SantoorHoneySantoorHoney
Santoor ApricotSantoor Apricot
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PricePrice VariablesVariables
List PriceList Price
DiscountsDiscounts
AllowancesAllowancesPayment PeriodPayment Period
Credit TermsCredit Terms
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PromotionPromotion VariablesVariables
Sales PromotionSales Promotion
AdvertisingAdvertising
Sales ForceSales ForcePublic RelationsPublic Relations
Direct PromotionDirect Promotion
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PlacePlace VariablesVariables
ChannelsChannels
CoverageCoverage
AssortmentAssortmentLocationsLocations
InventoryInventory
TransportTransport
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Marketing Decision VariablesMarketing Decision Variables--An alternateAn alternateclassificationclassification
The Offering
The Methods
and Tools
Product
Brand
Price
Service
DistributionChannels
Personal
Selling
SalesPromotion
Publicity
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Marketing Decision VariablesMarketing Decision Variables--Another AlternativeAnother Alternativeclassificationclassification
The Offering
TheCommunications
Mix
The DistributionMix
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The 4 Ps and the 4 CsThe 4 Ps and the 4 Cs
The 4 Ps:The 4 Ps: Marketing ToolsMarketing Tools available with theavailable with themarketermarketer
The 4 Cs: Each designed to deliverThe 4 Cs: Each designed to delivera customera customerbenefitbenefit
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The Four Ps and the Four CsThe Four Ps and the Four Cs
Marketing ToolsTheMarketing ToolsTheFour PsFour Ps
Customer BenefitsTheCustomer BenefitsTheFour CsFour Cs
ProductProduct Customer SolutionCustomer Solution
(need to study customer needs)(need to study customer needs)
PricePrice Customer CostsCustomer Costs(need to understand consumers cost to(need to understand consumers cost tosatisfy needs)satisfy needs)
PlacePlace ConvenienceConvenience(need to consider conveneience to buy)(need to consider conveneience to buy)
PromotionPromotion CommunicationCommunication(need to understand importance of(need to understand importance ofcommunication in marketing)communication in marketing)
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Marketing Philosophies and Business OrientationMarketing Philosophies and Business Orientation
Organizations have different stakeholders:Organizations have different stakeholders:
SHAREHOLEDERSSHAREHOLEDERS
EMPLOYEESEMPLOYEES
CUSTOMERSCUSTOMERSSOCIETYSOCIETY
Interests of different stakeholders often conflictInterests of different stakeholders often conflict
Business philosophy often helps company balanceBusiness philosophy often helps company balancebetween efficiency,effectiveness and social responsibilitybetween efficiency,effectiveness and social responsibility
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PRODUCTION CONCEPTPRODUCTION CONCEPT
Guiding PrincipleGuiding Principle
Customers interested only inCustomers interested only in Product AvailibiltyProduct Availibiltyandand LowPricesLowPrices
All Focus on ProductionAll Focus on Production
Prospect ofProspect ofdeclining unit costsdeclining unit costs makes profit prospects lookmakes profit prospects lookspectacularspectacular
Large Outputs create greatLarge Outputs create great pressurepressure to move the productto move the product
SellingSellingis emphasized andis emphasized and marketingmarketingis ignoredis ignored
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Selling versus MarketingSelling versus Marketing
SellingSelling MarketingMarketing
Focus on need ofFocus on need of sellerseller Focus on need of Focus on need of buyerbuyer
Preoccupied with sellers need toPreoccupied with sellers need toconvert his product to cashconvert his product to cash
Preoccupied with satisfying thePreoccupied with satisfying theneed of buyer activities including:need of buyer activities including:
IdentifyingIdentifyingNeedNeed
CreatingCreatingandand DeliveringDeliveringofferingoffering
Relatively simple processRelatively simple process MoreMore sophisticatedsophisticatedandand complexcomplexprocessprocess
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When is Production Concept suitable?When is Production Concept suitable?
Consumers interested in obtaining theConsumers interested in obtaining theproduct and not the featuresproduct and not the features
Company interested in expanding theCompany interested in expanding themarketmarket
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Product ConceptProduct Concept
Belief that customers will buy products with the best:Belief that customers will buy products with the best:
QualityQualityPerformancePerformanceFeaturesFeatures
Obsession with better productObsession with better product
Increasing Realization among cos the value of placing a broad definition on theirIncreasing Realization among cos the value of placing a broad definition on theirproductsproducts--emphasizing the UTILITY of a firms products to its consumersemphasizing the UTILITY of a firms products to its consumers
AT & T defines its products as telecommunication rather than TelephoneAT & T defines its products as telecommunication rather than Telephone
Mobil describes its business as energy rather than oil and gasMobil describes its business as energy rather than oil and gas
Universal Studios describes its business as entertainment rather than moviesUniversal Studios describes its business as entertainment rather than movies
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Selling ConceptSelling Concept
Belief that,consumers and businesses,Belief that,consumers and businesses, if leftif leftalone,alone, will not buy enough of cos productswill not buy enough of cos products
Organization undertakes aggressive selling andOrganization undertakes aggressive selling andpromotion effortspromotion efforts
Practised mostly forPractised mostly forunsoughtunsoughtgoods likegoods like
insurance, encyclopedia and political candidatesinsurance, encyclopedia and political candidates
Also practised by firms facingAlso practised by firms facing overcapacityovercapacity
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Marketing ConceptMarketing Concept
Originated in the 60sOriginated in the 60s
TheThe consumerconsumeris at theis at the dead centredead centre of the businessof the businessuniverseuniverse
Companies revolve around the customer and not theCompanies revolve around the customer and not theother way roundother way round
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A Revolution in MarketingA Revolution in Marketing
Stems from the idea thatStems from the idea thatthethe customercustomer, and, and not thenot thecompanycompany is at the centeris at the centershift of attentionshift of attention
FromFrom ToToProblem ofProblem ofmanufacturingmanufacturing
Problem of MarketingProblem of Marketing
ProductProduct we canwe canmakemake
Product that theProduct that theconsumerconsumerwants us towants us tomakemake
The companyThe company The marketplaceThe marketplace
From the Production Concept to the MarketingFrom the Production Concept to the Marketing
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From the Production Concept to the MarketingFrom the Production Concept to the MarketingConceptthe case of Pilsbury Inc.Conceptthe case of Pilsbury Inc.
1 st Era: Production Oriented1 st Era: Production Oriented
From the birth of the company in 1869 continued up to the 1930sFrom the birth of the company in 1869 continued up to the 1930s
The idea for the formation of our company came from:The idea for the formation of our company came from:
AvailibiltyAvailibiltyofHighofHigh--quality wheatquality wheat
ProximityProximityof water powerof water power
And not from:And not from:
Availibilty/proximity of major market areasAvailibilty/proximity of major market areasDemand for better quality,less expensive flour productsDemand for better quality,less expensive flour products
Principal concern:Principal concern: ProductionProduction, not marketing, not marketing
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Pilsbury Inc.Pilsbury Inc.
22ndnd. Era: Sales Oriented. Era: Sales Oriented
Started in 1930sStarted in 1930s
For the first time, company started getting conscious of the consumerFor the first time, company started getting conscious of the consumer
Establishment of aEstablishment of a commercial research departmentcommercial research department
Co, started understanding importance of intermediariesCo, started understanding importance of intermediariesCos thinking was We manaufacture a number of flour products for theCos thinking was We manaufacture a number of flour products for theconsumer market,we must have a first rateconsumer market,we must have a first rate sales organizationsales organization which canwhich candispose of all products at a favourable pricedispose of all products at a favourable price
We must back up this sales force withWe must back up this sales force with
Consumer AdvertisingConsumer Advertising
Market IntelligenceMarket IntelligenceWe want our salesmen and intermediaries to have all the tools they need toWe want our salesmen and intermediaries to have all the tools they need tomove output of plant to the consumersmove output of plant to the consumers
Still not marketing philosophy,but closerStill not marketing philosophy,but closer
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Pilsbury Inc.Pilsbury Inc.
3 rd. Era: Marketing Orientation3 rd. Era: Marketing Orientation
Started in the 60sStarted in the 60s
For the first time, the company felt the need forFor the first time, the company felt the need forselectingselectingbest new marketsbest new markets
Cos philosophy We make and sell products forCos philosophy We make and sell products forconsumersconsumers
Cos purpose: Satisfy theCos purpose: Satisfy the needsneeds andand desiresdesires, both actual, both actualand potential, of consumersand potential, of consumers
Not to: Mill Flour or manufacture a wide range ofNot to: Mill Flour or manufacture a wide range ofproductsproducts
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Understanding CustomerNeedsUnderstanding CustomerNeeds
Problem of listening to customers:Problem of listening to customers:
Customers tend to offerCustomers tend to offersolutionssolutions, when asked about, when asked aboutproblems,notproblems,not outcomesoutcomes they really wantthey really want
Customers find it hard to imagine alternate uses andCustomers find it hard to imagine alternate uses andfunctionsfunctions
Customers tend to edit out solutions they dont know areCustomers tend to edit out solutions they dont know arepossible like new materials,new technologiespossible like new materials,new technologies
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Five Types ofNeedsFive Types ofNeeds
Stated Need:Stated Need: Customer wants new windowCustomer wants new window
Real NeedReal Need: Customer wants lower energy: Customer wants lower energycosts/increased comfortscosts/increased comforts
Unstated NeedsUnstated Needs: Customer expects: Customer expectsworkmanship,timeliness,professionalism and valueworkmanship,timeliness,professionalism and value
Delight Needs:Delight Needs: Customer likes comethingCustomer likes comethingextra/unexpectedextra/unexpected
Secret NeedSecret Need: Wants neighbours to see him as trendy: Wants neighbours to see him as trendy
personperson
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Three types of MarketingThree types of Marketing
Responsive Marketing:Responsive Marketing:
NeedsNeeds--basedbased Marketing approach where aMarketing approach where a
marketermarketeridentifiesidentifies andand fulfilsfulfils a needa need
Invention of washing machines,dishwashers,andInvention of washing machines,dishwashers,andmicrowave ovens are all based on themicrowave ovens are all based on therecognition that women want to spend less timerecognition that women want to spend less timeon cooking and cleaningon cooking and cleaning
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Three Types of MarketingThree Types of Marketing
Anticipative MarketingAnticipative Marketing
Based on recognition of emerging/latent needsBased on recognition of emerging/latent needs
Parles introduction of Bottled Drinking WaterParles introduction of Bottled Drinking Water
Riskier than resposnive marketing: Possibilty ofRiskier than resposnive marketing: Possibilty ofwrong ttiming /market may not developwrong ttiming /market may not develop
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Three types of MarketingThree types of Marketing
Need Shaping MarketingNeed Shaping Marketing ororCreative MarketingCreative Marketing
A company introduces a product or service thatA company introduces a product or service thatnobody asked fornobody asked forororcould conceive ofcould conceive of
Nobody asked Sony for Walkman or CD,XeroxNobody asked Sony for Walkman or CD,Xeroxfor photocopiers, Apple for the iPodfor photocopiers, Apple for the iPod
Boldest form of marketingBoldest form of marketing
Market Driven Company versus Market DrivingMarket Driven Company versus Market Driving
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Market Driven Company versus Market DrivingMarket Driven Company versus Market DrivingCompanyCompany
Market Driven Company:Market Driven Company:
Advance over productAdvance over product--driven companydriven company
Market driven company focuses on:Market driven company focuses on:
ResearchingResearching current customerscurrent customers to identify their problemsto identify their problemsGatherGathernew ideasnew ideas
TestTestproposed product improvementsproposed product improvements
TestTest marketing mix changesmarketing mix changes
Market Driven companies efforts lead toMarket Driven companies efforts lead to incrementalincrementalimprovements, not radical innovationsimprovements, not radical innovations
MarketMarket--Driven company versus MarketDriven company versus Market--DrivingDriving
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MarketMarket Driven company versus MarketDriven company versus Market DrivingDrivingCompanyCompany
Market Driving CompanyMarket Driving Company
Improve our civilizationImprove our civilization
TheyThey create new marketscreate new markets ororchange the rules of the gamechange the rules of the game
Their innovations lead to:Their innovations lead to:
Significantly newSignificantly newproducts/services/business formatsproducts/services/business formats
EstablishEstablish new price pointsnew price points
DevelopDevelop new channelsnew channels
Examples: Microsoft,CNN,FedEx,SAP,Gilette,HExamples: Microsoft,CNN,FedEx,SAP,Gilette,H--PP
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STAGES IN CONSUMER DECISION PROCESSSTAGES IN CONSUMER DECISION PROCESS
AWARENESS
INTEREST
DECISION
ACTION
SATISFACTION
Advertising
Channel
Product/Service
Price
Word ofMouth
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C t R t tiC t R t ti
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Customer RetentionCustomer Retention
Critical and is more important thanCritical and is more important than customer acquisitioncustomer acquisition
Cost of attracting new customers>>>Cost of retaining oldCost of attracting new customers>>>Cost of retaining oldcustomerscustomers
New customers require far larger investments to achieveNew customers require far larger investments to achieveprofitability levels of old customersprofitability levels of old customers
F M k ti C t tF M k ti C t t M k t O i t tiM k t O i t ti
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From Marketing Concept toFrom Marketing Concept to Market OrientationMarket Orientation
Marketing Concept: Broad Business Philosophy ofMarketing Concept: Broad Business Philosophy oforganization beingorganization being customercustomer--focusedfocused
Market Orientation: A business is said to be marketMarket Orientation: A business is said to be market--oriented when its culture is systematically and entirelyoriented when its culture is systematically and entirelycommited to thecommited to the continous creation of superior customercontinous creation of superior customer
valuevalue
M k t O i t tiM k t O i t ti
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Market OrientationMarket Orientation
InformationAcquisition
InterfunctionalAssessment
Customer
Information
CompetitorInformation
Other market
Information(reg
ulators,supplier
s)
Shared Diagnosisand Co-ordinatedAction
Superior
Customer
Value
B d l C tiB d l C ti
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Boundaryless CorporationBoundaryless Corporation
When a business achives its objective ofWhen a business achives its objective ofdeveloping adeveloping apervasive market orientation,pervasive market orientation,
the marketing function becomes lessthe marketing function becomes lessimportantimportant
Market Orientation,Competitive Advantage andMarket Orientation,Competitive Advantage and
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, p g, p gBusiness PerformanceBusiness Performance
MarketOrientation
Customer
Driven
Competitor
Focused
Interfunctional
Coordination
Core Competence
CustomerService
Quality
Innovation
Competitive
Adantage
Customer Loyalty
New product
Success
Market share
Business
Performance
Profitability
Sales Growth
M k ti C tM k ti C t
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Marketing ConceptMarketing Concept
Often companies are forced to adopt dueOften companies are forced to adopt dueto adverse situations like:to adverse situations like:
Sales DeclineSales DeclineSlow GrowthSlow Growth
Changing Buying patternsChanging Buying patterns
Increasing CompetitionIncreasing CompetitionIncreasing Marketing ExpenditureIncreasing Marketing Expenditure
Customer ConceptCustomer Concept
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Customer ConceptCustomer Concept
StaringPoint
Focus Means Ends
Individual
customer
Customer
Needs,
Values
One-to-one
Marketing
Profitable Growth through
capturing:
Customer Share
Customer Loyalty
Customer Lifetime Value
Customer ConceptCustomer Concept
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Customer ConceptCustomer Concept
Focus on Individual customers and not on customer segmentsFocus on Individual customers and not on customer segments
Companies try to understand individual customers by collecting andCompanies try to understand individual customers by collecting and
analyzing individual customersanalyzing individual customers::
Past TransactionsPast TransactionsDemographicsDemographics
PsychograhicsPsychograhics
Media DifferencesMedia Differences
Thereafter oneThereafter one--toto--one marketers designone marketers design separate offeringsseparate offerings totoindividualindividual customerscustomers
Customer ConceptCustomer Concept the Philosophythe Philosophy
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Customer ConceptCustomer Concept--the Philosophythe Philosophy
Profitable growth through building customers:Profitable growth through building customers:
Share of WalletShare of Wallet
Customer LoyaltyCustomer LoyaltyCustomer Lifetime Value(CLV)Customer Lifetime Value(CLV)
This concept follows from a trueThis concept follows from a true MarketMarketOrientationOrientation
Customer ConceptCustomer Concept
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Customer ConceptCustomer Concept
Not for every companyNot for every company
Huge InvestmentsHuge Investments required for collecting and maintainingrequired for collecting and maintaininginformationinformation
Works well for companies whichWorks well for companies which
normallynormallycollect a lot of customer infocollect a lot of customer info
Carry products which could beCarry products which could be crosscross--soldsold
Carry products that require periodicCarry products that require periodic upgrading/replacingupgrading/replacing
Sell HighSell High--Value ProductsValue Products
Customer ConceptCustomer Concept
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Customer ConceptCustomer Concept
Widely practised by:Widely practised by:
Financial Services Company such as banksFinancial Services Company such as banks
Automobile manufacturing companiesAutomobile manufacturing companiesHighHigh--End Consumer Goods like JewellersEnd Consumer Goods like Jewellers
Book RetailersBook Retailers
Societal Marketing ConceptSocietal Marketing Concept
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Societal Marketing ConceptSocietal Marketing Concept
Marketing Concept sidesteps potential conflicts between:Marketing Concept sidesteps potential conflicts between:
Customer WantsCustomer WantsCustomer InterestsCustomer InterestsLongLong--run Social Welfarerun Social Welfare
MacDonalds sell french fries high in starch and fat: FulfillingMacDonalds sell french fries high in starch and fat: Fulfillingcustomer wants but hurting customer healthcustomer wants but hurting customer health
Automobile Industry: Promoting large automobiles but leading toAutomobile Industry: Promoting large automobiles but leading tohigh pollution levels,increasing traffic congestion and more fatalhigh pollution levels,increasing traffic congestion and more fatal
accidentsaccidents
The societal marketing concept enlarges the marketing conceptThe societal marketing concept enlarges the marketing concept
The Societal Marketing ConceptThe Societal Marketing Concept Basic PhilosophyBasic Philosophy
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The Societal Marketing ConceptThe Societal Marketing Concept--Basic PhilosophyBasic Philosophy
Determine customers needs and WantsDetermine customers needs and Wants
Deliver superior value in target marketDeliver superior value in target market
In a way thatIn a way that
Improves customers andImproves customers and societyssocietys wellbeingwellbeing
Same as Marketing
Concept
New
The Societal Marketing ConceptThe Societal Marketing Concept
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The Societal Marketing ConceptThe Societal Marketing Concept
Requires organization to think about theRequires organization to think about the longlong--run interests of the societyrun interests of the societywhile meetingwhile meetingorganizational objectivesorganizational objectives
One should not act responsibly only toOne should not act responsibly only tocustomers but also to:customers but also to:
The environmentThe environment
All others affected by it(nonconsumers)All others affected by it(nonconsumers)
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Societal Marketing ConceptSocietal Marketing Concept
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Societal Marketing ConceptSocietal Marketing Concept
Society
(HumanWelfare)
Consumer(Wants)
CompanyProfits
SocietalMarketingConcepts
Cause Related MarketingCause Related Marketing
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Cause Related MarketingCause Related Marketing
Commercial ActivityCommercial Activity by which businessesby which businessesand charities or causes form a partnershipand charities or causes form a partnershipwith each other to market an image,goodwith each other to market an image,goodor service for mutual benefitor service for mutual benefit
Cause Related MarketingCause Related Marketing
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Cause Related MarketingCause Related Marketing
Originated in 1983Originated in 1983
American Express and the Statue of LibertyAmerican Express and the Statue of Liberty
CampaignCampaign
When price and quality are equal, to help aWhen price and quality are equal, to help acause, people are ready to switch brandscause, people are ready to switch brands
Also calledAlso called social marketingsocial marketing
Business and MarketsBusiness and Markets--The Times are ChangingThe Times are Changing
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Business and MarketsBusiness and Markets The Times are ChangingThe Times are Changing
Major societal forces:Major societal forces:
Technological AdvancesTechnological Advances
GlobalizationGlobalization
DeregulationDeregulation
Customers:Customers:
Higher ExpectationsHigher Expectations
Less Brand LoyaltyLess Brand LoyaltyMore InformedMore Informed
Greater Price SensitivityGreater Price Sensitivity
Business and marketingBusiness and marketing--The Times are achangingThe Times are achanging
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Business and marketingBusiness and marketing The Times are a changingThe Times are a changing
Brand Manufacturers:Brand Manufacturers:
Increasing Competition(domestic and international)Increasing Competition(domestic and international)
Rising promotion costsRising promotion costs
Shrinking MarginsShrinking Margins
Increasing Competition fromIncreasing Competition from Private BrandsPrivate Brands
StoreStore--based retailersbased retailers
Growing Competition from large organized retailersGrowing Competition from large organized retailersAttempt to market an experience rather than a productAttempt to market an experience rather than a product
Company responses to changing timesCompany responses to changing times
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Company responses to changing timesCompany responses to changing times
ReenineeringReenineering
OutsourcingOutsourcing
eCommerceeCommerce
BenchmarkingBenchmarkingAlliancesAlliances
Partner SuppliersPartner Suppliers
MarketMarket--centeredcentered
Global and LocalGlobal and LocalDecentralizationDecentralization
Major Marketing ThemesMajor Marketing Themes
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Major Marketing ThemesMajor Marketing Themes
Customer Relationship MarketingCustomer Relationship MarketingCustomer Lifetime ValueCustomer Lifetime ValueCustomer ShareCustomer ShareTarget MarketingTarget Marketing
CustomizationCustomizationCustomer DatabaseCustomer DatabaseIntegrated Marketing CommunicationsIntegrated Marketing CommunicationsChannels as PartnersChannels as PartnersEvery employee a marketerEvery employee a marketerModelModel--based Decision Makingbased Decision Making
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