1 Marketing 1 Tussentoets: hfst 1, 3, 4, 5, 6, 7, 9, 10 Tentamen: hfst 1, 3, 4, 5, 6, 7, 9, 10, 11, 12, 14, 16, 17, 18, 19, 20 + Gastcollege LET OP: leer ook hfst 3 van collegedictaat (planning). LET OP: oefen al de cases voor tentamen en de tussentoets! LET OP: leer ook de sheets. Vooral studietips aan het einde! LET OP: leer vooral alle figuren voor de tussentoets!! Daar vraagt hij veel over!! HOOFDSTUK 1 Paragraaf NIET leren: The new economy. How businesses and marketing are changing. New economy = globalized, internet, automatization, technologies, information and empowering. Old economy = Manufacturing (try to achieve economies of scale/efficiency). Marketing tasks 3 Stages through which marketing practice might pass: Entrepreneurial marketing Most companies are started by individuals. They knock on every door to gain attention. (Can t afford an advertising budget). Formulated marketing The companies are gaining little successes. They employee sales persons, begin advertisement on TV and do some market research. Interpreneurial marketing The companies became large. The companies lack creativity. Their brand managers need to get out of the office, start living with their customers and visualize new ways to add value to their customers. In marketing there will be a constant tension between formulated side and creative side. Marketing is typically seen as creating, promoting and delivering goods and service to consumers and businesses. Marketers are skilled to stimulating demand. But that s to limited. They are responsible for demand management. Table page 6! Demand states + task of marketer. 10 types of entities in which marketers are involved: Goods Most important Services Hotels, barber, repair etc. Mostly you have a mix of goods with services. Experiences Haunted house, climbing mount everest, meet your idol etc. Events Olympics, Trance Energy etc. Persons Celeberties, proffesionals (such as lawyers etc.) Places Turkije, Amsterdam etc. Properties intangible rights. Stocks, bonds, estates etc. Organizations image of a company. Vb) Let s make things better. Information Schools, Encyclopedias, Internet, CD, books, software etc. Ideas Save the rainforest, say no to drugs etc. Marketers make many decisions such as new features for product, how many salespersons to hire, how much spend on advertisement, color of packing etc. vb) tabel blz 8. 4 Markets (page 8!!! For explanation): Consumer markets
2 Business markets Global markets Nonprofit and govermental market Marketing concepts and tools Marketing: - Social definition (Role of marketing in society, marketing delivers a higher standard of living). Marketing is a social process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. - Managerial definition (art of selling products, but selling is just a little task of marketing). Marketing is the process of planning and executing the conception, pricing, promotion and Distribution of ideas, goods and services to create exchanges that satisfy individual and organizational goals. Marketing management = the art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior customer value. Marketing core concepts: Target markets and segmentation Market segment = buyers differences based on demographic, psychographic and behavioural differences. Target market = Segment on which the marketer chooses to work. A marketer can t satisfy all in a market because not everyone likes the same drink etc. Figure 1.1 page 10! Marketplace, Marketspace and Metamarket Marketplace= physical (shop) Marketspace= Digital (internet) Metamarket = cluster of complementary products/services that are closely related in the minds of consumers but are spread across a diverse set of industries. Vb) page 10/11! Figure 1.2 page 10! You must know the 5 basic markets that are in that figure! Marketers and Prospects Marketer = someone seeking a response (attention, purchase, vote or donation) Prospect = from another party (the one that gives the response) WATCH IT: If they want to sell to each other, then they are both marketers. Needs, wants and demands Needs = basic human require ments. (food, air, water, education, social status, entertainment etc.) Wants = needs that are directed to specific objects that satisfy the need. Demands = wants for specific products backed by a ability to pay. Vb) Need: food Want: hamburger Demand: only the people that will and can buy one Marketers influence wants, NOT needs. Needs exist already. Product, offering and brand Value proposition = set of benefits they offer to customers to satisfy their needs. Offering = intagible value proposition that is made physical (combination of products, services, information and experiences). Brand = offering of a known source. Brand image = associations that come with a brand. Value and satisfaction An offering is succesful if it delivers value and satisfaction to the target buyer. Buyers choose the products that deliver the most value. Value increases with quality + service. Value decreases with price. Customer value triad = Value is seen in terms of quality, service and price (QSP). Value = ratio between what the customer gets and what he gives. (Benefits and costs). Beneftits: * Functional benefits * Emotional benefits
3 Costs: * Monetary costs * Time costs * Energy costs * psychic costs Value = Benefits/costs Formula page 11! Exchange and transaction Exchange = process of obtaining a desired product from someone by offering something in return. (Both be better off). 5 conditions for a exchange to exist: - At least 2 parties - Each party has something with value for the other party. - Each party is capable of communication and delivery. - Each party is free to accept or reject the exchange offer. - Each party believes it is appropriate or desirable to deal with the other party. Transaction = a trade of values between 2 or more parties. (Not only money!) Barter = transaction involves goods or services for other goods or services. Transfer = One way transaction. Vb) gifts, subsidies and charties etc. Marketers want behavioural response of a party. Vb) page 12! Figure page 13! Relationship and networks Relationship ma rketing = has the aim of building mutually satisfying long-term relations with key parties in order to earn and retian their business. Marketing network = consists of the company and its supporting stakeholders. With whom it has built mutually profitable business relationships. Marketing channels To reach the target market, 3 marketing channels are used: - Communication channels (reclame, , customer info etc.) - Distribution channels - Service channels (warehouses, banks, transportation etc. Transaction with potential buyers) Supply chain Supply chain = Channel from raw material to final product for final buyers. Competition Competition = all actual + potential rival offerings and substitutes that a buyer might consider. Vb) Figure page 14!! 4 levels of comp etition vb blz 14/15 erbij lezen: - Brand competition (similar products/services at same customers at same price) - Industry competition (all compnies with same product or product class) - Form competition (all companies that manufactur products with same services) - Generic competition (all compnies compete for the same consumer dollars, kunt ze maar 1 keer uitgeven). Marketing environment vb page 15! Task environment = immediate actors in production, distribution, promoting and offering. Broad environment = - Social/cultural environment - Technological - Demographic - Economic - Natural - Political-legal Marketing program Marketing program = (plan) consist of numerous decisions on the mix of marketing tools to use. Marketing mix = set of marketing tools the firm uses to pursue its markeitng objectives in the target market. Figures page 16! 4 P 4C Product Customer solution Price Customer cost
4 Place Promotion Convenience Communication Company orientations toward the marketplace 6 Competing concepts under which organizations conduct marketing activities: Production concept Consumer will prefer products that are widely available and inexpensive. Managers concentrate on high production/low cost/mass-distribution. The people are more intrested in having the product than in the feautures. Vb) page 17. Product concept Consumers favot the products that offer the most quality, performance etc. Managers focus on improving product. Vb) page 18. No customer input and no competition information. Vb) laatste aliniea van dit stukje ZEER!!!! Selling concept Conusumer and businesses won t buy enough. The organization must undertake an aggressive selling and promotion effort. It s most aggressive with unsought products (producten die je niet zoekt). Vb) Stem scoren voor politieke partij, door flyers/shaking hands etc. Usefull at overcapacity. Watch out it can make customers boos and go to consumer organizations. Seller perspective. Marketing concept Not find the right customers for your product. But find the right product for your customers. Managers must tryu to be more effective than the competition in creating, delivering and communicating superior customer value to its chosen target markets. Vb) klant is koning! Figure page 20! Buyer perspective. 4 pillars of the marketing concept: - Target market Choose the best possible vb) page 20 - Customer needs Understand the customers needs and wants Example: what does an inexpensive car mean? - Integrated marketing All companies departments work together to serve customers interest. Figure page 23! External marketing = marketing directed at people outside the company. Internal marketing = task of hiring, training, motivating employees who want to serve customers well. - Profitablility Page 23 t/m 25 nog doen. Customer concept Figure page 26! Focus on the individual customers. Collect information about them. Expensive because the databse etc. High customization. Sociental marketing concept Are companies really doing the best for customers (in the long run time). Vb) page 26 (nested piece of text). This approach preserves or enhanches the consumer or society s well-being. Ethical and social considerations are made by managers. Vb) page 27! Cause-related marketing = (form of sociental marketing concept) = see page 27!
5 5 types of needs: Stated needs (The customer wants an inexpensive car) Real needs (The customre wants a car whose operating cost are low, not the initial price) Unstated needs (The customer expects good service from the dealer) Delight needs (The customer would like a navigation system from the dealer) Secret needs (The customren wants to be seen by friends as a savvy consumer) Responsive marketer = Finds needs and fulfills them. Anticipative marketer = looks ahead what customers want in the near fututre. Creative marketer = Customers do not ask for it, but will enthousiast reageren.
6 HOOFDSTUK 3 Paragraaf NIET leren: The nature of high performance business Defining customer value and satisfaction Customers are value-maximizers, within the bounds of search costs and limited knowledge, mobility and income. Customers choose product with the highest perceived value. FIGURE PAGE 60. Kennen! CPV = Customer Perceived Value = difference between total customer value and total customer cost. But there can be more attributes that contribute to the decision, such as time to make the decision, friendships between companies etc. Satisfaction = a persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (outcome) in relation to his/her expectations. Buyers form expectations by: friends, past buying experiences, marketers, competitors etc. TCS = total customer satisfaction. Example page 62! 2x! Key of high customer loyalty is delivering high customer value. Value proposition = the whole cluster of benefits the company promises to deliver (its more than the core positioning of the offering). Example: volvo core postioning promises safety. But that is not the total proposition, because they also give good servive, long-lasting car etc. Value-delivery system = all the experiences the customers will have on the way to obtaining and using the offering. Many companies lack in combi-ing brand promises with value proposition. Example: washes wither. Than it really has to wash whiter! FIGURE PAGE 64: tools for tracking and measuring customer satisfaction. A company has more parties. He must try to achieve the highest customer satisfaction but also a high satisfaction of other parties, such as stakeholders, employees etc. But customer satisfaction is very important nowadays, because people can spread bad words very fast! Delivering customer value and satisfaction In a high competitive ecfonomy you van only win by dreating and delivering superior value. This involves 5 capabilities: - Understanding customers - Creating cutomer value - Delivering customer value - Capturing customer value - Sustaining customer value Value chain = tool (from Porter) for identifying ways to create more customer value. FIGURE PAGE 70! Every part from the 9 parts is value creating. BIJ GESCHREVEN IN BOEK, KENNEN. Benchmark = estimate competitors costs and performance and compare with your own. Not only each department has to run well, but also the coordination between them! Core business processes: - Market sensing (= all activities are involved in gathering market intelligence and act on it) - New offering realization (= all activities are involved in researching, devoloping etc.) - Customer acquisition (= all activities are involved in defining target markets) - Customer relationship management (= all activities are involved in better individual customer relations) - Fulfillment management (= all activities are involved in receiving and approving orders, shipping on time and collecting payment) VMI = vendor-managed inventories = not to manage stocks but flows of stocks. Value-deliver network (=supply chain) EXAMPLES page 71/72 ECHT DOEN!! NOT YET DONE. Figure page 72. competition is between networks not companies. Attracting and retaining customers Working with partners: partner relationship management (PRM) Customer relationship management (CRM) = the process of managing detailed infromation about individual customers and carefully managing all the customers touchpoints with the aim of maximizing customer loyalty. The trick is not to satisfy customers, but to procuce delighted and loyal customers. Customer churn = It adding water to a leak bucket.
7 Steps to reduce the defection rate (= leaking bucket): 1) Company must define and measure its retention (= herrinering herhaligs) rate Example page 72 with /. 2) Company mu st dinstinguish the causes of customers attrition (=uitputting) and identify those that can be managed better. 3) Company needs to estimate how much profit it loses when it loses customers. Lifetime value = present value of the profit stream they would get, if the customer was not defected. Example page 73 with /. 4) Company needs to figure out how much it would cost to reduce the defection rate Do try to defection decreasing if cost < lost profit 5) Nothing beats to listening to customers. READ PAGE 73! Many business try to get new customers, but keeping the current ones is also important. Measure the customer satisfaction, because it is the key of customer retention (herhaling). Don t try to los de problemen op die je binnen kreeg van klachten, want slechts 4% dient klachten in. De overige 96% komt gewoon niet meer! Example try to make complaining easier, zodat het wel redabel is om de klachten op te lossen. Voordelen van retentie boven het verkrijgen van nieuwe klanten: PAGE 75 THE 4 POINTS!!! CLV = customer life time value = expected future profits of current customers (present value). READ PAGE 75/76 paragraf measuring customer lifetime value!!! The aim of CRM is to produce high customer equity. Customer equity = the total of the discounted lifetime values of all of the firm s customers. The more loyal the customers, the higher the customer equity. 3 drivers of cutomers equity READ PAGE 76 ERBIJ, NOT YET DONE!!!: 1) value equity = the customers objective assessment of the utility of an offering based on perceptions of its benefits relative to cost. 2) brand equity = the customers subjective and intangible assessment of the brand above and beyond its objectively perceived value 3) relationship equity = the customers tendency to stick with the brand above and beyond objective and subjective assessment of its worth. FIGURE PAGE 76! + TEXT AROUND IT PAGE 76/77! 5 levels of investment in customer-relationship building: 1) basic marketing (salesperson simply sells product) 2) reacitve marketing (1+encourages customers to call he has question, problems etc.) 3) accountable marketing (salesperson phones customer to check if product meets expactations) 4) proactive marketing (salesperson contacts from time to time with suggestions about improved product uses or new products) 5) partnership marketing (company and its large customers interact all the time) FIGURE PAGE 77! Very!!!!!!!!!!!!! EXPLANES PREVIOUS. Companies that want stong customer bonds need to attend to some basics: RIJTJE PAGINA 78 KENNEN! WAS TENTAMENVRAAG. 3 retention-building (herhalins) approaches: 1) adding financial benefits vb) frequency programs (FPs) and club marketing programs (people come closer to the organization). EXAMPLE PAGE 79! 2x 2) adding social benefits build social bonds with customers by individualizing and personalizing customer relationships FIGURE PAGE 80! 3) adding structural ties - create long term contracts with customers - charge lower prices to consumers who buy larger supplies - turn the product into a long-term service Example page 80 under the table and above the 3 points!
8 Customer profitability, company profitability, and total quality management 20% of the customers generate 80% of the companier profit. Bottum customer: pays full price and because he is small it costs the firm relative much to serve him Top customer: high discount and because he is big it costs the firm relative low to serve him Middlesize customer: best one, pays almost the full price and costs the firm little. Profitable customer = a person, household or company that over time yields a revenues stream that exceeds by an acceptable amount the companies cist stream of attracting, selling and serving that customer. Examples of CLV page 81 2x!!! Customer-product prifitability analysis: FIGURE PAGE 82! Read text under it! Customer profitability analysis (CPA) is best conducted with tools of ABC-costing! Figure page 83!!! Competitve advantage = a companies ability to perform in one or more ways that competitors cannot or will not match. Leveragable advantage = een voordeel die een onderneming als springplank kan gebruiken naar nieuwe voordelen. Example: microsoft used windows as springplank naar office. Any competitive advantage must be seen by customers as a customer advantage. Example page 83 with /. VERY!!!!! Customers don t expect average quality anymore. But expect high quality. Because of this: TQM = total quality management = an organizationwide approacht to continious imprving the quality of all the organizatios processes, products and services (Deming). ISO 9000 is a set of acceoted rules for describing quality. Quality = the totality of features and charecteristics of a product or service that bears the ability to satisfy stated or implied needs. Quality: 1) conformance (=overeenkomend met belofte) 2) performance (= grade) Mercedes is volgens 2 hoger dan toyota. Mercedes en toyota zijn gelijk volgens 1. TQM is the key to value creation and customer satisfaction. Marketing managers responsibilities (in a quality-centered firm): formulate strategies and policies to come to total quality they must deliver marketing quality alongside production quality
9 HOOFDSTUK 4 Paragraaf NIET leren: The marketing process Product planning: the nature and contents of a marketing plan Strategic planning: Three key areas and four organizational levels Key areas see book page organizational levels: Corporate level Division level Business unit level Product level Each of them (first 3) make decisions on what and how many resources will be allocated to the lower level. Business unit makes stategic plan for a profitable future. Product level makes a marketing plan for its objectives. Strategic marketing plan = lays out the target markets and the value proposition that will be offered based on an analysis of the best market opportunities. Tactical marketing plan = Specifies the marketing tactics, including product feautures, promotion, merchandising, pricing, sales channels and service. Marketing plan = central instrument for directing and coordinating the marketing effort. Figure page 91! Corporate and division strategic planning 4 planning activities of corporate headquarters: Defining corporate mission Mission can change. But don t do it when economy changes, but when yours isn t relevant anymore. Mission statement = missie zodat managers, employees and customers the mission can know. Vb) page 91/92! Mission exists of: Goal (main, limited), major policies and values the company want to honor, define the major competitive scope: - Industry scope The range of industries in which the company will operate. Vb) page 92 - Products and applications scope The range of products/apps that the company will supply. - Competence scope The range of technological and other core competencies that a company will master and leverage. - Market-segment scope The type of market the company will serve. - Vertical scope The number of channel levels from raw material to final product. - Geographical scope The range of regions, countries etc. in which a company will operate. Establishing strategic business units (SBU) Business unit is a customer-satisfying process (marketing definition), NOT a goods-producing process (product definition). See figure page 93. This is because products are transient, needs endure forever. Target market definition = focus on product/service. Strategic market definition = focus on need. Vb) Bij de eerste ziet pespi alleen coca cola als concurrent, namelijk op de cola market. Bij de tweede ziet pepsi alle bedrijven die drinken maken als concurrent, dus ook Fanta etc. Business have 3 dimension: - Customer groups - Customer needs - Technology Vb) page 93. SBU 3 charecteristics:
10 - Single business or collection of related businesses that can be planned separately from the rest of the business. - It has its own set of competitiors. - Managers responisble for strategic planning and profit. There are 2 business unit portfolio evaluation models. See further in this summary. Be carefull with them: see page 98/99. Assigning resources to each SBU Planning new businesses, downsizing, or terminating older businesses Figure page 99. Options when current sales is lower then desired sales (strategic planning gap): - Intensive growth (achieve further growth in current business) Method to look for opportunities: Ansoff figure page 100 KENNEN!!! It goes from number 1 to number 4. Example page 100. Read page 101 Part above integrative growth. - Integrative growth (build or aquire growth in businesses related to current business) Integration horizontal or vertical. - Diversification growth (add attractive business that are unrelated to current business) 3 types of diversification: 1) Concentric diversification.new product, with link to existing technologies or marketing synergie. 2) Horizontal diversification. New product that are interesting for current customers (no technological link). 3) Conglomerate diversification. Total new product. And NO links. 2 business unit portfolio evaluation models: Boston consulting group model (BCG) Growth-Share matrix Figure page 94. Lees beide alinea s op bladzijde 94 voor uitleg. 4 areas: - Question markes High growth market. Low market share (less then 1, see figure) Company needs to spend a lot of money to keep up in the fast growing market. (personel, equipment, personel etc.) - Stars Market leader in an high growth market. Not necessary positive funds! Company must spend money to defend from attackers and keep up with growth. - Cash cows Market leader with falling growth rate. Company does not have to spend money, because there are no attackers (to less growth) and there is no money needed to keep up with the growth, because there isn t any. Company has economies of scale and high profit margin. - Dogs Low market share and low-growth rate. Keep only up if you expect the market to become healthy again. In this model a good balance is needed between these 4. Unbalanced, when: to many dogs and question marks and to few stars and cash cows. 4 strategies for each SBU: - Build (for question marks, gain market share) - Hold (for cash cow) - Harvest (Bezuinig to increase short term cash flow vb. page 95 - for question marks and dogs) - Divest (Sell or quit business of the SBU - for question marks and dogs) SBU life cycle (only when succesful): Question mark star cash cow dog So it is good for a company to look at the movement in the matrix. General electric model (GE) Figure page 96! Uitleg bladzijde 96/97/98. Figure page 97! That list is different for each company.
11 GE model is uitgebreider than the BCG model. Market growth and market share are in this model just 2 of the many factors. 3 upper left cells companies should invest or grow Diagonal cells companies should pursue selectivity and manage earnings. 3 lower right cells companies should harvest or divest. Length of arrow laat zien hoe sterk de verandering zal zijn. Leer figure page 96 goed! In welke cell je bevindt en welke strategy je in die cell moet uitvoeren. Staat er naast. Business unit strategic planning 8 Steps of business unit stratigic planning Figure page 102 KENNEN!!!: Business mission Mission of the unit, related to the overal mission of the corporation. Swot Analysis Strengths, weaknesses, opportunities and threats. Opportunities and threats: External environment analysis Macroenvironment forces = Demographic, technoligical, economical etc. Microenvironment forces = Customers, competitors, suppliers etc. Marketing opportunity = an area of buyer need or potential interest in which a company can perform profitably. Read bullets page 102/103 for examples. These are very important, because you need to regonize them. Market opportunity analysis (MOA) = figure page 103! KENNEN! Environmental threat = a challenge posed by an unfavorable trend or development that would lead in the absence of defensive marketing action to deterioration in sales or profit. 4 outcomes of opportunities and threats analysis - Ideal business High O Low T - Speculative business High O High T - Mature business Low O Low T - Troubled business Low O High T Strenghts and weaknesses: Internal environment analysis Vb) page 104! Read page figure page 105! Goal formulation Goal = objectives that are specific with respect to magnitude and time. Vb) profitability, sales growth, market-share improvement, risk down, reputation, innovation etc. MBO = manages by objectives. Men bestuurt volgens de objectives. 4 criteria for an MBO to work: - The objectives must be arranged hierachically. From important to less important. - Objectives should be stated quantitatively whenever possible. Example page Goals should be realistic. - Objectives must be consistent. Example page 106. Strategic formulation Strategic = a game plan for getting at the goals a company want to achieve. Strategy consists of: - Marketing strategy - Technology strategy - Sourcing strategy Porter s generic strategies: - Overall cost leadership (low costs low prices for customers) Less need for good marketing. Problem, competition can do the same. - Differentiation Superior performance. - Focus Focusess on one or more narrow market segments. And can achieve both of the first 2. Strategic group = firm pursuing the same strategy directed to the same target market.
12 Strategic alliances. Marketing alliances voorbeeld page 108!: - Product / service alliances - Promotional alliances - Logistic alliances - Pricing collaborations Program formulation and implementation Supporting programs for strategic. Vb) Strategy: attain technological leadership Program: Strenghten R&D department / Gather intelligence etc. Implemantation: Figure page 109 McKinsey 7-S Framework. Top 3 = called Hardware Bottom 4 = called Software Explanation elements of figure: read page 109/110. Moet, hij vraagt veel over figuren! When alle the elements are present, mostly implemantation is more succesful. Feedback and control Track results and monitor new developments. The company must change implementation, programs, strategies or even objectives. Vb: page 110! Org. Must respond to changes, getting back position is very hard! Vb) page 110.
13 HOOFDSTUK 5 Paragraaf WEL leren: Marketing research system Marketing research system Marketing research = the systematic design, collection, analysis and reporting of data and findings relevant to a specific marketing situation facing the company. A company can obtain marketing research via different ways. Large companies have often there own marketing research departments. Small companies can hire the services of a marketing research firm or conduct research inj a creative and affordable way. (Hire students, use internet or check out rivals: visit them). Budget of marketing research mostly 1 a 2% of the total company sales. 3 categories of marketing research firms: Syndicated-service research firms. Firms that gather consumer and trade info and sell it to others. Custom marketing research firms. Firms that are hired to carry out a specific project. Specialty-line marketing research firms. Firms that provide specialized research services. Marketing research in 6 step: Figure page 129, VERY!!!!!! Steps: 1) Define problem, the decision alternatives and the research objectives Define the problem in a good way. Not to narrow (to few info you will get) and not to broad (to much info you will get). How fast can your new innovation be copied by the competitor. 2) Develop the research plan You have to know the cost of the research. If research + expected profit < cost. Then you won t do the research or in a different way. Designing a research plan calls for decisions on: Data sources Researchers can gather primary data (freshly gathered info for a specific purpose or project), secondary data (already exsisting data that was collected for other purposes) or both. Firms start always with secondary data, if you can get your required info, then its cheaper then primary data. Intervieuws is a form very often used. Research approaches Primary data can be collected in 5 ways: - Oberservational research = Observe the relevant actors and settings. Vb) page 131!!! - Focus-group research = Figure 5.2! Gathering of 6 to 10 persons to tlak about a product/service etc. Watch out: The sample group is to small for coping to the whole market. Now a days: onlone focus groups. Page 133 for example. - Survey research = Firms take surveys. - Behavioural data = Customers leave traces of their purchasing behaviour. Vb) store scanning data, catalog purchases, databases etc. - Experimental research = Best reliable way! Do any experiment with customers and your product / service. Research instruments 3 Instruments in collecting primary data: - Questionnaires. (most common because of the flexibility) Figure page 135 lezen!!! - Psychological tools. (depth intervieuws etc.) Lezen page 134 Not yet done. - Mechanical tools. Read page 134 Not yet done. - Qualitative measures. Read page 134 Not yet done. New tools of this age : prototyping and articulative interviewing. Read page 134 Not yet done. Sampling plan 3 decisions for a sampling plan: - Sampling unit Who is to be surveyed?
14 - Sample size How many people should be surveyed? - Sampling procedure How should the respondents be chosen? Figure page 137!!! Kennen!!! Contract methods Determine how the subject wil be contacted: mail, telephone, personal, online etc. Mail Best way to reach people who wont t give personel data etc. Response is low/slow Telephone Gathering quickly info. Higher response then mail. Difficult, because people hate it. Personal interviewing Body language, expand questions etc. Arranged interviews Usaully payment and on appointment. Intercept interviews Stooping at shopping mall, can t take to much time. Online methods Fast, expected to grow (clickstream, cookies). 3) Collect the information Most expensive step. 4) Analyze the information Extract findings from collected data. 5) Present the findings Present findings to the management. Example page 139! 6) Make the decisions Figure page 140 KENNEN!!! Companies fail to use marketing research sufficiently and correctly. Reasons for that (READ PAGE 140/141 NOT YET DONE, TENTAMENVRAAG): A narrow conception of the research Uneven caliber of researches Poor framing of the problem Late and occasionally erroneous findings Personality and presentational differences
15 HOOFDSTUK 6 Paragraaf NIET leren: Analyzing needs and trends in the macroenvironment Identifying and responding to the major macroenvironment forces Companies and their customers, suppliers, competitors etc. all operate in a macroenvironment of forces. These forces are noncontrallable. Global forces that are now hot : - Speedup of transportation, communication, transactions. - Lower-cost countries (lage loonlanden). - Rising power of some asian countries. - Rise of trade blocs such as EU. - Increasing fragility of the international financial system. - Increasing use of barter and countertrade to support international transactions. - Etc. READ PAGE 162!! At the top! With rapidly changing global picture, firms must monitor 6 major forces (and the ineraction between them!!): Demographic (markets require people) - Worldwide population growth Need more of basics food, fuel, minerals etc. The poorest countries grow the fastest. Example page 163 met /. - Population age mix Products as diapers / viagra etc. Ages are shaped by growing up with certain technologies etc. - Ethnic and other markets Countries vary in ethnic and racial groups. Example page 165! Watch out also not every asian for example is the same. Thus it is very difficult to generalize on this bases. You can also make use of a medical service on a market for people with disabilities. - Educational groups Non / High school / College / University etc. - Household patterns Singles need for example other houses than big families. Two gay s living together have other needs than two hetro s. Example page 166! - Geographical shifts in population Counties split / combine. People move to safer areas (mmigration). Example page 166! Verstedelijking! Lokatie maakt veel uit: zwembroeken verkopen op alaska werkt niet. (LET OP: lokatie is geografie en NIET demografie!!!) - From a mass market to micromarkets Micromarkets differtiated by age, sex, ethnic background, education etc. Companies used to aim at the average customer. But now approaches the individual customers. Economic (markets require purchasing power) - Income distribution Examples page 168/169! - Savings, debt and credit availability Natural (markets need more and more to rekening houden met nature) - Shortage of raw materials 1) Infinite (water, air etc.) 2) Finite renewable (forest, food etc.) 3) Infinite renewable (gas, oil etc.) Shortage of all 3 are possible. - Increased energy costs Doordat oil etc. op raakt, wordt het duurder. Markets of sun-energy etc. arise. Clean electric cars arise etc. - Anti-pollution pressures Markets of recycling / ECO-products etc. arise. - Changing role of governments Rules and laws.
16 Technological (Medicins, computers, medical surgery etc.) Every new technology hurts an older technology. For example the CD hurts de LP. - Accelerating pace of change Technologies grow faster and faster. - Unlimited opportunities for innovation Markets for VR (virtual reality), new medicins, cars etc. Figure page 172! - Varying R&D budgets Read page Increased regulation of technological change Products become more complex, so more and more will the safety of the customers be secured. Political-legal (law, politics, pressure groups, somethimes it gives new opportunities, example new law: recycling manditory, so the recycling industy will grow and have new opportunities) - Legislation regulating business 1) Protect companies from unfair competition 2) Protect customers from unfait businesses 3) Protect society from unbridled business behaviour Promotions can be forbidden (such as sigarets etc.) - Growth of special-interest groups Read page 175! Social-cultural (beliefs, values and norms) People absorb almost unconsciously a worldview that defines their relationships to themselves, to others etc READ PAGE 175/176/177 NOT YET DONE TENTAMENVRAAG: # Views of themselves # Views of others # Views of organizations # Views of society # Views of nature # Views of universe - High persistence of core cultural values - Existence of subcultures - Shifts of secondary culural values through time -
17 HOOFDSTUK 7 Paragraaf NIET leren: N.V.T. Influencing buyer behaviour Model of buyer behaviour FIGURE PAGE 184! Consumer buying behavior is influenced by: Cultural factors (culture, subculture, social class) Culture = the fundamental determinant of a persons wants and behaviour. You got values, perceptions etc. through your growing up. Subculture = more specific identification and socialization for their members. Culture: achievement, success, efficiency, freedom etc. Subculture: nationalities, religions, racial groups and geographic regions. Diversity marketing = marketing programs to serve a large subculture. EXAMPLE WHOLE PAGE 185! Social class = relatively homogeneous and enduring divisions in society, which are hierachical ordered and whose members share similar values, interests and behaviour. (based on income, education, occupation etc.) Example of classes, page 186 completely! Each class shows different product and brand preferences. Social factors - Reference groups Reference group = consists of all the groups that have a direct (face-to-face) or indirect influence on the persons attitudes or behaviour. 1) direct: Membership groups a. primary groups (continously and informal contacts: family, friends, neighbours and co-workers) b. secondary groups (less continious and formal contacts: proffesionals, religious, vakbond etc.) 2) indirect: a. Aspirational groups (= groups a person hopes to join) b. Dissociative groups (= those values or behaviour an individual rejects) Marketers try to identify all these groups. And try to influence the opinion leaders of these groups. Opinion leader = person in informal, product-related communications who offers advice or information abaut a specific product or product category, such as which of several brands is the best or how a particular product may be used. Cars: product + brand choice Furniture + clothing: brand choice Beer + cigarets: product choice EXAMPLE PAGE 187/188! - Family (= a primary reference group) 1) family of orientation (parents and siblings(=broers en zussen)) From parents you get: religion/politics/love/self-worth etc. 2) family of procreation (spouse(=partner) and childeren) Role of partner differs in social classes. Examples 3x page 189! - Social roles Role = consists of the activities a person is expected to perform in groups (family, clubs, orgs etc.) - Statutes Status = Each role carries a status. Manager has more status the a cleaner etc. Personal factors Buyers decisions are also influenced by personal charecteristics: - Age and stage in the life cycle You buy differnet things on different ages (baby food etc.)
18 Also you buy different in the different family life cycle stages (FIGURE PAGE 191!) - Occupation and economic circumstances Managers buy suits, builders buy steel shoes etc. Business air travel or economy class etc. - Lifestyle People from the same social class, occupation or subculture may lead different lifestyles. Lifestyle = a persons pattern of living in the world as expressed in activities, interests and opinions. It shows the WHOLE person interacting with his/her environment. Psychographics = the science of using psychology and demographics to better understand consumers. Example VALS segmentation FIGURE PAGE 192! READ PAGE 192/193 VERY IMPORTANT HOORT BIJ PLAATJE!! - Personality and self-concept Every one has personality characteristics that influence his or her buying behaviour. Personality = set of distinguishing human psychological traits (=karaktertrek) that lead to relatively consistent and enduring responses to environmental stimuli. Vb) self confidence, dominance, defensiveness etc. Brand personality = the specific mix of human traits that may be attributed to a practicular barnd. ROW PAGE 194 NOG DOEN!! + BIJ BEHORENDE TEXT PAGE 195! Nowadays firms try to develop brand personalities that will atrack people with the same selfconcept! But watch out because people have 3 differtent self-cocepts: 1) actual self concept (how you view yourself) 2) ideal self concept (how you would like to view) 3) other-self concept (how you think others see you) Psychological factors Buying behaviour is also influenced by: - Motivation Motive = a need that is sufficiently pressing to drive the person to act. 3 theories of human motivation: 1) Freud Psychological forces that are shaping peoples behaviour are largely unconscious and a person cant understand his/her own motivations fully. Laddering = a method for tracing a persons motivations from the stated instrumental ones to the more terminal ones. REST NOG DOEN: TENTAMENVRAAG, DEEL NOG NIET GEDAAN 2) Maslow FIGURE PAGE 196, TENTAMENVRAAG! VOLGORDE KENNEN!! Human needs are hierachical arranged. People try to statisfy the most important needs first! Pas als die need is bevredigd gaan ze de volgende bevredigen! 3) Herzberg Theory that distinguishes between: a. Dissatisfiers (= factors that cause dissatisfaction) b. Satisfiers (= factors that cause satisfaction) The absence of a. is not enough. Also b. has to be present to motivate a purchase. Sellers must eliminate a. and find the satisfiers or motivators. - Perception How the motivated person acts is influenced by his/her perception of the situation. Perception = the process by which an individual selects, organizes and interprets information inputs to create a meaningful picture of the world. This is different for everyone: Someone might find a salesperson aggressive and another one at the same time might find him helpful. 3 perceptual proccesses: 1) selective attention screening out of stimuli (you see very much ads a day, so you do not attend to all, that s impossible). So you have to do your best to get their attention: a. people notice more often stimuli for current needs
19 b. people notice more often stimuli that they anticipate (=verwachten) Example page 197! c. People notice more often stimuli whose deviations are large in relation to the normal size of the stimuli. Korting van 100 dollar zie je eerder als 1 van 5 dollar. You are also influenced by all in a sudden stimuli. So marketers can try that to. 2) selective distortion tendency to twist information into personal meanings and interpret info in a way that will fit our preconditions. Marketers cant do much about this. 3) selective retention people forget much they learn but will tend to retain info that supports our attitudes and beliefs. Because of this we are likely to remember good things mentioned about a product we like and we forget good points mentioned about competing products. Marketers use drama and repeating of messages because of this. - Learning Learning = changes in an individuals behaviour arising from experiences. Drive = strong internal stimulus impelling (=call for) action. Cue = minor stimuli that determines when, where and how a person responds. If you buy a computer from dell and you react good on it. Then you need a printer and will buy it from dell, because of your previous experience Generalization Discrimination = means that a person has learned to recognize differences in sets of similar stimuli and can adjust response accordingly. - Beliefs Belief = a descriptive thought that a person holds about something. Brand plays an important role!!! Example page 198 with /. - Attitudes Attitude = a persons ejnduring favorable or unfavorable evaluations, emotional feelings and action tendencies toward some object or idea. With this people put things in rooms of like/dislike. Change a attitude is different, so marketeres can better try to fit the product into the attitude. Exa mple page 199!! VERY!!! The buying decision process There are 5 roles in the buying decision: Initiator (= one that suggests the idea) Influencer (= one whose view or advice influence the decision) Decider (= one who decides what, how, where and wether to buy) Buyer (= one who actual purchases) User (= One who consumes or uses the product) Marketers have to decides on which group to target. So paint is mostly bought by man, but the decider is in most case the female! Consumer decision varies with type of buying decision, a thoothbrush is different than a car buying: FIGURE PAGE 201!! VERY IMPORTANT!!!: Complex buying 1) buyer develops beliefs about product 2) buyer develops attitudes about a product 3) buyer makes a toughtful choice vb) car The marketer must know the buyers 3 stages very well. Dissonance-reducing buyer Expensive, risky and infrequent. Habitual buying Vb) salt No evaluation, no proces as described in complex buying. Based on brand familarity instead of brand conviction. (meer van vaak gehoord dan ow die moet ik hebben want die is geweldig) After purchase, they often even evaluate the buying.
20 Marketere must fight with ads (familarity) and prices. They can link the product to a higer invlvement one. Examples VERY!!! PAGE 202!!! With /. Variety-seeking buying They buy the first time without evaluation and evaluate afterwards. Next time the choice is based on this. Stages of the buying decision process Metamediar (combine different product for 1 purchase, example: car, you also need insurrance, financing etc.) This products are on a metamarket. Example page 203!/204! Marketers can learn stages in the buying process by different methods: introspective method (= how would they themselves act) retrospective method (= interview a small number of purchasers, how they made the choice) prospective method (= locate customers who are plan to buy the product and they should speak aloud how they go to the process) prespective method (= let the customers to describe their ideal way to buy the product) Stages of the buying proces: FIGURE PAGE 204!!! Customers may skip one of these stages!! Or even reverse stages. Problem recognition Recognize the problem/need (internal or external sources). Marketers need to identify the circumstances that trigger a particular need (identify triggers and stimuli). Marketers need to make strategies that trigger consumer interest. Information search An aroused customer always goes to find more info. To levels of arousment: 1) heightened attention (vangt meer erover op) 2) active information search (actief zoeken) 4 sources of info: 1) personal (family, friends etc.) 2) commercial (ads, dealers etc.) 3) public (mass media, customer-rating orgs.) 4) experimental (handeling, examing, using product) 2 has a informing function, but the real evalution comes with 1!! FIGURE PAGE 205! SEE FIGURE FOR NEXT: Total set = all brands Awareness set = consumer only knows these brands Consideration set = brands that meet the initial buying criteria Choice set = more info gatherd, only a few brands are left good enough Marketers must try to get in all these sets, but also know the other in the choice set, to know who to compete with. Evaluation of alterntives Everyone evaluates different. Every evalution has: 1) Customers try to satisfy a need 2) Customer is looking for certain benefits from the product solution 3) Consumer sees each product as a bundle attributes Examples page 205 onderaan het rijtje van 4. Brand image is made of brand beliefs (= consumer developed, where each brand stands on each attribute) Example page 206! Read page + table! READ BULLETS PAGE 206/207 NOT YET DONE, WAS TENTAMENVRAAG! Purchase decision Figure page 207! 2 Factors intervence between purchase intention and the purchase decision: 1) attitudes of others 2) unanticipated situational factors (lose your job, other purchases become urgent etc.)
GLOSSARY OF STRATEGIC MANAGEMENT TERMS Acquisition: When one company, the acquirer, purchases and absorbs the operations of another, the acquired. Barriers to Entry/Exit: Economic or other characteristics
Consumer Markets and Consumer Buyer Behavior Definitions Consumer Buying Behavior Buying behavior of individuals and households that buy products for personal consumption. Consumer Market All individuals/households
Marketing Management Theocharis Katranis Fall Semester 2014 1 Today s Lecture 1. We will discuss the competitive forces in a market 2. We will identify and analyse competitors 3. We will elaborate different
1. Executive Summary (Done Last) Marketing Plan Template Keep in mind that not everyone will read every page of your marketing plan. Your executive summary should highlight the most important parts. It
Existing Analytical Market Assessment Tools - Definitions November, 2003 This list of market assessment tools was prepared by Development Alternatives Inc. (DAI) as an internal working document to support
Marketing Plan Contents Introduction: Using the Marketing Planning Framework The Elements of the Marketing Planning Framework Terms of Reference Executive Summary 1. Business Mission 2. External Marketing
Marketing (Marketing Principles) Main Aim(s) of the Unit: To provide students with a foundation for the analysis of marketing within organizations including decision making processes, segmentation, the
The Entrepreneurial Way Workshop Wednesday 30 January The Essentials of Marketing Fiona Mulliner Today s Session What marketing is Where marketing fits into a business How to develop a robust marketing
WWW.MCONSULTINGPREP.COM Case Interview - Frameworks For more free and detailed materials on Management Consulting Preparation, visit www.mconsultingprep.com 2014 MConsultingPrep, Inc. COMPLETE FRAMEWORKS
Customer relationship management MB-104 By Mayank Kumar Pandey Assistant Professor at Noida Institute of Engineering and Technology University Syllabus UNIT-1 Customer Relationship Management- Introduction
Consumer Markets and Consumer Buyer Behavior Chapter 5 Definitions Consumer buyer behavior refers to the buying behavior of final consumers individuals and households who buy goods and services for personal
Shaping This project is funded by the EU Business Strategy Through Competitive Intelligence Strategic Use of Intellectual Property Information Strategic Planning Process Business Strategy Definition This
Pharmaceutical Marketing Overview Ibrahim Alabbadi MBA, PhD Amman- July-2015 1 Pharmacists job opportunities Hospital Community Pharmaceutical industry Marketing Others Academia Insurance Social security
Making business simple... Introduction 2 Contents Every business needs a Marketing Plan. This guide has been created to assist you in putting your Marketing Plan together. This guide will help you to indicate
10 Minute Guide Marketing planning toolkit for small business Membership Services Moor Hall, Cookham Maidenhead Berkshire, SL6 9QH, UK Telephone: 01628 427500 www.cim.co.uk/marketingresources The Chartered
Course Outline Department of Marketing, International Business, Entrepreneurship School of Business and Economics BUSN 5050/1-3 Marketing Management (3,0,0) Calendar Description Students examine the key
Assessing the Marketplace Your first lesson consists of four assignments that cover the first four chapters. These assignments provide a useful overview of the contemporary marketing environment and all
Developing a Marketing Plan This document is designed to help you: Understand the role marketing plays in your business. Identify your target market. Analyse your competition. Define your product or service
CHAPTER 8: Organisational objectives, growth and scale The Objectives of Organisations Key Revision Points Organisational goals can be classified into a number of categories: Those that aim to make a profit
Marketing Plan Development 101: The Importance of Developing a Marketing Plan for Public Transit Agencies & Commuter Assistance Programs Mark Glein, PhD, Marketing Florida State University Marketing Plan
The Orangeville & Area Small Business Enterprise Centre (SBEC) 87 Broadway, Orangeville ON L9W 1K1 519-941-0440 Ext. 2286 or 2291 email@example.com www.orangevillebusiness.ca Supported by its Partners:
Key Terms Acquisition Costs: The incremental costs involved in obtaining a new customer. Agent: A business entity that negotiates, purchases, and/or sells, but does not take title to the goods. Benchmark:
Marketing Plan Checklist Water Street Design, LLC 205 North Cameron Street Winchester, VA 22601 540-667-6646 waterstdesign.com Creating a Marketing Plan You d be surprised how many large brands rely on
Developing a Marketing Plan Develop a strategic marketing plan to successfully grow your business and increase profits Learning Objectives At the end of this module, you will be able to: Understand the
Take your business to the next level Best in Class Referral Programs Lower cost per sale, Higher Retention, Increased Profits Free Sales and Marketing Audit Call 410-977-7355 Best in Class Customer Referral
Module 7 Module 7 Strategy and Strategic Management What types of strategies are used by organizations? How are strategies formulated and implemented? 7.1 Types of organizational strategies Comprehensive
All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are: Management and Organizational Change (P.4) Leading Strategic Decision
Introduction Measuring and evaluating results will provide you and your associates with the vital information you need for making key strategic and tactical decisions prior to, at and after the trade shows,
Foundations of Marketing: B1072: 2012/13 Exam Paper This examination is in TWO sections. SECTION A Consists of a separate multiple choice paper. Each question is worth one mark. Attempt all 25 questions.
Tools and techniques Ansoff s matrix Its four strategic options, below, for corporate growth, (see above) are briefly explained by Professor McDonald: Market penetration 1. Of the four strategic options
THE COMPETITIVE ADVANTAGE THEORY AS A GROWTH STRATEGY Management Marketing - Tourism Ec. Ecaterina Nicoleta Ciurez Ph.D University of Craiova, Faculty of Economics and Business Administration, Craiova,
Consumer Markets and Consumer Buyer Behavior Chapter 6 Objectives Be able to define the consumer market and construct a simple model of consumer buyer behavior. Know the four major factors that influence
IC Rating NPSP Composieten BV 9 juni 2010 Variopool AGENDA: The future of NPSP Future IC Rating TM NPSP Composieten BV 2 Bottom line 3 Bottom line 4 Definition of Intangibles The factors not shown in the
Strategic Elements of Competitive Advantage PPT 6 (First ppt slides after the mid-term) Assist. Prof. Dr. Ayşen Akyüz Industry Analysis: Forces Influencing Competition Industry group of firms that produce
All available Global Online MBA routes have a set of core modules required to be completed in order to achieve an MBA. Those modules are: Building High Performance Organisations Management and Organisational
31 MARKET RESEARCH 3 CONDUCTING MARKET RESEARCH; DRAWING THE RIGHT CONCLUSIONS Doing Market Research Market Research; Examples Of Information Needed Market Research 1 Market Research 2 Some Market Research
Improving Customer Satisfaction to Accelerate Your Business Results Adrian Posteraro Managing Director Agenda About Presenter Why Customer Satisfaction (CSAT) Benefits of CSAT How to Implement a CSAT Process
Market Analysis, Segmentation & Consumer Buying Behavior Market Analysis If you are preparing a marketing plan, where s the best place to look for information about macro trends? Marketing Jeopardy Michael
Netflix s Business Model and Strategy in renting Movies and TV Episodes Reed Hastings, founder and CEO, launched Netflix as an online rental movie service in 1999. Netflix is a company that distributes
Consumer Markets and Consumer Buyer Behavior Chapter 6 Definitions Consumer Buying Behavior Buying behavior of individuals and households that buy products for personal consumption. Consumer Market All
A Current Look At Direct Mail and Advertising To Generate Local LTCi Leads Defining Directions: The 7th Annual Intercompany LTCi Conference Direct Mail and Advertising To Generate Local LTCi Leads Presenters
EXECUTIVE MASTER IN CORPORATE COMMUNICATION Increasing corporate value in today s complex digital world through reputation management and communication with stakeholders. COURSE DESCRIPTION At a Glance
Get Better Business Results From the Four Stages of Your Customer Lifecycle Stage 1 Acquisition A white paper from Identify Unique Needs and Opportunities at Each Lifecycle Stage It s a given that having
Chapter 1 An Introduction to Information Systems in Organizations 1 Principles and Learning Objectives The value of information is directly linked to how it helps decision makers achieve the organization
MARKET SEGMENTATION (Compiled by Deep Banerjee, Marketingpundit.com) Definition : The division of a market into different homogenous groups of consumers is known as Market Segmentation. Market segmentation
Using Choice-Based Market Segmentation to Improve Your Marketing Strategy Dr. Bruce Isaacson, President of MMR Strategy Group Dominique Romanowski, Vice President of MMR Strategy Group 16501 Ventura Boulevard,
Sustainability and the Organization Organization and its Context (Week 2) It should be clear that it is possible to succinctly define sustainability from the perspective of an organization. There are also
IGG-06252003-01 S. Nelson Article 25 June 2003 Management Update: The Eight Building Blocks of CRM Customer relationship management (CRM) represents the key business strategy that will determine successful
Running a successful golf club Issue 1 Membership and Customer Relationship Management (CRM): Why profiling is key to retention An ebook by NFS Technology Group www.nfs- hospitality.com How to run a successful
SM Source 1 Mortgage Marketing Plan Fiscal Year of 2004 Presented on 4.26.04 Table of Contents Executive Summary Executive Summary Situation Analysis Situation Analysis Market Summary Market Demographics
Chapter 3 INFO1400 Review Questions 1. Which features of organizations do managers need to know about to build and use information systems successfully? What is the impact of information systems on organizations?
Guideline to purchase a CRM Solution esphere Whitepaper Content list Introduction... 3 Challenges... 3 Overview... 4 Define Your CRM Requirements and Business Objectives and start gather information...
Budgeting and the Planning and Control Process Learning Objectives By the end of this chapter, you should be able to: Describe how the budget is a component of the planning and control process. Explain
The following is a highlighted summary of the book, Kotler on Marketing, published by Free Press. The statements below are key points of the book as determined by James Altfeld and have been made available
Level 4 Diploma in Advanced Hospitality and Tourism Management (VRQ) Qualification Syllabus Contents Page 1. The Level 4 Diploma in Advanced Hospitality and Tourism Management Syllabus 4 2. Structure of
Chapter 5 Retail Marketing Strategy PPT McGraw-Hill/Irwin 5-1 Levy/Weitz: Retailing Management, 5/e Copyright 2004 by The McGraw-Hill Companies, Inc. All rights reserved. Elements in Retail Strategy Target
CHAPTER 1 Overview of CRM E-Customer Relationship Management Objectives Defines CRM as a process and as a hub of learning for the organization Outlines costs and benefits of the CRM system for organizations
MARKETING SUMMARY Chapter 7 Target Marketing Strategies and CRM TARGET MARKETING STRATEGY: SELECT AND ENTER A MARKET Market fragmentation: The creation of many consumer groups due to a diversity of distinct
A SIXT H ED IT I ON MarMit-Based IVIa ii e merit Strategies for Growing Customer Value and Profitability ler J. Best Emeritus Professor of Marketing University of Oregon PEARSON Boston Columbus Indianapolis
Market Structure There are a variety of differing market structures which are separated by the levels of competition that exist within each market and the market conditions in which the businesses operate.
Take your business to the next level Best in Class Customer Retention A 5% Improvement Can Double Your Bottom Line Profits Free Sales and Marketing Audit Call 410-977-7355 Lead Scoring, Prioritization,
SWOT Analysis - Understanding Strengths, Weaknesses, Opportunities and Threats by James Manktelow MBA, an experienced business strategist specializing in helping start-ups and small and medium-sized companies
Unit 4: Marketing Principles Unit code: F/601/0556 QCF level: 4 Credit value: 15 credits Aim This unit aims to provide learners with understanding and skills relating to the fundamental concepts and principles
Barco Marketing Case Analysis I. Position Statement: Over the past few months, many events have led Barco Projection Systems to be confronted with an important decision: Barco needs to continue its development
The Only Two Things People Ever Buy from How To Win Customers & Keep Them For Life by Michael LeBoeuf, Ph.d. Don t tell me how good you make it; tell me how good it makes me feel when I use it. Leo Burnett
How to Write a Marketing Plan: Identifying Your Market (Part 1 of 5) Any good marketing student will tell you that marketing consists of the four functions used to create a sale: The right product to the
Sage MAS 90 and 200 Extended Enterprise Suite S An End-to-End Approach to Business Software At Sage, we ve been supporting businesses like yours with world-class business software for well over a quarter
GENERAL GUIDELINES FOR DEVELOPING A BUSINESS PLAN August 2012 Table of contents Introduction... 3 1. Executive Summary... 3 2. Business Summary... 3 2.1 Company Summary... 3 2.2 Management Summary... 3
Capture planning is the process of identifying opportunities, assessing the environment, and implementing winning strategies oriented toward capturing a specific business opportunity. Consistently successful
PURDUE EXTENSION EC-730 Marketing s Four P s: First Steps for New Entrepreneurs Cole Ehmke, Joan Fulton, and Jayson Lusk Department of Agricultural Economics Marketing your business is about how you position
Question bank relating to each chapter Chapter 1 Development of a strategic approach to marketing its culture; internal macro- and external micro-environmental issues 1. What factors have given rise to
Chapter 4 Creating Customer Value, Satisfaction, and Loyalty 4-1 Chapter Questions How can companies deliver customer value, satisfaction, and loyalty? What is the lifetime value of a customer, and why
SAMPLE COURSE OUTLINE ECONOMICS GENERAL YEAR 11 Copyright School Curriculum and Standards Authority, 2014 This document apart from any third party copyright material contained in it may be freely copied,
USING CREDIT WISELY AFTER BANKRUPTCY Copyright April 2011, Legal Aid Society of Hawai`i All rights reserved. These materials may be reproduced. However, under no circumstances are persons receiving these
AB Volvo, 405 08 Göteborg, Sweden Ref No 953810003, August 2009 The Volvo Way index Preface Our mission Customers first Customer focus Clear objectives Quality, safety, environmental care Continuous improvements
Getting Behind The Customer Experience Wheel Create a Voice of the Customer Program for your Organization In any business, serving your customers well is critical to success, loyalty and growth. But do
Market Research Module 2 Driving Revenue with an Optimal Marketing Strategy Solutions Advancing Your Success. The Roles and Steps in Market Research 2 The scientific process of planning, collecting and
CHAPTER 3 - CUSTOMER RELATIONSHIP MANAGEMENT (CRM) 3.1 INTRODUCTION The most important purpose of any service orientated organisation is to retain customers. It is critical for any organization to keep
Chapter 2: Analyzing a Dealership s Financial Statements & Operations To analyze a dealership s operations, a close look must be taken at the day to day operations as well as examining the dealership s
GLOBAL EDITION Principles of Marketing FIFTEENTH EDITION Philip Kotler Gary Armstrong ALWAYS LEARNING PEARSON Brief Contents Preface 16 Part 1 Defining Marketing and the Marketing Process 24 1 Marketing:
Key Steps Before Talking to Venture Capitalists Some entrepreneurs may not be familiar with raising institutional capital to grow their businesses. Expansion plans beyond common organic growth are typically
0 Learning Objectives: 11.1 Describe the advantages and disadvantages of the most common forms of business ownership. 11.2 Identify the stakeholders of a business and describe why they are important. 11.3
Competitive Environment - Five Forces The nature of industry competition and profits Every market or industry is different. Take any selection of industries and you should be able to find differences between
Staunton Creative Community Fund 10 Byers Street, Staunton, VA 24401 540-213-0333 www.stauntonfund.com firstname.lastname@example.org Business Plan Template So you have an amazing, innovative idea for a new
Trier 5 Segmentation and positioning Previewing concepts (1) Define the steps in designing a customerdriven marketing strategy: market segmentation, market targeting, differentiation, and positioning (STP)
Advertising: The Basics Think you have a great product? Unfortunately, no one's going to know about it unless you advertise. Advertising, if done correctly, can do wonders for your product sales, and you