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Applied Marketing Strategies

Lecture 3. MGT 681. Applied Marketing Strategies. Review of Concepts. Part 1. Lecture Agenda. Why is marketing important? What is the scope of marketing? What are some fundamental marketing concepts? How has marketing changed? What are the tasks necessary for successful marketing?.

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Applied Marketing Strategies

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  1. Lecture 3 MGT 681 Applied Marketing Strategies

  2. Review of Concepts Part 1

  3. Lecture Agenda • Why is marketing important? • What is the scope of marketing? • What are some fundamental marketing concepts? • How has marketing changed? • What are the tasks necessary for successful marketing?

  4. MarketspacesMarketplacesMetamarkets

  5. Needs, wants, and demands Target markets, positioning, segmentation Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Marketing planning Core Concepts

  6. Types of Needs Stated Real Unstated Delight Secret

  7. Target Markets, Positioning & Segmentation

  8. Offerings and Brands • Value Proposition, a set of benefits that satisfy some need • Offering The intangible value proposition is made physical by an offering • A brand is an offering from a known source

  9. Offerings and Brands

  10. Value and Satisfaction • Value: the sum of the tangible and intangible benefits and costs • Customer value triad • combination of quality, service, and price (qsp) • Satisfaction reflects a person’s judgment of a product’s perceived performance in relationship to expectations • Dissapointed • Statisfied • Delighted

  11. Value and Satisfaction

  12. Marketing Channels Communication Distribution Service

  13. Marketing Environment Demographic Economic Socio-cultural Political-legal Technological Natural

  14. Major Societal Forces • Network information technology • Globalization • Deregulation • Privatization • Heightened competition • Industry convergence • Retail transformation • Disintermediation • Consumer buying power • Consumer participation • Consumer resistance

  15. Company Orientations Production Product Selling Marketing

  16. Company Orientations • Production concept is one of the oldest concepts in business. • consumers prefer products that are • widely available • inexpensive. • Managers of production-oriented businesses concentrate on achieving • high production efficiency • low costs • mass distribution.

  17. Company Orientations • Product Concept proposes that consumers favor products: • Offering the most quality, • Performance • innovative features

  18. Company Orientations • selling concept holds that consumers and businesses, if left alone, won’t buy enough of the organization’s products • practiced most aggressively with unsought goods • firms with overcapacity aim to sell what they make

  19. Company Orientations • Marketing Concept emerged in the mid-1950s as a customer-centered, sense-and respond philosophy. • The job is to find not the right customers for your products, but the right products for your customers.

  20. Holistic Marketing

  21. Relationship Marketing Customers Employees Marketing Partners Financial Community

  22. Integrated Marketing

  23. Internal Marketing Internal marketing is the task of hiring, training, and motivating able employees who want to serve customers well.

  24. Performance Marketing Financial Accountability Social Responsibility Marketing

  25. Types of Corporate Social Initiatives • Corporate social marketing • Cause marketing • Cause-related marketing • Corporate philanthropy • Corporate community involvement • Socially responsible business practices

  26. The Marketing Mix

  27. The New Four Ps People Processes Programs Performance

  28. For Review • Why is marketing important? • What is the scope of marketing? • What are some fundamental marketing concepts? • How has marketing changed? • What are the tasks necessary for successful marketing?

  29. Marketing Applied Strategy Tasks • Develop market strategies and plans • Capture marketing insights • Connect with customers • Build strong brands • Shape market offerings • Deliver value • Communicate value • Create long-term growth

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