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MARKETING STRATEGY O.C. FERRELL • MICHAEL D. HARTLINE

Discover the shifts in customer power, changing value propositions, and evolving market dynamics in the new economy. Explore the challenges and opportunities that arise from these changes.

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MARKETING STRATEGY O.C. FERRELL • MICHAEL D. HARTLINE

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  1. MARKETING STRATEGYO.C. FERRELL • MICHAEL D. HARTLINE 1 Marketing in the New Economy

  2. Power Shift to Customers Massive Increase in Product Selection Changing Value Propositions Shifting Demand Patterns New Sources of Competitive Advantage Privacy, Security, and Ethical Concerns Challenges and OpportunitiesIn the New Economy

  3. Discussion Question • The fact that customers have more power is one of the major shifts taking place in the new economy. In what ways have you personally experienced this shift in power? Is this shift uniform across all industries and markets? How so?

  4. Protects the privacy of children under 13 Five Privacy Criteria: Placement of Notice Full Disclosure Parental Control Reasonable Necessity Security The Children’s OnlinePrivacy Protection Act (COPPA) Exhibit 1.1

  5. Marketing (AMA definition): “…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 objectives.” Basic Marketing Concepts

  6. Basic Marketing Concepts • Market: • A collection of buyers and sellers • Marketspace: • Electronic marketplaces that are not bound by time or space • Metamarket: • A cluster of closely related goods and services that center around a specific consumption activity • Metamediary: • Provides a single access point where buyers can locate and contact many different sellers in the metamarket

  7. Common Metamarkets and Participants Exhibit 1.2

  8. Example of a Metamediary

  9. What is Exchange? • Exchange: • Process of obtaining something of value by offering something in return • Five Conditions for Exchange: • (1) There must be at least two parties to the exchange. • (2) Each party has something of value to the other party. • (3) Each party must be capable of communication and delivery. • (4) Each party must be free to accept or reject the exchange. • (5) Each party believes it is desirable to exchange with the other party.

  10. What is a Product? • Product: • Something that can be acquired via exchange to satisfy a need or a want. • Examples:

  11. The Concept of Utility • Utility: • Ability of a product to satisfy a customer’s desires. • Four Types of Utility: • (1) Form Utility • (2) Time Utility • (3) Place Utility • (4) Possession Utility

  12. Discussion Question • Through exchange, marketing creates four different types of utility for customers. Is it possible to excel in all four types of utility? Explain why or why not and give examples.

  13. Major Marketing Activitiesand Decisions(1 of 4) • Strategic Planning • Strategy • Tactical Planning • Research and Analysis • Internal Analysis • Competitive Intelligence • Environmental Scanning • Situation Analysis

  14. Major Marketing Activitiesand Decisions(2 of 4) • Developing Goals and Objectives • SWOT Analysis • Developing and Maintaining Customer Relationships • Transactional Marketing • Relationship Marketing • Marketing Strategy Decisions • Competitive Advantage

  15. Characteristics of Transactionaland Relationship Marketing Exhibit 1.3

  16. Major Marketing Activitiesand Decisions(3 of 4) • Market Segmentation and Target Marketing • Market Segmentation • Target Markets • Product Decisions • Product Positioning • Pricing Decisions • Leads to revenue and profit • Directly connected to customer demand • Easy to change • Major quality cue for customers

  17. Major Marketing Activitiesand Decisions(4 of 4) • Distribution and Supply Chain Decisions • Distribution and Supply Chain Management • Supply Chain • Promotion Decisions • Integrated Marketing Communications (IMC) • Implementation and Control • Marketing Implementation • Social Responsibility and Ethics • Social Responsibility • Marketing Ethics

  18. Corporate Culture Matters

  19. Taking On the Challenges of Marketing Strategy(1 of 2) • Unending Change • Customers change, competitors change, and marketing organizations change • Evolution of Marketing and Business Practices in Society • Increasing Demands of Customers • Overall Decline in Brand Loyalty of Customers • Increasing Price Sensitivity Among Customers • Increasing Customer Cynicism about Business and Marketing Activities

  20. Discussion Question • How concerned are you about privacy and security in the new economy? How have businesses responded to these concerns? Which is safer and more secure: online transactions or face-to-face transactions? Explain.

  21. American Customer Satisfaction Index Exhibit 1.4

  22. Taking On the Challenges of Marketing Strategy(2 of 2) • Competing in Mature Markets • Little Real Differentiation Among Product Offerings • Increasing Expansion into Foreign Markets • Increasing Numbers and Strength of Foreign Competitors • Aggressive Cost-Cutting Measures in Order to Increase Competitiveness • Increasing Cooperation with Supply-Chain Partners and Competitors

  23. Marketing Strategy in Action • Increasing expansion into foreign markets is becoming a necessity to compete in the global marketplace. • What kinds of opportunities and threats are presented by the increasing global nature of the marketplace?

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