Friends Marketing MGT Selection of Target Markets Ensuring Customer Value Reflection Hi there guys, really simple and easy one. I just need a reflection pa

Friends Marketing MGT Selection of Target Markets Ensuring Customer Value Reflection Hi there guys, really simple and easy one. I just need a reflection paper (1 page only) APA Format 250-300 words, based on the readings that we will have each week (attached in PowerPoint are the chapters 1-4 that we must be reading), how it reflect on your (in this case mine) personal learning process—challenges, moments of discovery, life experiences, readings, and interactions. If you have any concerns, In the Word document (attached) is what I need exactly. Please don’t hesitate to ask if you guys have any questions. Thank you guys, Chapter
1
Defining
Marketing
for the
New Realities
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Learning Objectives
1.
Why is marketing important?
2.
What is the scope of marketing?
3.
What are some core marketing concepts?
4.
What forces are defining the new marketing realities?
5.
6.
7.
What new capabilities have these forces given
consumers and companies?
What does a holistic marketing philosophy include?
What tasks are necessary for successful marketing
management?
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The Value of Marketing
• Financial success often depends on marketing ability
• Successful marketing builds demand for products
and services, which, in turn, creates jobs
• Marketing builds strong brands and a loyal customer
base, intangible assets that contribute heavily to the
value of a firm
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The Scope of Marketing
• Marketing is about identifying and meeting human
and social needs
• AMA’s formal definition: Marketing is the activity,
set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings
that have value for customers, clients, partners, and
society at large
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Marketing Management
• The art and science of choosing target
markets and getting, keeping, and growing
customers through creating, delivering, and
communicating superior customer value
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What is Marketed?
• Goods
• Services
• Events
• Experiences
• Persons
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What is Marketed?
• Places
• Properties
• Organizations
• Information
• Ideas
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Who Markets?
• A marketer is someone who seeks a
response—attention, a purchase, a vote, a
donation—from another party, called the
prospect
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8 Demand States
•
•
•
•
•
•
•
•
Negative
Nonexistent
Latent
Declining
Irregular
Unwholesome
Full
Overfull
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Fig. 1.1
Structure Of Flows In A Modern
Exchange Economy
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Fig. 1.2
A Simple Marketing System
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Key Customer Markets
•
•
•
•
Consumer markets
Business markets
Global markets
Nonprofit & governmental markets
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Core Marketing Concepts
• Needs: the basic human requirements such as
for air, food, water, clothing, and shelter
• Wants: specific objects that might satisfy the
need
• Demands: wants for specific products backed
by an ability to pay
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Types of Needs
STATED
REAL
UNSTATED
DELIGHT
SECRET
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Core Marketing Concepts
• Target markets
• Positioning
• Segmentation
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Core Marketing Concepts
• Value proposition: a set of benefits that
satisfy those needs
• Offerings: a combination of products,
services, information, and experiences
• Brands: an offering from a known source
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Core Marketing Concepts
• Marketing channels
COMMUNICATION
DISTRIBUTION
SERVICE
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Core Marketing Concepts
• Paid media: TV, magazine and display ads,
paid search, and sponsorships
• Owned media: a company or brand brochure,
web site, blog, facebook page, or twitter
account
• Earned media: word of mouth, buzz, or viral
marketing
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Core Marketing Concepts
• Impressions: occur when consumers view a
communication
• Engagement: the extent of a customer’s
attention and active involvement with a
communication
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Core Marketing Concepts
• Value: a combination of quality, service, and
price (qsp: the customer value triad)
• Satisfaction: a person’s judgment of a
product’s perceived performance in
relationship to expectations
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Core Marketing Concepts
• Supply chain: a channel stretching from raw materials to
components to finished products carried to final buyers (Fig
1.3: The Supply Chain for Coffee)
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Core Marketing Concepts
• Competition: all the actual and potential rival
offerings and substitutes a buyer might
consider
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Core Marketing Concepts
• Marketing
environment
– Task environment
– Broad environment
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The New Marketing Realities
• Technology
• Globalization
• Social responsibility
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A dramatically changed marketplace
• New consumer capabilities
– Can use the internet as a powerful information
and purchasing aid
– Can search, communicate, and purchase on
the move
– Can tap into social media to share opinions
and express loyalty
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A dramatically changed marketplace
• New consumer
capabilities
– Can actively interact
with companies
– Can reject marketing
they find inappropriate
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A dramatically changed marketplace
• New company capabilities
– Can use the internet as a powerful information and
sales channel, including for individually differentiated
goods
– Can collect fuller and richer information about
markets, customers, prospects, and competitors
– Can reach customers quickly and efficiently via social
media and mobile marketing, sending targeted ads,
coupons, and information
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A dramatically changed marketplace
• New company capabilities
– Can improve purchasing, recruiting, training, and
internal and external communications
– Can improve cost efficiency
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A dramatically changed marketplace
• Changing channels
– Retail
transformation
– Disintermediation
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A dramatically changed marketplace
• Heightened competition
– Private brands
– Mega-brands
– Deregulation
– Privatization
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Marketing in practice
• Marketing balance
• Marketing accountability
• Marketing in the organization
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Company Orientation toward
the Marketplace
PRODUCTION
PRODUCT
SELLING
MARKETING
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Fig. 1.4
Holistic Marketing Dimensions
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Relationship marketing
CUSTOMERS
EMPLOYEES
MARKETING PARTNERS
FINANCIAL
COMMUNITY
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Integrated marketing
• Devise marketing activities and programs that create,
communicate, and deliver value such that “the whole
is greater than the sum of its parts.”
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Internal marketing
• The task of hiring, training, and motivating
able employees who want to serve customers
well
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Performance marketing
FINANCIAL
ACCOUNTABILITY
ENVIRONMENTAL
IMPACT
SOCIAL IMPACT
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Fig. 1.5
Marketing Mix Components (4 Ps)
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MODERN MARKETING
MANAGEMENT
PEOPLE
PROCESSES
PROGRAMS
PERFORMANCE
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MARKETING
MANAGEMENT TASKS
• Developing market strategies and plans
• Capturing marketing insights
• Connecting with customers
• Building strong brands
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MARKETING
MANAGEMENT TASKS
• Creating value
• Delivering value
• Communicating value
• Creating successful long-term growth
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Chapter
2
Developing
Marketing Strategies
and Plans
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Learning Objectives
1.
How does marketing affect customer value?
2.
How is strategic planning carried out at the
corporate and divisional levels?
3.
How is strategic planning carried out at the business
unit level?
4.
What does a marketing plan include?
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Marketing and customer Value
• The value delivery process
• The value chain
• Core competencies
• The central role of strategic planning
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The value delivery process
CHOOSING THE VALUE
PROVIDING THE VALUE
COMMUNICATING THE VALUE
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The Value chain
• A tool for identifying ways to create more
customer value
– Every firm is a synthesis of activities
performed to design, produce, market, deliver,
and support its product
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Core business processes
•
•
•
•
•
Market-sensing process
New-offering realization process
Customer acquisition process
Customer relationship management process
Fulfillment management process
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Core competencies
• A source of competitive advantage and makes
a significant contribution to perceived
customer benefits
• Applications in a wide variety of markets
• Difficult for competitors to imitate
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Maximizing Core competencies
• (Re)define the business concept
• (Re)shaping the business scope
• (Re)positioning the company’s brand identity
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Central role of strategic planning
• Managing the businesses as an investment
portfolio
• Assessing the market’s growth rate and the
company’s position in that market
• Establishing a strategy
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Marketing plan
• The central instrument for directing and
coordinating the marketing effort
– Strategic
– Tactical
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Figure 2.1
Strategic Planning, Implementation,
and Control Processes
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Corporate and division strategic
planning
• Defining the corporate mission
• Establishing strategic business units
• Assigning resources to each strategic business
unit
• Assessing growth opportunities
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Defining the
corporate mission
•
•
•
•
•
What is our business?
Who is the customer?
What is of value to the customer?
What will our business be?
What should our business be?
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Product Orientation vs.
Market Orientation
Company
Product
Market
Missouri-Pacific
Railroad
We run a railroad
We are a peopleand-goods mover
Xerox
We make copying
equipment
We improve office
productivity
Standard Oil
We sell gasoline
We supply energy
Columbia Pictures
We make movies
We market
entertainment
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Good Mission statements
• Focus on a limited number of goals
• Stress the company’s major policies and
values
• Define the major competitive spheres within
which the company will operate
• Take a long-term view
• Are as short, memorable, and meaningful as
possible
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Establishing Strategic Business
Units
• A single business or collection of related
businesses
• Has its own set of competitors
• Has a leader responsible for strategic planning
and profitability
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Assigning Resources
to Each SBU
• Management must decide how to allocate
corporate resources to each SBU
– Portfolio-planning models
– Shareholder/market value analysis
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Assessing growth opportunities
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Assessing growth opportunities
• Intensive Growth
• Integrative Growth
• Diversification Growth
• Downsizing and Divesting Older Businesses
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Intensive growth
• Corporate
management
should first review
opportunities for
improving existing
businesses
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Figure 2.3
ESPN Growth Opportunities
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INTEGRATIVE GROWTH
• A business can increase sales and profits
through backward, forward, or horizontal
integration within its industry
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Diversification growth
• Diversification growth makes sense when
good opportunities exist outside the present
businesses
– The industry is highly attractive and the
company has the right mix of business
strengths to succeed
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Downsizing and Divesting Older
Businesses
• Companies must carefully prune, harvest, or
divest tired old businesses to release needed
resources for other uses and reduce costs
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Organization and Organizational
Culture
• A company’s organization consists of its structures,
policies, and corporate culture, all of which can
become dysfunctional in a rapidly changing business
environment
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Organization and Organizational
Culture
• Corporate culture: “The shared experiences,
stories, beliefs, and norms that characterize
an organization”
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Marketing Innovation
• Innovation in marketing is critical
• Employees can challenge company orthodoxy
and stimulate new ideas
• Firms develop strategy by choosing their view
of the future
– Scenario analysis
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Figure 2.4
The Business Unit
Strategic-planning Process
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SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
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External environment
• Marketing opportunity: an area of buyer need and
interest that a company has a high probability of
profitably satisfying.
• Environmental threat: challenge posed by an
unfavorable trend or development that, in the
absence of defensive marketing action, would lead
to lower sales or profit
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Market Opportunity Analysis
(MOA)
• Can we articulate the benefits convincingly to a
defined target market(s)?
• Can we locate the target market(s) and reach
them with cost-effective media and trade
channels?
• Does our company possess or have access to
the critical capabilities and resources we need
to deliver the customer benefits?
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Market Opportunity Analysis
(MOA)
• Can we deliver the benefits better than
any actual or potential competitors?
• Will the financial rate of return meet or
exceed our required threshold for
investment?
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Figure 2.5
Opportunity And Threat Matrices
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Internal environment
• Strengths
• Weaknesses
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Goal formulation (MBO)
• Unit’s objectives must be arranged
hierarchically
• Objectives should be quantitative
• Goals should be realistic
• Objectives must be consistent
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Strategic formulation:
Porter’s Generic Strategies
OVERALL COST LEADERSHIP
DIFFERENTIATION
FOCUS
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Strategic formulation:
Strategic alliances
• Categories of marketing alliances
– Product or service alliance
– Promotional alliance
– Logistics alliances
– Pricing collaborations
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Program Formulation and
Implementation
• McKinsey’s Elements of Success
Skills
Strategy
Staff
Structure
Style
Systems
Shared values
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Feedback and control
• Peter Drucker: it is more important to “do the
right thing”—to be effective—than “to do
things right”—to be efficient
– The most successful companies, however,
excel at both
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Marketing Plan Contents
✓ Executive summary
✓ Table of contents
✓ Situation analysis
✓ Marketing strategy
✓ Marketing tactics
✓ Financial projections
✓ Implementation controls
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Evaluating a Marketing Plan
✓ Is the plan simple/succinct?
✓ Is the plan complete?
✓ Is the plan specific?
✓ Is the plan realistic?
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Other marketing plan contents
• Marketing research
• Specifications for internal and external
relationships
• Action plans and schedules
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Chapter
3
Collecting
Information and
Forecasting Demand
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Learning Objectives
1.
What are the components of a modern marketing
information system?
2.
What are useful internal records for a marketing
information system?
3.
What makes up a marketing intelligence system?
4.
What are some influential macroenvironment
developments?
5.
How can companies accurately measure and
forecast demand
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Components of a
Modern Marketing
Information System (MIS)
✓ Internal company records
✓ Marketing intelligence activities
✓ Marketing research
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Internal records
• Internal reports of
orders
• Sales
• Prices
• Costs
• Inventory levels
• Receivables
• Payables
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Marketing intelligence
• Marketing intelligence system: a set of procedures and
sources that managers use to obtain everyday
information about developments in the marketing
environment
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Improving
marketing intelligence
✓ Motivate sales force to report new developments
✓ Motivate inter…
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