MKTG 192 Notes PDF

MODULE 1 Combination of products, services, information, or Marketing experiences offered to a market to satisfy a need or The way company makes itsel...

MODULE 1 Combination of products, services, information, or Marketing experiences offered to a market to satisfy a need or The way company makes itself valuable to customers so that, in want return, customers patronize the company 3. Customer values and satisfaction Two-fold process of “creating values” to be able to “capture Customer select based on the expectation they have value” to ensure that new customers are attracted and current formed about the value and satisfaction these market ones stays offerings can deliver Marketers can help set the level of expectations that 5-step Marketing Process customers can experience 1. Understanding the market and the customer needs and wants Essential in building long-term relationships 2. Designing a marketing strategy driven by customer value 4. Exchanges and relationship 3. Creating marketing programs to deliver superior value Exchange relationships → way for consumers to satisfy 4. Build profitable relationships and create customer delight their needs and wants in marketing 5. Capture value from customers to build profit and customer 5. Markets equity Group of customers (whether current or potential) having a shared need and want for the market offering Core Concepts of Marketing is what is referred to as the market 1. Needs, wants, and demands Needs Marketing Strategy ○ Can be physical like food, clothing, mobility, The company draws up an extensive battle plan for the product warmth, and safety or social like community, or service to create value and build a profitable relationship belonging, love or personal like knowledge and with consumers self-expression Position the product or service as different from competitors Wants ○ Needs shaped and influenced by society Marketing Mix or 4Ps of Marketing Demands 1. Product ○ Becomes a consumer demand when people Marketing offering that aims to satisfy the needs and have the buying power to insist on these wants wants of the consumer 2. Market offerings 2. Price  Amount of money charged to consumers to obtain a Critical part as it helps to improve management decision product or service making by providing relevant, accurate, and timely market 3. Place information Distribution channel or location where consumers can Providing the voice of the consumer or customer and an iad to avail of the product or service decision making 4. Promotion Activities aimed at communicating information about New product development the product or service that will persuade the market ot Very important for both the company and the customers purchase and use this Key source of growth for many organizations as it provides customers new solutions to their ever-changing needs and Marketing and its Social Responsibility wants There is a changing marketing environment Growing awareness and activism among consumers Marketer should not only provide short-term needs and wants but also provide long-term benefits for consumers, the community and nature Uplift societal values, be accountable for sustaining humanity and preserve the environment through sustainable marketing practices Marketing Research Process of designing, gathering, analyzing, and reporting Idea Generation information that may used to solve a specific marketing ○ Marketer systematically search for new product ideas problem by doing research on internal and external sources A function that links the consumer, customer, and public to the Idea screening marketer through information – defining marketing ○ Pin down those ideas that have a bigger chance for opportunities and problems, evaluate marketing actions, success and turn into profitable business offerings monitor marketing performance, and improving understanding ○ RWW Screening framework → is it real, can we win, is of marketing as a process it worth doing? ○ Product concept  An attractive idea must then be developed into ○ Keep themselves abreast on their current performance product concept and identify ways on how to improve their services or Detailed versions of idea in consumer terms offerings Concept development and testing Shopper mindset and behavior ○ These are presented symbolically or physically and ○ There can be unique factors that can affect a shopper’s tested to consumers with groups of target consumers decision upon entering a store to buy a different ○ Based on consumer response during research, product from what he or she originally planned to buy marketers can decide to purse, tweak, or discard as a consumer leaving his or her house product ideas Marketing strategy and business analysis Types of Primary Market Research ○ See the viability of the product in the marketplace Qualitative Research ○ Creating a value proposition, looking at investments Explore and deep dive into a market’s psyche, mindset, and analyzing profitability, the company has a better attitudes grasp of what it takes to introduce the product and the Collecting, analyzing, and interpreting unstructured, returns it will give back to the organization non-standardised data from open-ended questions and Product development and testing observations ○ marketing research is then again done, usually with Understand consumer behavior, motivations, emotions, and actual customers, to get information and response to opinions the real-life experience and interaction of consumers EX: and product ○ Focus group discussion Test marketing Facilitated by a professional, external ○ Implementing a trial run of the product and its entire moderator, a selected group of people will marketing program in the marketplace discuss a given topic or issue in-depth Commercialization ○ In-depth interviews ○ Where the new product is introduced into the market One on one engagement with individuals participants Marketing Understanding ○ Mystery shopping Customer or employee surveys Secret shopper to act as a true customer to evaluate the customer experience in person, over the phone, or online  ○ Observations measures the behavior, motivations and brand Observe participants’ ongoing behavior in a perceptions of a target market to help grow a natural situation brand and improve its equity vis a vis ○ customer/shopper shadowing competitors researchers shadow respondents to see how ○ Brand Health Tracking Study they behave in a particular environment doing a a UAI done frequently and regularly to monitor particular task a brand’s health versus competition (can be ○ In-home interviews done weekly, monthly, semi-annually, annually, In-Depth Interviews done in-home to help or every 2 or 3 years) further understand the home environment ○ Knowledge, Awareness and Practices Study ○ Diary study measures the level of knowledge, attitude and participants keep a log of their thoughts, behavior of a particular market towards a experiences, and activities over a defined certain social concept (i.e., family planning, HIV, period of time, usually a few days to several etc.); usually done for social behavior studies. weeks Equivalent to UAI in social research. ○ Social media listening ○ Segmentation Study the process of identifying and assessing what is measures the beliefs, motivations, attitudes. being said about a company, individual, product mind set and psyche of a given market in a or brand on the internet (technically secondary particular category; groups together research) “like-minded” individuals and understand their behavior and motivations towards the category Quantitative Research ○ Customer Satisfaction Study Validates the study above measures the ‘happiness index’ of customers Collecting and analyzing computable information to reveal and provides directions on how to mitigate patterns, test relationships and make predictions “stressors” and make customers happier Stable means for data collection in marketing research ○ Shopper Study Often done through structured questionnaires with definitive focuses on understanding the behavior and choices motivations of the shoppers at the shop floor: Ex: people behave differently when shifting from ○ Usage, Attitude and Imagery (UAI) Study consumer to shopper  ○ Concept and Product Test ○ Which prices will help the firm realize its target return measures the acceptability and purchase on investment (ROI)? interest of a target market towards a product ○ Which distribution system will add the greatest value concept or actual product to the supply chain? ○ Ad Test Right market research → develop right strategy measures the acceptability and purchase Is an aid and that it is not a substitute for decision making interest for a product based on an ad ○ Eye Tracking Application of Marketing Research device that literally tracks what the eye can see Strategically, marketing research can influence decisions in ○ Packaging Test certain areas of marketing, such as: evaluates consumer reactions to different ○ Target market packaging designs for a particular product Size of the market and gather demographic, psychographic, and behavioral data on market Role of Marketing Research ○ Product With every marketing decision comes unique needs for Product idea generation information that marketing research provides. Identifying market opportunities or through And through the creative use of marketing information, customer feedback marketers achieve relevant strategies and competitive ○ Price advantage. Perception of consumers on the value of a ○ Who is the market? What is the market's size and is it product growing or declining? Whether your identified price is acceptable ○ How do we segment the market? What is the size of the ○ Distribution segment? Which segment/s to target? Determine the channels most suited for the ○ What are the wants and needs of each segment? target market ○ Who are our competitors, and how are they already ○ Promotion meeting consumer wants and needs? Before, during and after launching marketing ○ What compelling products to make or services to offer communications, marketers rely on research to our target market? get consumer insights, validate ideas, test ○ Which methods of advertising / promotion are most advertising materials for understanding, recall, effective? or for areas for future improvement  understand our market environment by: 6. Decline ○ Getting us closer to customers and retailers ○ Understanding our competition better ○ Helping us segment our customer base and retailers ○ Reduce risk of making wrong decisions when costs are high Strategies are new and different or involve heavy investment or impact our core business ○ Maximize opportunities by optimizing strategies with input from customer and retailers Is also a monitoring tool for marketing performance Product life cycle 1. Development multi-phased research study starting with a series of Focus Group Discussions (FGDs) understanding moms with small children's needs (their primary market) when it comes to hand soap. Product prototypes were also given to Moms so they can try these at home. Key findings were that the moms found the product to be not as sudsy and fragrant as they want their hand soap to be. 2. Introduction CCPI utilized Pia Wurtzbach to endorse Dr. Coco. Several ad messages were tested first via FGDs to see which ones would resonate. 3. Growth Change in mindset 4. Maturity 5. Saturation