Strategic Marketing PDF

Facultad de Comercio, Turismo y Ciencias Sociales “Jovellanos” STRATEGIC MARKETING U1 1 T1 Marketing Scope 1.1 Marketing: Needs, Wants and Demands TOC 1.2 1.3...

Facultad de Comercio, Turismo y Ciencias Sociales “Jovellanos” STRATEGIC MARKETING U1 1 T1 Marketing Scope 1.1 Marketing: Needs, Wants and Demands TOC 1.2 1.3 Goods, Services and Experiences Value, Satisfaction and Loyalty 1.4 Transactions and Relations 1.5 The Marketing Plan 2 1  1.1 MARKETING: NEEDS, WANTS AND DEMANDS You already know a lot about Marketing – It is all around you 3 1.1 Marketing: Needs, Wants and Demands Simply Advertising? Marketing is a Just Selling? social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. 4 2  1.1 Marketing: Needs, Wants and Demands The Marketing process: 5 1.1 Marketing: Needs, Wants and Demands A simplification of a market system: 6 3  1.1 Marketing: Needs, Wants and Demands States of deprivation: Physical—food, clothing, warmth, safety Needs Social—belonging and affection Individual—knowledge and self-expression Wants Form that needs take as they are shaped by culture and individual personality Demands Wants backed by buying power 7 1.2 GOODS, SERVICES AND EXPERIENCES Deliver the goods 11 4  1.2 Goods, Services and Experiences Needs Product Wants VALUE Expe MARKET Demands Service PROPOSITION rience OFFERING Infor mation 12 1.3 VALUE, SATISFACTION AND LOYALTY This is good value 15 5  1.3 Value, Satisfaction and Loyalty Companies make VALUE PROPOSITIONS as a reply to consumers’ demands. Consumers CHOOSE amongst market offerings based on: – Expectations on customer value. – Expectations on satisfaction. PURPOSE: CAPTURING PART OF THIS VALUE 16 1.3 Value, Satisfaction and Loyalty Discussion: – What’s the CONCEPTUAL DIFFERENCE between market offering and customer’s expectations?: – Shall a company set expectations HIGH or LOW for their market offering? 17 6  1.3 Value, Satisfaction and Loyalty Perceived Market Expectations Customer Needs Offering Value Loyalty Exchange Satisfaction 20 1.3 Value, Satisfaction and Loyalty How is value created: Societal Production Product Selling Marketing and concept concept concept concept Sustainable concept 22 7  1.4 EXCHANGES, TRANSACTIONS AND RELATIONS Exchange is the core concept of Marketing 23 1.4 Exchanges, Transactions and Relations Exchange is the act of obtaining a desired object from someone by offering something in return. Conditions that make exchange possible: – At least two parties must participate – Each must have something of value to offer the other – Each party must also want to deal with the other party – Each party is free to accept or reject the other’s offer Exchange only takes place when both parties reach an agreement. 24 8  1.4 Exchanges, Transactions and Relations Marketing Theory is concerned with two questions: – Why do people and organizations engage in exchange relationships? – How are exchanges created, resolved or avoided? 25 1.4 Exchanges, Transactions and Relations Types of exchange: – Lucrative - Non Lucrative – Restricted - Generalized - Complex ATTENTION Consumer TV company ENTERTAINING MONEY CAR AUDIENCE MONEY Car MONEY Advertising manufacturer AD SERVICES agency 26 9  1.4 Exchanges, Transactions and Relations Transactional exchange: – One time exchange with no social elements: No further communication. Not expectations for the future. Only relevant thing is what I am getting for my contribution to the exchange. Money as a convention? Relational exchange: Includes communication beyond basic characteristics of the exchanged values. Takes into account future expected returns. 29 1.4 Exchanges, Transactions and Relations Transactions and relations are different for: – B2C (Business to Consumer): many customers with low margins. – B2B (Business to Business): less customers with high margins. B2C: – Customer delight CUSTOMER – Loyalty Customer Lifetime Value EQUITY – Share of Wallet – Engagement 31 10  1.4 Exchanges, Transactions and Relations Customer-engagement marketing: – Fostering direct and continuous customer involvement in shaping brand conversations, brand experiences and brand community. – Customer-engagement marketing goes beyond just selling a brand to consumers. Its goal is to make the brand a meaningful part of consumers’ conversations and lives. 32 1.4 Exchanges, Transactions and Relations Are all customers worth our dedication? 33 11  1.5 The Marketing Plan 35 1.5 The Marketing Plan No one strategy is best for all companies. Each company must find the way that makes more sense given: – Its situation – Opportunities – Objectives – Resources Three stages of Marketing Planning: – The Strategic Plan – The Marketing Process – Ways of putting the Plan into action 36 12  1.5 The Marketing Plan The Strategic Plan (corporate level) 37 1.5 The Marketing Plan The Marketing Process 38 13  1.5 The Marketing Plan Ways of putting the plan into action. STRATEGIC STRATEGIC MARKETING MANAGEMENT MARKETING POLICIES 4 P’s Mission Value Proposition Strategic Audit Environment Analysis Product and Brand SWOT Analysis Consumer Behaviour Distribution Channels Business Portfolio Market Segmentation Price and Sales Promotion Growth Strategies Market Targeting Advertising and General Partnering / Relationships Market Differentiation Promotion Demand Estimation 40 1.5 The Marketing Plan What does a Marketing Plan look like? We write it the Quick overview for quick reading: main goals and last. – Executive summary recommendations in the plan – Marketing audit Background data on the market, product, competition and distribution – SWOT analysis Which are the objectives to attain during the plan’s term? – Objectives and Issues What issues from two previous steps may affect them? Broad Marketing Approach – Marketing Strategy Customer analysis, segmenting, differentiating, positioning – Marketing Mix Product, Place, Price, Promotion Resources needed to implement the plan – Budgets Expected outcomes – Controls How will the Marketing Plan be monitored? 41 14  1.5 The Marketing Plan 42 BONUS TRACK: LATEST TRENDS 45 15  1.3 Latest Marketing Trends Latest upon latest: – Emotional Marketing – Online Marketing – Viral Marketing – Geo-Marketing – Neuro-Marketing 46 Viral Marketing 47 16  GeoMarketing 48 GeoMarketing 49 17  Neuromarketing 50 51 18  CONCLUSION 52 1.CONCLUSION 53 19