Marketing Environment & Consumer Insights PDF

Media Strategies & Marketing Branding vs Marketing vs Sales BRANDING WHAT & WHY LONG TERM BUILDS LOYALTY CREATE VALUE MARKETING HOW SHORT TERM & LONG TERM GENERATES ACTION CREATES & MONETIZES VALUE SALES ON AN IDIVIDUAL LEVEL FOCUS ON CUSTOMER LEADS PROFIT The Marketing process – 5 Step Model Unders...

Media Strategies & Marketing Branding vs Marketing vs Sales BRANDING WHAT & WHY LONG TERM BUILDS LOYALTY CREATE VALUE MARKETING HOW SHORT TERM & LONG TERM GENERATES ACTION CREATES & MONETIZES VALUE SALES ON AN IDIVIDUAL LEVEL FOCUS ON CUSTOMER LEADS PROFIT The Marketing process – 5 Step Model Understand the marketplace and cus- tomer needs and wants Design a customer value driven marketing strategy Construct an integrated marketing program that delivers superior value Create value for customers and build customer relationships * Gary Armstrong & Philip Kotler,Marketing an introduction, global edition, Fourteenth ed.(Essex, U.K.,Pearson Education Limited, 2020) Engage customers, build profitable relationships, and create customer delight Capture v alue f rom customers to create profits a n d c ustomer e quity customers capture value from In return The Marketplace Market offerings Products , Experiences ,Information or Ser- vices offered to a market to satisfy needs and wants. IMPORTANT! Don’t lose sight of the benefits & experiences of your product. It is not only about the aspects of your product, it is about what customers want. MARKETING MYOPIA A Good marketer knows his market(s) and its cus- tomer(s) Customer needs & wants NEEDS Basic universal things we need to live and feel content. Basic needs Psychological needs Self- fulfillment needs * Abraham Maslow (pyramid of needs) psychology Customer needs & wants NEEDS Basic universal things we need to live and feel content. WANTS Needs shaped by culture and/or individual personality. The result of certain preferences DEMANDS Human wants that are backed up by buying power The Marketing process – 5 Step Model Understand the marketplace and cus- tomer needs and wants 1 Design a customer value driven marketing strategy Construct an integrated marketing program that delivers superior value Research customers & the marketing environment Engage customers, build profitable relationships, and create customer delight C a pt u r e v a l u e f r om c u s t ome r s to create profits and c ustomer equity capture value from customers In return Manage Customer data & information Create value for customers and build customer relationships * Gary Armstrong & Philip Kotler,Marketing an introduction, global edition, Fourteenth ed.(Essex, U.K.,Pearson Education Limited, 2020) The Marketing Environment The Marketing Environment Marketing Environment The actors and forces out- side marketing that affect marketing management’s ability to build and main- tain successful relationships with target customers WHATEVER HAPPENS IN AND OUTSIDE YOUR ORGANIZATION The Marketing Environment: levels MICRO Internal COMPANY ORGANISATION MESO External MACRO External Micro – organisational level Business management Research & development Finance & accounting Production HR Employees, stakeholders Internal culture Mission & vision Sales policy MICRO Internal MESO External MACRO External MESO – transactional level Factors and players close to the company that inter- play and influence marketing decisions Suppliers Intermediaries partners who get your product to the consumer Customers Competitors Your industry/market Publics any group of people who are or will be involved with your company (f.i. Media/press, action groups..) EXAMPLE: NO DANONE@ Delhaize and Lidl Conflict with retailer Problem with Intermediaries Meso - environment 2 MACRO – contextual level Societal forces that influence your organisation DESTEP FACTORS Demographic Economic Socio-cultural Technological Eco- logical Political & legal MICRO Internal MESO External MACRO External DESTEP ANALYSIS Framework used to understand the external factors and is- sues that might impact your organisation and your marketing – and communica- tion decisions. Demographic Economic Socio-cultural Technological Ecological/ environmental Political & legal The Marketing process – 5 Step Model Understand the marketplace and cus- tomer needs and wants Design a customer value driven marketing strategy Construct an integrated marketing program that delivers superior value Research customers & the marketing environment Engage customers, build profitable relationships, and create customer delight C a pt u r e v a l u e f r om c u s t ome r s to create profits and c ustomer equity capture value from customers In return Manage Customer data & information Create value for customers and build customer relationships * Gary Armstrong & Philip Kotler,Marketing an introduction, global edition, Fourteenth ed.(Essex, U.K.,Pearson Education Limited, 2020) Consumer behavior Theoretical models Consumer buyer behavior Consumer buyer behavior The buying behavior of individuals and households that buy goods and services for personal consumption VS Business (markets) buyer behavior The buying behavior of organisations that buy goods and services for use in the production of other products and services that are sold , rented or supplied to others. Black Box Model or Stimulus – Response model (Philip Kotler) Black Box Model: Assumptions Buying decisions are made in an environment where there are multiple brands competing for attention (and money) Con- sumers are informed and have an idea about what they want The respons is the result of a conscious , rational decision process Are we always taking conscious, rational decisions? 3 Consumer as problem solver Decision making process The Customer Journey The Customer Journey Marketing concept that describes the steps in the buying process of a user Provide insights into the buying process Customer journey maps help marketeers choose different touchpoints between user and brand. Can help to structure your content plan(ning) The MARKETING FUNNEL Example: Customer Journey Customer Journey : IKEA buying experience need ideas, tips actual benefit Use Gather info & seek alternatives Make Decision Use Customer Journey : IKEA buying experience inspiration easy info, convenience info easy info, convenience shortest way convenience inspiration & ideas easy info, confirmation convenience of choice system, structure structure help speed, ease assistance self-scan on demand easy access parking space 4 confirmation & help basic material: rope… Use Make Decision Gather info & seek alternatives Customer Journey : IKEA buying experience +0 Sentiment towards undertaken action ed _ ideas, tips inspiration easy info, convenience info easy info, convenience shortest way convenience inspiration & ideas easy info, confirmation convenience of choice system, structure structure help speed, ease assistance self-scan on demand easy access parking space Sentiment towards IKEA brand confirmation & help basic material: rope… Use Make Decision Gather info & seek alternatives 5 Customer Journey : IKEA buying experience + 0 towards undertaken action _ actual benefit need towards IKEA brand ideas, tips inspiration easy info, easy info, convenience convenience info convenience shortest way inspiration & ideas easy info, convenience system, structure confirmation of choice structure speed, ease assistance on demand self-scan easy access parking space confirmation & help basic material: rope… CONSUMER INSIGHTS & DATA Consumer insights research approaches OBSERVATIONAL RESEARCH What consumers do What they say (also online) SURVEY RESEARCH Primary , descriptive information EXPERIMENTAL RESEARCH Cause- effect relationships Controlled situation A/B testing Consumer insights research approaches FOCUS GROUP INTERVIEWING Seg- ment groups of people and ask them questions Study behavior and opinions 6 ONLINE MARKETING RESEARCH AND BIG DATA Social listening tools Social Targeting Data scraping tools Data analytics Artificial intellingence Insights@work Extensive academic research on women and young girls since 2004 Observation & interviews Experiments Insights from research were used to set up educational programs , toolkits for parents but also in their marketing strategy https://www.dove.com/us/en/dove-self-esteem-project.html https://www.youtube.com/watch?v=litXW91UauE Insights@work Reversed selfie project Meer Toxic Influence: A Dove Film | Dove Self-Esteem Project Also criticism… Also criticism… https://www.youtube.com/watch?v=p AIgDredHpw story https://www.youtube.com/watch?v=vGsT_izsJak Research tools & data Insight tools Global leader in audience measurement, data collection, Media measurement (TV audiences), social listening data. AVAILABLE THROUGH THE LIBRARYPORTAL AND FROM HOME International newspaper articles, company information. In English Market information, company information Consumer insights, market statistics Search engine on scholarly articles SET UP A VPN CONNECTION FOR HOME ACCESS VPN voor studenten en medewerkers - Selfserviceportal (topdesk.net) Insight tools: example Music More Music Chartmetric One year later…. WHY CONSUMER & MARKET INSIGHTS MATTER Bring out NEEDS & WANTS of users Help brands make product, marketing & communication decisions Make you stand out as a brand in a competitive market Tell marketers about how users identify, associate, recognise their brand 7