october 10 new product. the marketing process customer relationship management
TRANSCRIPT
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October 10New Product
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The Marketing Process
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Customer Relationship Management
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Understanding the Customer
Customer Needs and Wants
NEEDS:• Food • Clothing• Shelter
WANTS:• Morton’s filet mignon• Gucci Shoes• Pottery Barn Couch
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Understanding the Customer
Perceived Value
Customers needs and wants impact their perception of “value” and therefore their buying behavior
If a consumer believes a Dominos pizza delivers them value to meet their need (food) and wants (pizza delivery) for a worthwhile price, they’ll probably continue purchasing Dominos
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Understanding the Customer
Perceived Value
The customer’s understanding of value is based on product/service offered plus an understanding of competitors
There is an emotional, psychological and social benefit associated with purchasing the product
Dominos Pizza:• Fresh Ingredients for my family • Is delivered to my home• Trusted or well known brand
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Understanding the Customer
Customer Satisfaction
All the best marketing efforts will never keep a customer without customer satisfaction
A perfect storm of the 4Ps must take place in order to influence the perceived value and the customer satisfaction
• P – Is it a product that satisfies my wants/needs• P – Is it affordable? Or does the price accurately reflect the
quality of the product• P – Is it accessible?• P – Have they communicated properly vs competitors?
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Strategic PlanningShort and long term plans to be successful and continue to be successful as the environment changes
• Value Proposition - The set of benefits (or values) a company promises to deliver to customers in order to satisfy customer wants and needs
• Mission Statement - Describes a company’s purpose and what it wants to accomplish with its business
• Goals and Objectives - Process for achieving and measuring success
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Competitive Advantage
The competitive edge a company has over its competitors
• Differentiates
• What makes it special?• High Quality?• Affordable?• Reliable?• Distinguishable service?
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SWOT Analysis
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SWOT AnalysisStrengths/Weaknesses – Internal Organizational Factors• Reputation, budgets, quality of product, position in market
(established? New?)
Opportunities/Threats – External Factors to the Organization• Economy, expansion, competitor specifics
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Marketing Environment
• It is essential to understand your environment• Industry• Markets• Customers• Competitors
• 2 main categories of the Marketing Environment• Microenvironment• Macroenviroment
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Microenvironment
• The Company itself• Suppliers• Intermediaries• Customers• Competitors• Publics
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Microenvironment – The Company
• Executives, Management, Staff in most departments (finance, accounting, operations all work with marketing)
• They establish policies, procedures, strategies• Mission Statement• Goals and Objectives• 4 Ps
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Microenvironment – Suppliers
• Provide materials needed to produce goods/services
• Impact:• Delays• Price increases• Shortages
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Microenvironment – intermediaries
• Promotion, Sale or Distribution of a companies product or service to its customers
• Retailers• Wholesalers• Shipping companies• Advertising Agencies
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Microenvironment – Customers
• Consumer Market - Personal Consumption• Business Market - Businesses that use your product/service
to create their own product• Reseller Market – Retailers• Government Market- Government agencies that use your
product/service to create other public services• International Markets – Any buyer from other country
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Microenvironment – Competitors
• What is their perceived value• Advantages/disadvantages• 4 Ps
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Microenvironment – Publics• Any group that may impact a company• Financial – loans• Media – Newspaper, tv news• Government – Legal issues, product safety• Citizen-action – consumer or environmental groups• General Public – Word of mouth
• Advantages/disadvantages• 4 Ps
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Macroenvironment
Societal forces that affect businesses
• Demographics• Economic Environments• Natural Environments• Technology
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Macroenvironment – Demographics
• Study of Human Population• Gender• Age• Race• Location• Occupation• Income
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Macroenvironment – Economic Environment
• Economy affects purchasing power• Income• Interest rates• Unemployment
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Macroenvironment – Natural Environment
• Natural Resources• Gas prices• Pollution risks• Recycling• Biodegradable
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Macroenvironment – Technology
• Advancement• Obsolete products/services/distribution• Communication• Data Collection• CRM
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In Class Assignment• Work with your group to refine your
• SWOT Analysis – keep in mind the macro/micro environments• Value Proposition• Mission Statement
• Create the following:• 2 - 4 Goals• Objective for your goals• Create a statement that clearly defines your
Competitive Advantage• Who is your target market
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Homework• Read Module 5• Work with your group to create finalize and present:• SWOT Analysis – keep in mind the macro/micro
environments• Value Proposition• Mission Statement • 3 Goals• Objective for your goals• Create a statement that clearly defines your Competitive
Advantage• Who is your target market