Marketing - COMM

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38 Terms

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Marketing

“Identifying, anticipating, and satisfying customers’ needs and wants while achieving business objectives. Involves researching, communicating, and delivering offerings that bring value to customers.”

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What Businesses get

  • Loyalty

  • information

  • money

  • influence/reputation

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What customers get

  • loyalty

  • innovation

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exchange process

Customers and businesses each get something in the marketing/busines realm

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Marketing Basics

  • Creating value

  • Establish relationships

    • Product (Industrial Rev.)

    • Sales (supply exceeded demand 20s)

    • Market (meeting customer needs 50s)

    • Value (quality for money 00s+)

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Market

B2B & B2C

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Segmentation

identifying subgroups. We can promote everything to everyone, but it is more efficient to focus on certain groups. Ex: income, demographics, location

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Target Market

Who are we going to market to, who are we going to try and attract? focuses on specific group. Advertising can show target market

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Positioning

  • Where do we fit within all the competition? How brand is perceived. Ex: Ikea, changes where it is.

  • Maintain and Improve brand equity

  • Trying to maintain positioning so they are thought of in a certain way

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Developing Market Strategy

Segment → Target → Position

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Segment & target

  • undifferentiated - not trying to choose one group

  • Segmented & differentiated- focusing on a group

  • Niche/concentrated - smaller, more concentrated group. More costly to find but more exchanges

  • Micro/customized - customized product - specific for group/customer

On a Continuum - companies can do multiple

Ex: Ice cream

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Maintain & improve Brand Equity

You know who we are, how do we keep this going?

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Value Proportion

Why buy from you? - you need to think of us when you need something.

  • Not buying - solving a problem

    • Not about money

  • More problem oriented - more expensive

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4 P’s

  1. Product

  2. Price

  3. Place

  4. Promotion

Using these 4 P’s are equifinal

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Product

creating value. Good, services, and ideas that satisfy demand. How is product creating value for you?

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Price

capturing value. actual cost vs. charged amount isn’t always close. Price often demonstrates quality - even if not true.

  • ex: GW tuition

  • Is the exchange reasonable?

  • Marketing - makes exchange seem reasonable based on problems being solved

  • Money, Time, Energy

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Place

creating convenience and comfort. Needs to be where you want it to be, if not — less likely to purchase

  • Availability

  • Supply chain

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Promotion

communicating value. How do I let you know the value?

  • Design - color, logo, product

  • Advertising - we’ve done the work and showing to you

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Factors Affecting 4 P’s

  • Market research

  • Consumer Behavior

  • General & Specific Environments

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Market research

  • quantitative and qualitative

  • Demographics on reviews - Who is leaving reviews? - can tell us target market

  • Data Brokers - collect data & trade it, way for companies to get information.

Because of environmental change, companies need to do this

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Consumer Behavior

What activates people to buy something?

  • Individual Psychology

  • Social factors

Ex: subaru’s in VA

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General and Specific Environments

Political, culture, economic, etc

All these things affect marketing plan directly and indirectly

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Product Strategy Steps

  1. Develop and Screen Ideas

  2. Business Analytics

  3. Product Development

  4. Test Market

  5. Commercialization

You can move back and forth in this process

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Develop and screen ideas

In the development process there is a built-in screening process.

  • Variation and Selection, Part of idea stage

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Business Analytics

Is there demand, can we make it? Describe, predict, prescribe. What are all the steps to do something? Internal Selection. Idea Stage

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Product Development

someone actually makes thing & puts it out there. turning idea into actual product.

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Test Market

Sending to market and seeing if they like it. External Selection Ex: focus group

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Commercialization

Full introduction of the product. Possible retention. if successful - other companies may copy

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Product lifecycle/dynamism

Shorter lifecycle - faster marketing cycle needs to happen

Dynamic - you need to constantly update marketing strategy

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Distribution/Logistics

What’s the process of getting things where they need to go and how does that work?

  • You can handle yourself or get someone else to do it

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Push vs. Pull Marketing

Push- company getting product to you ex: Starbucks

Pull - there is desire, try to get it from me ex: Pokemon go

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Ethics & Marketing

  • Promotion

  • Pricing

  • Predatory Marketing

  • CSR + Marketing

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Promotion in ethics

  • Data privacy

  • misleading product info

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Pricing in ethics

  • Bait and switch pricing

  • Hidden Fees

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Predatory Marketing

  • Mortgages & car loans

  • redlining

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CSR + Marketing

Satisfies customer & enhance well being

ex: zappos will literally talk to you

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