marketing in 21st century
TRANSCRIPT
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MARKETING IN 21ST CENTURY Prof.Dr.Aung TunThet
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INTRODUCTION
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CHANGE
Occurring at accelerating rate
Today not like yesterday
Tomorrow different from today
Continuing today’s strategy risky
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TOMORROW’S SUCCESSFUL COMPANIES
Three certainties
1. Global forces continue to affect everyone’s business and personal life
2. Technology continue to advance
3. Continuing push toward deregulation
Endless opportunities
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NEW BEHAVIOURS AND CHALLENGES
Customers expect higher quality and service and customization
Perceive fewer real product differences
Show less brand loyalty
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NEW BEHAVIOURS AND CHALLENGES
Obtain extensive product information from Internet and other sources
Shop more intelligently
Showing greater price sensitivity in search for value
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NEW BEHAVIOURS AND CHALLENGES
Brand manufacturers facing intense competition from domestic and foreign brands
Rising promotion costs and shrinking profit margins
Powerful retailers
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NEW BEHAVIOURS AND CHALLENGES
Oversaturation of retailing
Growing competition from direct-mail firms; newspaper, magazine, and TV direct-to-customer ads; home shopping TV; and Internet
Shrinking margins
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NEW BEHAVIOURS AND CHALLENGES
Building entertainment into stores with coffee bars, lectures, demonstrations, and performances
Marketing “experience”
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COMPANIES RESPONSES AND ADJUSTMENTS
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Reengineering
From functional departments
To reorganizing by key processes - managed by multidiscipline teams
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Outsourcing
From making everything inside company
To buying more products from outside
Virtual companies outsource everything - own few assets and earn extraordinary rates of return
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COMPANY RESPONSES AND ADJUSTMENTS
➤ E-commerce
From attracting customers to stores and having salespeople call on offices
To making products available on Internet
B2B purchasing growing fast on Internet
Personal selling increasingly conducted electronically
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COMPANY RESPONSES AND ADJUSTMENTS
➤Benchmarking
From relying on self-improvement
To studying world-class performers and adopting best practices
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COMPANY RESPONSES AND ADJUSTMENTS
➤Alliances
From trying to win alone
To forming networks of partner firms
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Partner–suppliers
From using many suppliers
To using fewer but more reliable suppliers who work closely in “partnership” relationship
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Market-centered
From organizing by products
To organizing by market segment
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Global and local
From being local
To being both global and local
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COMPANY RESPONSES AND ADJUSTMENTS
➤ Decentralized
From being managed from top
To encouraging more initiative and “intrepreneurship” at local level
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MARKETER RESPONSES AND ADJUSTMENTS
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MARKETER RESPONSES AND ADJUSTMENTS
Rethinking philosophies, concepts, and tools
Major marketing themes
➤ Relationship marketing
From focusing on transactions
To building long-term, profitable customer relationships
Companies focus on most profitable customers, products, and channels
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MARKETER RESPONSES AND ADJUSTMENTS
➤ Customer lifetime value
From making profit on each sale
To making profits by managing customer lifetime value
Deliver needed product on regular basis at lower price per unit to enjoy customer’s business for longer period
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MARKETER RESPONSES AND ADJUSTMENTS
➤ Customer share
From focus on gaining market share
To focus on building customer share
Offering larger variety of goods to existing customers
Training employees in cross-selling and up-selling
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MARKETER RESPONSES AND ADJUSTMENTS
➤Target marketing
From selling to everyone
To being best firm serving well-defined target markets
Facilitated by special-interest magazines, TV channels, and Internet newsgroups
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MARKETER RESPONSES AND ADJUSTMENTS
➤ Individualization
From selling same offer in same way
To everyone in target market to individualizing and customizing messages and offerings
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MARKETER RESPONSES AND ADJUSTMENTS
➤ Customer database
From collecting sales data
To building data warehouse of information about individual customers’ purchases, preferences, demographics, and profitability
“Data-mine” to detect different customer need clusters and make differentiated offerings to each cluster
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MARKETER RESPONSES AND ADJUSTMENTS
➤Integrated marketing communications
From reliance on one communication tool such as advertising
To blending several tools
Deliver consistent brand image to customers at every brand contact
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MARKETER RESPONSES AND ADJUSTMENTS
➤Channels as partners
From thinking of intermediaries as customers
To treating them as partners in delivering value to final customers
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MARKETER RESPONSES AND ADJUSTMENTS
➤Channels as partners
From thinking of intermediaries as customers
To treating them as partners in delivering value to final customers
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MARKETER RESPONSES AND ADJUSTMENTS
➤Every employee marketer
From thinking that marketing done only by marketing, sales, and customer support personnel
To recognizing that every employee customer-focused
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MARKETER RESPONSES AND ADJUSTMENTS
➤ Model-based decision making
From making decisions on intuition or slim data
To basing decisions on models and facts on how marketplace works
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SUCCESSFUL COMPANIES
➤ Sail safely through rough but promising, waters ahead
Change marketing as fast as marketplaces and marketspaces change
Build customer satisfaction, value, and retention
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MARKETERS
Aware of effect of globalization, technology, and deregulation
Not satisfy everyone
Start with market segmentation
Develop market offering positioned in minds of target market
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MARKETERS
Products successful if they deliver value (ratio of benefits and costs) to customers
Relationship marketing - build enduring, mutually satisfying bonds with customers and other key parties
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MARKETERS
Reaching out to target market entails communication channels, distribution channels, and selling channels
Pay close attention to trends and developments
Make timely adjustments to marketing strategies
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SMART COMPANIES
Add “higher order” image attributes
Supplement both rational and emotional benefits
Alter marketing activities, tools, and approaches
Keep pace with changes faced today and tomorrow
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MARKETING
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BREAKING ALL RULES
Instead of commissioning expensive marketing research, spending huge sums on advertising, and operating large marketing departments
Stretch limited resources, live close to customers, and create more satisfying solutions to customers’ needs
Buyers clubs, Creative public relations, and focus on delivering quality products
Win long-term customer loyalty
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MARKETING MIX
PRODUCT PRICE PROMOTION PLACE
Product variety Quality Design Features Brand name Packaging Sizes Services Warranties Returns
List price Discounts Allowances Payment period Credit terms
Sales promotion Advertising Sales force Public relations Direct marketing
Channels Coverage Assortments Locations Inventory Transport
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SELLERS’ FOUR PS CORRESPOND TO THE CUSTOMERS’ FOUR CS
4Ps 4Cs
Product Customer solution
Price Customer cost
Place Convenience
Promotion Communication
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THREE STAGES OF MARKETING PRACTICE
1. Entrepreneurial marketing
2. Formulated marketing
3. Intrepreneurial marketing
Creativity and passion used by today’s and tomorrow’s marketing managers
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FUTURE OF MARKETING COMMUNICATIONS
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MARKETING COMMUNICATION
Changing rapidly
Past - Businesses create one message and distribute it to large group of recipients
Present - Personalized approach and expect marketing messages that meet expectations
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BUSINESSES DELIVER RIGHT MESSAGE AT RIGHT TIME IN RIGHT
CHANNEL
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MARKETING COMMUNICATIONS
Highly individualized
Two way conversations in multiple channels
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BUSINESSES
Adapt to this approach
Prepare themselves to operate quickly and strategically
Gauge success
Start preparing!
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1. GATHER RIGHT DATA
Determining what data needed to segment, personalize and communicate effectively
User’s profiles with social network and mobile information
Collecting additional data for personalization
Incorporating data in other areas (CRM systems, email tracking results, sales history, etc.)
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1. GATHER RIGHT DATA
Data architecture setup critical
Centralized database absolutely necessary
Automated processes
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2. PUT RECIPIENTS IN CONTROL
Allow recipients to establish choice of message topics, time and frequency at which they receive them and in channel they want
Deliver better communications
Provide wealth of data to better understand wants and needs of audience
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2. PUT RECIPIENTS IN CONTROL
Giving recipients to manage preferences give marketers an advantage
Recipients control messaging received
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3. CENTRALIZE CONTENT, USE IT EVERYWHERE
Businesses prepare content for particular communication
Don’t consider how content used in other channels
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3. CENTRALIZE CONTENT, USE IT EVERYWHERE
Content centralized and used for multiple purposes
Content archive accessed after publication
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4. OPERATE IN REAL-TIME
Real-time data management
Real-time decisions
React properly to changes in business environment
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4. OPERATE IN REAL-TIME
Social media channels generating content in real time
News/press proliferated quickly
React, generate content/responses and distribute/publish content quickly and efficiently
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4. OPERATE IN REAL-TIME
Employees understand culture of business
Communicate on its behalf o be successful
Businesses educate and support employees
Real time communication encouraged
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THANK YOU!