What image comes to mind when you hear the word

“marketing”?

Marketing

• Originates with needs and wants

• Available alternatives

Marketing…

• Consumer choice is guided by value, costs, and satisfaction.

• Products available through self-production, coercion, begging and exchange.

Marketing applicable to…• Goods – physical• Services• Experiences (Walt Disney’s Magic Kingdom)• Events• Persons• Places• Properties (real estate, stocks)• Organizations• Information• Ideas

Assuming consumer chooses bottled water, how does company

persuade them to pick their brand?

Develop Marketing Strategy

• Identify target market, segment

• Determine objectives

• Select Best Price, Product, Promotion, Distribution

                                                                                                                  

                                                

                                                                                                                  

                                                

Perceptual Map Of Marketing

ACCFINMHRMKT

Easy to Learn

Hard to Learn

Easy to Do Hard to Do

Why Marketing Hard To Do

• CB Tricky To Predict

• CB Varies Based on Interaction of 4Ps

• Delayed Consumer Responses

• Competition Unpredictable

• Allocation Among Multiple Products

• Marketing Goals Vague or Nonexistent

Types of Marketing Mistakes

• Conservatism & Complacency

• Reckless Growth

• No SCA

• Ignore Environment

• Wrong Target Market, Product, Price, Promotion, and/or Public Image

Examples of Marketing Decisions

• How to choose right market segment(s)?

• How can we differentiate our offering?

• How should we respond to customers who press for a lower price?

• How can we compete against lower-cost, lower-price rivals?

• How far can we go in customizing our offering for each customer?

• How can we grow our business?

Marketing Decisions• How can we build stronger brands?• How can we reduce the cost of customer

acquisition and keep customers loyal?• How can we tell which customers are more

important?• How can we measure the payback from

marketing communications?• How can we improve our sales force

productivity?• How can we manage channel conflict?• How can we get other departments to be more

customer oriented?

Objectives of Course

• Use Case Analysis– To Become More Effective Marketing

Decision Makers– To Solve Problems as Part of a Team– To Develop Creative Solutions

Types of Case Analysis

• Evaluate the Solution(s) to a Problem

• Recommend & Justify Solution(s) to Problem

• Determine Problem(s); Recommend & Justify Solutions(s)

Steps in Case Analysis

Analyze SituationExternal Analysis – Opportunities, ThreatsInternal Analysis – Strengths, Weaknesses

Identify Problem(s)/ Decision(s) Determine Marketing Objectives

Identify AlternativesIdentify Decision Criteria & Evaluate

AlternativesRecommend Alternative Course of ActionProvide Detailed Plan for Implementation