* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download Chapter 1
Sales process engineering wikipedia , lookup
Market analysis wikipedia , lookup
Competitive intelligence wikipedia , lookup
Customer relationship management wikipedia , lookup
Service parts pricing wikipedia , lookup
First-mover advantage wikipedia , lookup
Market penetration wikipedia , lookup
Social media marketing wikipedia , lookup
Perfect competition wikipedia , lookup
Pricing strategies wikipedia , lookup
Affiliate marketing wikipedia , lookup
Market segmentation wikipedia , lookup
Food marketing wikipedia , lookup
Bayesian inference in marketing wikipedia , lookup
Customer engagement wikipedia , lookup
Neuromarketing wikipedia , lookup
Marketing communications wikipedia , lookup
Segmenting-targeting-positioning wikipedia , lookup
Sports marketing wikipedia , lookup
Marketing research wikipedia , lookup
Multi-level marketing wikipedia , lookup
Ambush marketing wikipedia , lookup
Youth marketing wikipedia , lookup
Target audience wikipedia , lookup
Digital marketing wikipedia , lookup
Product planning wikipedia , lookup
Viral marketing wikipedia , lookup
Guerrilla marketing wikipedia , lookup
Marketing channel wikipedia , lookup
Direct marketing wikipedia , lookup
Integrated marketing communications wikipedia , lookup
Target market wikipedia , lookup
Marketing mix modeling wikipedia , lookup
Marketing plan wikipedia , lookup
Sensory branding wikipedia , lookup
Advertising campaign wikipedia , lookup
Green marketing wikipedia , lookup
Multicultural marketing wikipedia , lookup
Street marketing wikipedia , lookup
MARKETING STRATEGY O.C. FERRELL • MICHAEL D. HARTLINE 1 Marketing in the New Economy Challenges and Opportunities In the New Economy • • • • • • Power Shift to Customers Massive Increase in Product Selection Changing Value Propositions Shifting Demand Patterns New Sources of Competitive Advantage Privacy, Security, and Ethical Concerns 1-2 Basic Marketing Concepts • Market: – A collection of buyers and sellers • Marketspace: – Electronic marketplaces that are not bound by time or space • Metamarket: – A cluster of closely related goods and services that center around a specific consumption activity [see Exhibit 1.2, p. 7] • Metamediary: – Provides a single access point where buyers can locate and contact many different sellers in the metamarket 1-3 What is Exchange? • Exchange: – Process of obtaining something of value by offering something in return • Five Conditions for Exchange: – – – – – (1) There must be at least two parties to the exchange. (2) Each party has something of value to the other party. (3) Each party must be capable of communication and delivery. (4) Each party must be free to accept or reject the exchange. (5) Each party believes it is desirable to exchange with the other party. 1-4 What is a Product? • Product: – Something that can be acquired via exchange to satisfy a need or a want. • Examples: -Goods -Services -Ideas -Information -Digital Products -People -Places -Experiences and Events -Real or Financial Property -Organizations 1-5 The Concept of Utility • Utility: – Ability of a product to satisfy a customer’s desires. • Four Types of Utility: – – – – (1) Form Utility (2) Time Utility (3) Place Utility (4) Possession Utility 1-6 Major Marketing Activities and Decisions (1 of 4) • Strategic Planning – Strategy – Tactical Planning • Research and Analysis – Internal Analysis – Competitive Intelligence – Environmental Scanning – Situation Analysis 1-7 Major Marketing Activities and Decisions (2 of 4) • Developing Goals and Objectives – SWOT Analysis • Developing and Maintaining Customer Relationships – Transactional Marketing – Relationship Marketing [see Exhibit 1.3, p. 13] • Marketing Strategy Decisions – Competitive Advantage 1-8 Major Marketing Activities and Decisions (3 of 4) • Market Segmentation and Target Marketing – Market Segmentation – Target Markets • Product Decisions – Product Positioning • Pricing Decisions – – – – Leads to revenue and profit Directly connected to customer demand Easy to change Major quality cue for customers 1-9 Major Marketing Activities and Decisions (4 of 4) • Distribution and Supply Chain Decisions – Distribution and Supply Chain Management – Supply Chain • Promotion Decisions – Integrated Marketing Communications (IMC) • Implementation and Control – Marketing Implementation • Social Responsibility and Ethics – Social Responsibility – Marketing Ethics 1-10 Taking On the Challenges of Marketing Strategy (1 of 2) • Unending Change – Customers change, competitors change, and marketing organizations change • Evolution of Marketing and Business Practices in Society • Increasing Demands of Customers • Overall Decline in Brand Loyalty of Customers • Increasing Price Sensitivity Among Customers • Increasing Customer Cynicism about Business and Marketing Activities 1-11 Taking On the Challenges of Marketing Strategy (2 of 2) • • • • Competing in Mature Markets Little Real Differentiation Among Product Offerings Increasing Expansion into Foreign Markets Increasing Numbers and Strength of Foreign Competitors • Aggressive Cost-Cutting Measures in Order to Increase Competitiveness • Increasing Cooperation with Supply-Chain Partners and Competitors 1-12