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Marketing: Creating and Capturing Customer Value Market & Product A market is the set of actual and potential buyers of a product. These buyers share a particular need or want that can be satisfied through exchange relationships. Product (Marketing Offer): physical product, service, information, experience, person, place, organization, and ideas. Examples of Product National Milk Processors Education Program Definition of Marketing Marketing is the process of planning and executing the conceptions, pricing, promotion and distribution of ideas, goods, and services to create exchanges that satisfy individual and organizational goals. (AMA) Marketing is meeting needs profitably. Marketing Philosophy The Production Concept The Product Concept The Selling Concept ------------------------------------------------------- The Marketing Concept The Customer Concept The Societal Marketing Concept The Production Concept The idea that consumers will favor products that are widely available and highly affordable. Focus: achieving high production efficiency, low costs, and mass distribution. It is useful when (1) the demand for a product exceeds the supply; (2) the product’s cost is too high. Examples: Ford’s Model-T, standard raw materials and components, CD, LCD. The Product Concept The idea that consumers will favor products that offer the most quality, performance, and features. Focus: making superior products and improving them over time. Examples: Digital Camera, CPU. Better Mousetrap Fallacy Marketing Myopia (Theodoes Levitt, 1960) Product-Oriented vs. MarketOriented Definition Company Product-Oriented Definition Market-Oriented Definition Disney We run theme parks. We create fantasies – a place where America still works the way it’s supposed to. Nike We sell shoes. We help people experience the emotion of competition, winning, and crushing competitors. We make cosmetics. We sell lifestyle and selfexpression; success and status; memories, hopes, and dreams. Revlon The Selling Concept The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. Sergio Zyman (Coca-Cola’s former vice president of marketing): the purpose of marketing is to sell more stuff to more people more often for more money to make more profit. The Selling Concept Focus: undertake an aggressive selling and promotion effort. Examples: unsought goods (e.g. funeral plots, encyclopedias, and foundations), election. The selling concept assumes that customers who are coaxed into buying the product will like it. Or, if they don’t like it, they will possibly forget their disappointment and buy it again later. The Marketing Concept The key to achieving its organizational goals consists of the company being more effective than competitors in creating, delivering, and communicating superior customer value to its chosen target markets. Slogans: “Find wants and fill them”, “Love the customer, not the product”, and “We do it all for you” (Toyota). Contrasts Between the Sales Concept and the Marketing Concept Theodore Levitt: selling focuses on the needs of the seller; marketing on the needs of the buyer. Selling – the manufacturer: “This is what I make, won’t you please buy it”; marketing – the consumer: “This is what I want, won’t you please make it” Selling – inside-out perspective; marketing – outside-in perspective. Contrasts Between the Sales Concept and the Marketing Concept The Marketing Concept Four pillars Target market Customer needs Integrated marketing Profitability. Target Market Companies do best when they choose their target market(s) carefully and prepare tailored marketing program. Case: Veterinary Pet Insurance Facts More than 60% of all U.S. households own one dog or one cat or both. There are more than 60 million dogs, 68million cats, and 2 million rabbits in U.S.. Spend $28.5 billion a year on the pets. Nearly 75% of pet owners are willing to go into debt to pay for veterinary care. Sales have grown 40% in each of the past year, reaching nearly $72million last year. Customer Needs Five types of needs Stated needs, e.g. the customer wants an inexpensive car. Real needs, e.g. the customer wants a car whose operating cost, not its initial price, is low. Unstated needs, e.g. the customer expects good service from the dealer. Delight needs, e.g. the customer would like the dealer to include an onboard navigation system. Secret needs, e.g. the customer wants to be seen by friends as a savvy consumer. Customer Needs Responsive, anticipative, and creative marketing A responsive marketer finds a stated need and fills it. An anticipative marketer looks ahead into what needs customers may have in the near future. A creative marketer discovers and produces solutions customers did not ask for but to which they enthusiastically respond. Akio Morita once proclaimed that Sony doesn’t serve markets; Sony creates markets. The Walkman is a classic example. 3M: “Our goal is to lead customers where they want to go before they know where want to go.” Does Marketing Create or Satisfy Needs? Take a position: Marketing shapes consumer needs and wants versus Marketing merely reflects needs and wants of consumers. the Integrated Marketing When all the company’s departments work together to serve the customer’s interests, the result is integrated marketing. Two levels Integrating the various marketing functions. Integrating marketing with other departments (production, finance, human resource). External marketing and Internal marketing The Four P Components of the Marketing Mix Marketing-Mix Strategy The Customer Concept The Societal Marketing Concept A principle of enlightened marketing that holds that a company should make good marketing decisions by considering consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests. Examples: Body Shop, HSBC, Dell Asia, Bata Indonesia. Johnson & Johnson’s Tylenol ($240 million), 保力達蠻牛 (NT 120 million), 金車毒奶事件. Earth Tree 將來自第三世界國家的手工製作品,經由較進 步的國家像歐美、日本等國負責設計與商品化 流程,然後銷售出口。 因為堅持Fair Trade的基本精神,讓第三世界 國家的工錢不被剝削,保有合理的利潤,因此 多販售出一樣商品也就能夠讓他們靠自己的努 力改善困窘的生活,甚至也因為這樣可以學到 新的謀生技能,即便在不穩定的環境中也能靠 他們自己的力量感到榮耀和成就。 Needs, Wants and Demands Needs (需要): the basic human requirements. Physical: food, clothing, shelter, safety Social: belonging, affection Individual: learning, knowledge, self-expression Wants (慾望): when needs are directed to specific objects that might satisfy the need. Demands (需求): wants for specific products backed by an ability to pay. Demand States and Marketing Tasks Marketing managers are responsible for demand management. Negative Demand → Counter Marketing, e.g. insurance. No Demand → Stimulus, e.g. encyclopedias. Latent Demand → Developing, e.g. iPod; 柴汽兩 用汽車; 克寧銀養奶粉. Declining Demand → Remarketing, e.g. Arm & Hammer’s baking soda → deodorizer; school. Demand States and Marketing Tasks Marketing managers are responsible for demand management. Irregular Demand → Synchromarketing (同步行 銷), e.g. ice cream; museum. Full Demand → Maintain Marketing Overfull Demand → Demarketing (低行銷), e.g. Mister Donut; 黑師傅捲心酥. Unwholesome Demand → Social Marketing, e.g. cigarettes; drunk-driving; seat belt; anorexia. Customer Relationship Management (CRM) The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction. On average, it costs 5 to 10 times as much to attract a new customer as it does to keep a current customer satisfied. (Sears – 12 times) Customer Lifetime Value and Equity Customer lifetime value: the value of the entire stream of purchases that the customer would make over a lifetime of patronage. Lexus: $600,000; Taco Bell: $12,000; Supermarket: $50,000. Customer equity: the total combined customer lifetime values of all of the company’s customers. Cadillac vs. BMW Selective Relationship Management Weed out losing customers and target winning ones for pampering. Examples: Citibank; First Chicago Bank; Fidelity Investment. Risk: future profits are hard to predict. Selective Relationship Management 西南航空(Southwest Airlines)流傳一個故事, 有一名對公司抱怨不休的顧客,每回搭機後, 一定寫信到公司總部抗議,她在每封信結語中 都發誓再也不搭西南航空的飛機了,但抗議信 還是不斷寄來。最後,有個顧客溝通人員火大 了,把整疊信拿去給創辦人Herb Kelleher。 Kelleher看過後,拿出一張印有公司名稱的信 紙,寫道:「瓊斯太太:我們會想念妳的!」 摘錄自哈佛商業評論 全球繁體中文版 (p. 42, December 2007) Customer Relationship Groups Butterflies High Profitability Good fit between company’s offerings and customer’s needs; high profit potential True Friends Good fit between company’s offerings and customer’s needs; highest profit potential Strangers Low Little fit between company’s offerings and customer’s needs; lowest profit potential Barnacles Limited fit between company’s offerings and customer’s needs; low profit potential Short-term customers Projected loyalty Long-term customers Share of Customer The portion of the customer’s purchasing in its product categories that a company gets. Methods to increase share of customer Offer greater variety to current consumers Train employees to cross-sell and up-sell in order to market more products and services to existing customers. Amazon: books, music, videos, gifts, toys, consumer electronics, office products, and so on. Customer Satisfaction The extent to which a product’s perceived performance matches a buyer’s expectation. Smart companies aim to delight customers by promising only what they can deliver, then delivering more than they promise. Examples: Lexus; Southwest Airlines; Seasons Hotels; Nordstrom department store. Satisfying Customer Complaints Rate of dissatisfaction: 25%; rate of complaint in dissatisfaction: 5%. 50% of complaints report a satisfactory problem resolution. Examples: Williams-Sonoma; Enterprise Rent-A-Car. On average, satisfied →3 people, and dissatisfied → 11 people. 顧客價值 直接終身價值:即 Customer lifetime value。 間接終身價值:顧客口碑會影響別人與公司的 交易,因而為公司增加或減少利潤。 對新產品來說,一名顧客的口碑價值可能是他 的直接價值的兩倍以上。 不滿的顧客散播負面評語,因而減損的銷售量 也是直接價值的兩倍以上。 摘錄自哈佛商業評論 全球繁體中文版 (p. 44, December 2007) Satisfying Customer Complaints Rate of complainant repurchase Resolved Resolved quickly Major complaints 34% 52% Minor complaints 52% 95% Customer Relationship Levels and Tools Level of relationship: basic< reactive (e.g. P&G)<accountable<proactive<partnership (e.g. Boeing). Tools: Add financial benefits, e.g. frequent-flier program. Add social benefits, e.g. club marketing program. Add structural ties, e.g. McKesson; FedEx. Levels of Relationship Marketing High margin Medium margin Low Margin Many customers/ distributors Accountable Reactive Basic or reactive Medium number of customers/ distributors Proactive Accountable Reactive Few customers/ distributors Partnership Proactive Accountable Harley-Davidson Harley Owners Group (H.O.G.) H.O.G. benefits include Hog Tales, a touring handbook, emergency road service, a specially designed insurance program, theft reward service, discount hotel rates, and a Fly & Ride program. The company also maintains an extensive Web site devoted to H.O.G., which includes information on club chapters, events, and a special members-only section. In 1981, American Airlines first introduced the AADVANTAGE frequent-flier program. When other airlines copied this strategy, did they engage in the prisoner’s dilemma? Prisoner’s Dilemma Player 1 ╲ Player 2 Cooperate Fink Cooperate 2, 2 -3, 3 Fink 3, -3 -2, -2 How can the firms escape from the prisoner’s dilemma?