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Marketing…what is it? • What comes to mind when we say “Marketing”…Advertising? • Ads are the tip of the iceberg! • Ads grow ultimately from corporate marketing strategy decisions, which are based in the company’s marketing situation • Hundreds, even thousands of decisions before ads get created. Who Woke Up This Morning? • For each product that you each used before you even got to your desk, so many marketing decisions were made! • If there was a great new coffee that was being sold in Siberia would you go there to buy it? – – – – 1. You wouldn’t likely hear about it 2. It’s too far to go 3. Delivered cost would be too high 4. It may be made from substances we are not used to drinking! Marketing Utility • Form Utility: – Products must be in a form the customer finds useful and/or pleasing • Place Utility: – They need to be accessible where the customer expects them to be • Economic Utility: – They need to be affordable for the target customers • Information Utility – Customers have to know certain things about them Marketing and Production/Consumption • Production Sector has homogeneous supply capabilities…they tend to specialize • Consumption Sector has heterogeneous demand • Marketing overcomes discrepancies & separations – Discrepancies of quantity and assortment – Separation of location, time, information, values and ownership Cultural/Social C Strategy Decisions: Product • • • • • • • • Type of good/service/combination Features Quality level Accessories needed/desired Instructions/ Installation Product Line/Branding Packaging Warranty/Guarantee Strategy Decisions: Place • • • • • Distribution Objectives/Market Exposure Channel Type Kinds/locations of stores and intermediaries Transportation/Storage Service levels Strategy Decisions: Price • • • • • Pricing objectives Flexibility required/desired Pricing levels over the product life cycle Geographic terms Discounts/ Allowances Strategy Decisions: Promotion • Promotion Objectives • Push/Pull • Specific Promotion Blend – – – – Sales promotion details/budgets PR details/budgets Advertising details/budgets Personal selling details/budgets Trends in the Cultural Environment • • • • • • • Women in the Workforce Aging of America Empty Nest Baby Boomers Dependence on Technology Health Consciousness Concern About Environment Others? Trends in the Technological Environment • • • • • • • Robotics in Manufacturing Digital Imaging Computer Scanners at Registers Satellite Communications Wireless Communication Smart cars, houses, appliances Others? Trends in Political /Legal Environment • • • • • • Deregulation Degree of Emphasis on Anti-trust Laws Consumerism International Trade Laws Economic “Sanctions” Others? (Napster, etc?) Examples of Company Resources • • • • • • Financial Strength Production Flexibility Patents Channel Relationships (P&G) Loyal Customer Base (Coke) Technical Capability (3M) New Trends • What Is “Mass Customization”? – How is it different from mass production? – How is it similar to mass production? – Examples? • What is “Disintermediation” – Examples? – Who is affected by it?