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MARKETING IN THE C21ST GLOBAL MARKETPLACE Introduction and Overview Dr. John Wong Why Marketing? Marketing function imperative for organizational success Hypercompetitive marketplace Highly discriminating customers Changing consumer needs Business Philosophies Production concept Product concept Selling concept Marketing concept Holistic marketing concept Holistic Marketing Concept Relationship marketing Integrated marketing Internal marketing Performance marketing Financial accountability Socially responsible Cause marketing Holistic Marketing Core Marketing concepts Needs, wants, demands, preferences Segmentation, targeting, positioning Offerings and brands Value and satisfaction Marketing channels Supply chain Competition Marketing environment Target Markets, Positioning, and Segmentation Segmentation—identify and profile distinct groups of buyers examining demographic, psychographic, and behavioral differences Target markets—segments presenting the greatest opportunity Positioning—what the offering means in the minds of the target buyers as delivering some central benefit(s). What is Marketing? Organization’s main tasks: Determine needs, preferences, wants of key market segments Create products to meet those needs -- deliver desired satisfaction Marketing management -- process of achieving above THE CULTURE CODE – Clotaire Rapaille Unique Marketing Insights Peter Drucker: The business of a business is to create and keep a customer Charles Revson: In the factory we make cosmetics. In the stores we sell hope Akio Morita: The highest level of business thinking is ‘marketing imagination’ What is a market? 1. Marketplace - physical 2. Metamarket - cluster of complementary goods and services across diverse set of industries. includes metamediaries 3. Marketspace – digital Marketing Issues WHAT is marketed? Physical products, experiences, people, places, ideas, organizations WHO’s responsibility? Everyone’s in the organization C21st Marketplace Realities (1) A. Major Societal Forces 1. Network information technology 2. Globalization 3. Deregulation 4. Increased competitiveness from domestic and foreign brands 5. Creation of mega-brands and “category-killers” 6. Disintermediation and Reintermediation C21st Marketplace Realities (2) Empowered consumer capabilities Highly discriminating Swayable brand loyalty Leverage Internet - info is power C21st Marketplace Realities (3) Firms empowered by Internet Increased market reach Online communities --> brand awareness Enhanced value chain management Interactive techno --> improves target marketing & permission marketing efforts Marketing Management Tasks Developing marketing strategies and plans Shaping market offerings Capturing marketing insights Delivering value Connecting with customers Creating long-term growth Building strong brands Communicating value Marketing Process Analyze Marketing Opportunities Select Target Markets Design Marketing Strategies Develop Marketing Programs Manage the Marketing Effort Changes in Consumer Behavior 1980s Conspicuous consumer 1980s Conspicuous consumer Image Image d d riven riven Trusting Trusting Brand Brand loya loya ll 1990s Frug al consumer, becomi ng 1990s Frug consumer, becomi ng morealwelloff more well- off Value Value and and qua qua li li ty ty driven driv en Skeptical and cyn Skeptical and cyn ic ic al al no tloya exh ibit Does no Doe t exhsibit lt y Emo tiona l buye r Dreamersl buye r Emotiona Ove rindulgen t Dreamers loya lt y Info rmed buyer Escap ist s buyer Info rmed Hea lt h, wellness-conscious Escapist s Overindulgen t Healt h, wellness-conscious Ove rworked Burnt-out , stressed out and placing tremendou s value on conven ience and tim e Indus trious Baby Boo mer Respons Baby Boo Overworked Burnt-outible , stressed out mer and placing tremendou s value on conven ience and tim e Indus trious Baby Boo mer Respons ible Baby Boo mer Present Susp icious but gene rall y we ll- off Present Susp icious but gene rall y we ll- off consumer consumer Highly Highly eclectic eclectic A A “prov “prov e e it it ” ” attitude attitude Belie ves that Belie ves that there there is is always always some thing better some thing better Highly informed and speciali zed Focus on persona Highlyedinformed andl needs speciali zed Hea lt h, andl so me Focus edwellness on persona needs ove rindulgence , wit hout Healtctation h, wellness and or so me expe of costs consequence s , wit hout ove rindulgence Relia nt on techno logy and expe ctation of costs or telecomm unications to save tim e consequence s in making purchas e decisi ons Unconv inced Genlogy eration Relia nt on techno and Xer telecomm unications to save tim e in making purchas e decisi ons Unconv inced Gen eration Xer The Marketing Mix Core Marketing Competencies Beyond the 4 P’s Product + Service (people, process, physical evidence) Price Promotion Place/distribution Positioning - connecting Personal relationships - customization The 4 C’s of Marketing CARE: More than service --> they treat customers -customers are really everything. CHOICE: reassess diversity & breadth of offerings --> a manageable good-better-best selection COMMUNITY: Even national marketers must be affiliated, attached to neighborhoods wherever they operate stores CHALLENGE: The task of dealing with the ongoing reality of demographic change. New Approaches in Marketing Exploit Internet & new electronic communication technologies – beyond websites e-marketing, texting, network communities (E.g. Obama campaign) Fighting economic downturn & e-commerce onslaught CRM & stronger branding, cross-selling, SCM, strong data-base system