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Yasser Iqbal
What is Marketing?
Activity: In groups of 2/3 discuss what do you think marketing means?
Think of some examples of marketing from your own experiences
Is This Marketing?
A retail bank offering new customers a bonus interest rate for an introductory period if they open an account.
A grocery chain rewarding customers with points and money off vouchers for repeat purchasing over a period of 3 months. A limited edition product.
Is this Marketing?
A landscape gardener receiving year-on-year repeat business from an established customer base which grows only through word-of-mouth from satisfied customers. A charity producing a newsletter for its volunteers. A law firm sending one of its staff to work in a museum for one day every week.
A Definition of Marketing
Marketing is a culture, an organizational function and a set of processes for creating, communicating, and delivering value with customers and for interacting in networks of relationships in ways that benefit the organization, its customers and other stakeholders
(Gummesson, 2008:14)
Economically, it is less costly to retain a customer than to find a new one. Pareto 80/20 Rule 1 unhappy customer tells 8 to 10 others of their negative experience For every one complaint we receive there are ten others we do not receive Mass mail and media advertising is economically inefficient (high costs, low response rates typically 2%)
(Gray and Byun, 2003)
The Brand
An important concept in marketing
A bundle of values associated with a product or service A successful brand is an identifiable product, service, person or place, augmented in such a way that the buyer or user perceives relevant, unique added values which match their needs most closely. Furthermore, its success results from being able to sustain those added values. (DeChernatony and McDonald, 1998)
Branding
The process of developing a specific set of identifying marks, symbols and perceptions to distinguish one product from competing products in the same market.
Communicating the essence of your business. (Blythe, 2009, p.163)
The 7 Ps
1. 2. 3. 4. 5. 6. 7. Product Price Place Promotion People Process Physical Evidence
The 7 Ps
Product - The product or service offered. Price - The cost to the customer adopting the product. Place - The physical location where exchange takes place and the related distribution network of getting the product or service to the location. Promotion - The marketing communication package used to generate awareness of the product or service. People - Human resources participating in marketing activities. Full-time and Part-time. Process - The activities involved in getting the product from supplier to the customer. In service the activities such as ordering, receiving and returns. Physical Evidence - Related to the collection of evidence captured as a result of the transaction taken place. Servicescape the environment where the service is assembled.
AUGMENTED PRODUCT
INSTALLATION
Product levels
PACKAGING FEATURES
BRAND NAME
DELIVERY
& CREDIT QUALITY
AFTERSALE SERVICE
STYLING
WARRANTY
ACTUAL PRODUCT
CORE PRODUCT
Core Product
Personal transportation Fashionable / iconic
Augmented product
MINI TLC MINI finance MINI insurance
After-sales care
Warranty MINI passport
Globalisation
Globalization: Trend toward greater economic, cultural, political and technological interdependence among national institutions and economies. The trend is a result of national boundaries becoming less relevant (denationalization) and different entities cooperating more actively across national boundaries (internationalization).
http://globalmarketingtoday.wordpress.com/about/what-is-global-marketing/
International Marketing
The export, franchising, joint venture or full direct entry of a marketing organization into another country. Exporting a company's product into another location, entry through a joint venture with another firm in the target country.
Global Marketing
Global Marketing involves marketing activities by firms that do each of the following: Standardize their marketing programs: Allow marketing efforts to seamlessly operate across country borders. Standardization ensures products, promotions, price and channel structure cooperate together to increase opportunity and effectively meet the needs of global customers. Coordinate across markets: Businesses eliminate cost inefficiencies and reduce duplicate business efforts of their national/regional divisions. Practice Global Integration: This involves playing a role in many different world markets that are relevant to the business. Integrating firm operations means some markets use the resources of others to achieve success and vice-versa. It also involves balancing responses to competitive attacks in all areas.
http://globalmarketingtoday.wordpress.com/about/what-is-global-marketing/
Product
Positioning Brand name Core Product Ingredients
Advertising TV
Concept Execution
Advertising Print
Concept Execution
Product Launch
Waterfall
Launch In Country of Origin Launch in Countries , Region A Launch in Countries, Region B Launch in Countries , Region C Time Launch In Country of Launch in Countries , Origin Region A Launch in Launch in Countries , Countries , Region B Region C
Sprinkle
Demand
Market Segmentation Across Countries Existence of a Significant Global segment across Countries Market Segmentation Within Countries
Argentina
India
China
El Salvador
Mexico
Japan
Global Brands
Advantages
Concentration of Resources
Targetted Impact Cross border Learning Motivation for Recruitment Quality Management
Disadvantages
Over Standardization Ignorance of level of market development Skimming the surface Rigid implementation