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RD Version of Marketing

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Must get through the noise and clutter. Right message -- people respond to content and meaning ... Get feedback other than sales -- too much information lost if ... – PowerPoint PPT presentation

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Title: RD Version of Marketing


1
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2
Basic Elements
  • Environmental Analysis
  • Customer Analysis
  • Competitor Analysis
  • Channel Analysis
  • Company Internal Analysis
  • Public Policy Analysis

3
Basic Elements, continued
  • Strategy
  • Pick targets
  • Do something to targeted segments
  • Do it with an integrated set of programs
  • Marketing Programs -- the 4Ps
  • Product
  • Promotion
  • Place
  • Price

4
Know the Customers
  • Micro View
  • What motivates them? What are their needs?
  • How do they go through the decision process?
  • Macro View
  • How big is the market?
  • How fast is it growing?
  • What segments exist (size and growth?)?

5
Know the Competitors
  • Direct competitors
  • Future how will they act? react?
  • Elements goals, strategies, capabilities,
    assumptions
  • Four other forces
  • Upstream Downstream (thats two)
  • New entrants
  • Substitutes

6
Know the Channels
  • Who they are
  • What value do they provide
  • What they expect to get from you
  • What the power structure is and where its going

7
Know Your Company
  • Mission
  • Culture
  • Goals / objectives
  • Strengths and Weaknesses
  • value for customers is the criterion

8
Know the Public Policy Environment
  • What can you do / what cant you do?
  • e.g. antitrust, Robinson-Patman, consumer
    protection, environmental laws
  • state and local laws / regulations
  • Whats on the horizon?
  • Is government assistance available?

9
Strategy and 4 Ps
  • Recall that Marketing Strategy is
  • Selection of target segments
  • Determination of desired change in segments
  • Creation of architecture of programs to effect
    desired change
  • Elements of marketing programs -- 4 Ps
  • Product
  • Price
  • Promotion
  • Place (Distribution)
  • Plus Partnerships

10
Product
  • Bundle of attributes that meets needs
  • Includes service -- sometimes minor aspect
    sometimes it differentiates
  • Includes packaging
  • Should have a strategy for developing new products

11
Life Cycle
Annual Sales
Maturity
Intro
Decline
Growth
Time
12
Product Management
  • Positioning
  • differentiate from competitors on meeting
    important needs
  • Communicate differentiation to prospects
  • Deliver on promises
  • Manage other Ps -- implement positioning
  • Management of product changes over life
  • Maybe brand building

13
Promotion -- Communications
  • Personal selling -- direct, person-to-person
  • Advertising -- through paid-for medium
  • Publicity -- third party reporting
  • Sales Promotion -- short term incentives for
    action
  • Direct Marketing direct communication with
    individual customers
  • Interactive/Internet Marketing

14
Communication Model
NOISE
De- code
En- code
Feedback
15
Implications for Communication Effectiveness
  • Must get through the noise and clutter
  • Right message -- people respond to content and
    meaning
  • Right media (communications methods) -- reaches
    audience and enhances message
  • Easy to decode
  • Get feedback other than sales -- too much
    information lost if marketer isnt proactive

16
Some Key Promotion Points
  • Message should be consistent with positioning
  • Personal selling can use immediate feedback
  • Advertising is good for awareness, building
    beliefs, building emotion
  • Publicity is good for credibility
  • Sales promotion gets action, but also sends a
    message

17
More Key Promotion Points
  • Advertising is relatively cheap per contact
  • Match ad media to message and audience
  • Publicity is not cost-less
  • Sales promotion is addictive, both for customers
    and for vendors
  • Direct marketing gets immediate response, but
    also can create animosity
  • Interactive/Internet marketing can include
    elements of all the other forms

18
Managing Channels
  • Choose and manage channels to get consistent
    positioning to targeted end buyer
  • Decide on right saturation level
  • exclusivity vs. ubiquity consistent with
    positioning
  • Clear roles, rewards, penalties minimize conflict
    if channels feel agreements are equitable
  • Logistics can minimize costs enhance value

19
Pricing Basics
  • Max price most that target customers will pay
    to receive offered value
  • Min price lowest price you can charge and still
    break even
  • Set price level between max and min, consistent
    with positioning
  • Consider price elasticity -- particularly when
    making price changes

20
Elasticity
P
Supply
Edif D / dif P
Demand
Q
21
Other Pricing Ideas
  • Price points -- buyers have expected price levels
  • Psychological aspects of price
  • perceived relationship between price quality
  • Penetration price vs. price skimming for new
    products
  • Although Price is usually a factor, it is not
    always paramount
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