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marketing strategy

O.
O.C.
C.Ferrell
Ferrell Michael
MichaelD.
D.Hartline
Hartline

Marketing in
Todays Economy

C H A P T E R

The Challenges and Opportunities


Of Marketing in Todays Economy

Power Shift to Customers


Massive Increase in Product Selection
Audience and Media Fragmentation
Changing Value Propositions
Shifting Demand Patterns
New Sources of Competitive Advantage
Privacy, Security, and Ethical Concerns
Unclear Legal Jurisdiction

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U.S. Households by Internet Access

Exhibit 1.1

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The Childrens Online Privacy Protection Act


(COPPA)

Exhibit 1.2

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Discussion Question
Increasing customer power is a challenge to
marketers in todays economy. In what ways
have you personally experienced this shift in
power; either as a customer or as a business
person? Is this power shift uniform across
industries and markets? How so?

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Basic Marketing Concepts


Marketing (AMA 2005 definition)
an organizational function and a set of processes for
creating, communicating, and delivering value to customers
and for managing customer relationships in ways that benefit
the organization and its stakeholders.

Market
A collection of buyers and sellers

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Basic Marketing Concepts


Marketspace
Electronic marketplaces that are not bound by time or space

Metamarket
A cluster of closely related goods and services that center
around a specific consumption activity

Metamediary
Provides a single access point where buyers can locate and
contact many different sellers in the metamarket

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Example: Metamediary

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Common Metamarkets and


Participants

Exhibit 1.3

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What is Exchange?
Exchange
Process of obtaining something of value by offering something in
return

Five Conditions of Exchange

There must be at least two parties to the exchange.


Each party has something of value to the other party.
Each party must be capable of communication and delivery.
Each party must be free to accept or reject the exchange.
Each party believes it is desirable to exchange with the other party.

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What is a Product?
Product
Something that can be acquired via exchange to satisfy a need or
a want

Examples
-

Goods
Services
Ideas
Information
Digital Products

People
Places
Experiences and Events
Real or Financial Property
Organizations
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The Concept of Utility


Utility
Ability of a product to satisfy a customers desires

Five Types of Utility

Form Utility
Time Utility
Place Utility
Possession Utility
Psychological Utility

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Major Marketing Activities and


Decisions (1 of 5)
Strategic Planning
Strategy
Tactical Planning
Marketing Plan

Social Responsibility and Ethics


Social Responsibility
Marketing Ethics

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Discussion Question
How concerned are you about privacy and
security in todays economy? Are you more
concerned about online security or about the
potential ramifications of RFID technology? Will
these issues still be important in 10 years?
Explain.

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Major Marketing Activities and


Decisions (2 of 5)
Research and Analysis

Internal Analysis
Competitive Intelligence
Environmental Scanning
Situation Analysis

Developing Competitive Advantage


Competitive Advantage
SWOT Analysis
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Major Marketing Activities and


Decisions (3 of 5)
Marketing Strategy Decisions
Market Segmentation and Target Marketing
Product Decisions
Product Positioning
Pricing Decisions
Leads to revenue and profit
Directly connected to customer demand
Easy to change
Major quality cue for customers
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Online Social Networking


Social networking sites like
MySpace.com, LinkedIn.com,
and Facebook.com have been
criticized for questionable
content and easy access to
predators.
How can advertisers balance
the opportunities presented by
these sites with the risk?

Beyond the Pages 1.2

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Major Marketing Activities and


Decisions (4 of 5)
Marketing Strategy Decisions (continued)
Distribution and Supply Chain Decisions
Distribution and Supply Chain Management
Supply Chain Effectiveness
Promotion Decisions
Integrated Marketing Communications (IMC)

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Major Marketing Activities and


Decisions (5 of 5)
Implementation and Control
Marketing Implementation

Developing and Maintaining Customer Relationships


Transactional Marketing
Relationship Marketing

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Major Characteristics of Transactional


and Relationship Marketing

Exhibit 1.4

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Corporate Culture Matters

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Taking on the Challenges of


Developing Marketing Strategy (1 of 2)

Unending Change
People-Driven Nature of Marketing
Lack of Rules for Choosing Marketing Activities
Basic Evolution of Marketing & Business
Practice
Increasing Demands of Customers
Overall Decline in Brand Loyalty & Increase in
Price Sensitivity
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Discussion Question
The text argues that marketing possesses very
few rules for choosing the appropriate marketing
activities. Can you describe any universal rules of
marketing that might be applied to most products,
markets, customers, and situations?

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Taking on the Challenges of


Developing Marketing Strategy (2 of 2)
Competing in Mature Markets
Increasing commoditization
Little real differentiation among product offerings

Increasing Expansion into Foreign Markets


Aggressive Cost-Cutting Measures
Increasing Cooperation with Supply Chain
Partners and Competitors
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American Customer Satisfaction Index

Exhibit 1.5

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Marketing Strategy in Action


Increasing expansion into
foreign markets is becoming a
necessity to compete in the
global marketplace.
What kind of opportunities
and threats are presented by
the increasing global nature of
the marketplace?

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