IDcourserians sharing session of Wharton Business School’s "Introduction to Marketing" as delivered by Profs. Barbara E. Kahn, Peter Fader, & David Be...
Learning material compiled by S.Rengasamy to enable Master of Social Work students specializing in Community Development to understand Social Marketing related concepts for in Madurai kamara…Full description
Learning material compiled by S.Rengasamy to enable Master of Social Work students specializing in Community Development to understand Social Marketing related concepts for in Madurai kamara…Descrição completa
Its an introduction to the concept of marketing channel.Full description
Answers to Coursera intro to marketing
INTRODUCTION TO HOSPITALITY MARKETING AND SALESFull description
INTRODUCTION TO HOSPITALITY MARKETING AND SALES
Descripción completa
Descripción completa
Stock, J. Watson, M.
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Wharton Business School’s Introduction to Marketing Course delivered by Profs. Barbara E. Kahn, Peter Fader, Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
Scope and Limitations
Prof. Barbara E. Kahn
Marketing •
Study about market. •
Seller’s market. Production: focus on company.
•
Buyer’s market. Marketing: focus on customer and competition.
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Building Strong Brands •
Mental maps
•
Core brand values:
•
•
POP = point of parity
•
POD = point of difference
Brand mantras: communicate, simplify, inspire.
Consumer Behavior in an Omni-Channel World • • •
•
Information search Consideration set / evoked set Choice overload • At the assortment stage, variety is good • At the choice stage, variety can become complex New model of satisfaction: • f (perceived (perceived performance - expectations)
Messages that Catch On and Get Shared •
Social currency: we share what makes us look good
•
Triggers: when reminded, we share
•
Emotion: emotional messages are more powerful
•
Public: making behavior public makes it more catching
•
Practival value: we like to be useful and informative
•
Stories: information travels under the guise of chatter
Prof. Peter Fader
Business Approach •
Product-centric
•
Customer-centric
Cracks in the Product-Centric Approach •
Technology-enabled product development > commoditization
•
Technology-enabled information infor mation flow > smart smar t customers
•
Technology-enabled delivery deli very > retail saturation
•
Globalization
•
Deregulation
•
Customers want “end-to-end solutions,” which may require requir e products/services from multiple vendors
•
Information systems enable customer customer-level -level tracking
Three Cheers for Direct Marketing! •
The individual customer is the unit of analysis
•
Know who their customers are and what they buy
•
Aim to determine marketing communication based on past purchases
•
Constantly determine (and leverage) individual customer value
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Who is the customer?
Customer-Centricity •
Customer centricity is a strategy that aligns a company’s development/delivery of its products/ services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
•
Customer centricity requires requires the company to be willing and able to change its organizational design, performance perfor mance metrics, and employee/ distributor incentive structures to focus on this long-run value creatio creation/delivery n/delivery process.
Customer-Centricity •
Celebrate customer heterogeneity: distinguish profitable profitab le customers from less profitable ones
•
Focus on future fu ture profitability profitabi lity (CL (CLV V, customer cus tomer lifetime value) rather than past profits
The competitive advantage: relationship expertise with respect to focal customers
Customer-Centricity •
What to do with non-focal customers?
•
Paradox of customer customer-centricity: -centricity: the more that a firm tightens its central focus on a select group of customers, the more it needs its “non-focal” customers to stabilise the overall mix.
CPA vs. VPA •
Metric used to guide acquisition activities? • CPA • VPA
•
VPA = CLV
Prof. David Bell
Four Unstoppable Trends •
Democratization in access
•
Value chain disruption
•
Collaborative consumption
•
Matching of supply and demand
success = product x marketing
marketing = STP and the other 3P’s (price, promotion, place)
Frictions in the th e Real World •
Search friction
•
Geographic friction
The Long Tail Concept
Wrap Up
Strategies for Market Leadership
•
Know your markets
•
Customers have the final say
•
Commit to being first in the markets you serve
Strategies for Market Leadership •
Value mapping +
inferior value
m i u e m r p
fair value line
| t y i r p a
Relative costs to customer
| y m o n o c e —
superior value
— Relative perceived benefits
+
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
The End
Course delivered by Profs. Barbara E. Kahn, Peter Fader, Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
