Introduction to Marketing

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27 Νοε 2013 (πριν από 3 χρόνια και 6 μήνες)

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1

Introduction to Marketing



Professor Andrés Musalem

Marketing Management

Fuqua School of Business


Introduction


What’s
Marketing?


Three C’s


Customer


Company


Competition


Four P’s


Product


Promotion


Price


Placement


Summary

2


Let’s start with a simple
word association

task




MARKETING



In
-
class exercise:

Write down the first WORD that comes to mind

Does Marketing Matter?

Does Marketing Matter?

Background:


Santiago, Chile

Ph.D., Wharton

Ind. Engineering

How
long?

MBA,
U. of Chile

Find x:

Research: Quantitative Marketing

6

6

Teaching Interests:


Market Research


Pricing


Marketing Management


GATE (global academic travel experience):


South America


Marketing Practicum:




Hobbies:



7

8

Agenda


Teaching Philosophy


Course overview


Ford Ka


Marketing management


Analysis (The 3 C’s)


Planning (The 4 P’s)


9

Teaching Philosophy


Lesson first, Problem second





versus


Problem first, Lesson second



“Experience is a hard teacher because she gives
the test first, the lesson afterward.”





10

Course Overview

Goals
:


1.
Have fun & get you to learn.


2.
Frameworks:


Marketing
Situation

Analysis:


Company, Customer, and Competition


Marketing
Planning

and Implementation:


Price, Promotion, Place, Product


3.
Tools:


Perceptions, Preferences, Customer Lifetime Value,
Economic Value, Brand Associations, Diffusion of new
products.

4.
Skills:


Case analysis


Group effectiveness


Idea Communication

11

Course Overview


Syllabus


Class
format


Lectures and cases.



Grading


Cases, participation, final
exam


Graded assignments: weekend following discussion.



Course
Materials:


Required: Cases and some articles (see syllabus)


Optional: Textbook, press articles in course pack.


12

Study
Teams


Action:


Name a representative who will be responsible
for submitting assignments.

13

Team Member
Name

Effort level

Effectiveness

Total

100%

100%

Peer Evaluation


Your Name: ___________________________________________

Team number : ______________________________________________

In the chart below,
write in the name of each team member, including
yourself
.
Estimate the relative effort level and the amount that each team member
contributed to the effectiveness. The first column should indicate relative effort
and work level while the second column indicates the degree to which each
individual contributed to the success of your team.

Your estimates can range from 0% to 100% but should sum to 100%.


14

Honor Code


We take it very seriously


It benefits students


Best cases, problems


Equal playing field


Coordination with other
classes

15


You may not get information on cases
from


Fuqua students in other classes or study
groups


Students or resources at other schools


Electronic means


You may not give the information to
others at Duke or elsewhere


Your support is critical for this policy

Honor Code

16

Administrative Issues:


Platform:


Announcements


Assignment submission


Handouts and other materials



Seating
Chart


17

Roadmap for the rest
of course

18

Frameworks:



Marketing
Situation

Analysis


Company, Customer, and Competition (3C’s)


Marketing
Planning


Price, Promotion, Place, Product (4P’s)

19


Who are the customers
?



Why

do they buy (
Value

Proposition
)?


Economic value to the customer: Cost
-
Benefit


Understanding customer psychology:
Intangibles


What are they sensitive to (e.g., price, features, etc
.)



How many?



Lifetime
value, loyalty, customer satisfaction.

Frameworks: 3 C’s
-

Customers

20

Customer Analysis: RFID

21

Customer Analysis: RFID


Sorensen
Associates:


RFID
technology to
track shoppers
path inside
grocery stores.
(PathTracker®)

22

Frameworks: 3C’s
-

Company


Company


Strategy: Mission, Objectives


Portfolio Analysis:


Identify SBU’s


Evaluate SBU’s: for example, BCG, GE matrices.


Portfolio
Design:


Build a pipeline of SBU’s at different stages


Portfolio growth: expand new/existing
products/markets.

?

Market
Growth
Rate

Relative Market Share

23


Identify Competitors


Industry Analysis (5 Forces)


S
trengths
W
eaknesses
-

O
pportunities
T
hreats:


SW:

Company versus Competitors


OT:

Industry


Competitive reactions

Frameworks: 3C’s
-

Competition

24

Southwest Effect: Competitive
Reactions

1.
Increase in
passengers

per day each way
(PDEW )

2.
Drop in average
fare

3.
Effects on
surrounding

airports (lower
demand
)

BWI-SDF Fares and PDEW
0
50
100
150
200
250
300
350
1993
1994
1995
1996
1997
Fares
PDEW
Source: Southwest Airlines: An In
-
Depth Review

25

How might the 3 C’s vary by
country?

26

Combining the 3 C’s


Wal
*Mart quits Germany

(85 stores, $2.55
billion, 2006):


C
ustomers?

C
ompetition?

C
ompany?

27

Integration

4P’s


3C’s

28

Integration:

3C’s




4P’s

What’s the right
price for
Angiomax
?

How should
Ford promote
the adoption of
the Ford Ka?

Should
Starbucks

invest in
improving its
customer
service?

Should
Team
Sameer

use a traditional
promotional
approach?

Should
XM

air ads?

Should
Unilever

launch a new
product for the
low income
segment in
Brazil?

29

4P’s:


Marketing
Planning
-

Price, Promotion, Place, Product


4P’s:

Marketing
Planning

-

Product, Price, Place, Promotion

30


Define the product


Core benefit

essence


Basic, Expected, Augmented and Potential Product


First Mover Advantage




Frameworks: 4P’s
-

Product

31


Price is the
only P

that captures value


Small changes in price lead to major profit impact



The issues


What is the value to customers of the benefits the
product provides?


How much does it cost to deliver these benefits?


How much do or will customers have to pay to get these
same or substitute benefits elsewhere (i.e., from
competitors)?




Frameworks: 4P’s


Pricing

32

Importance of Pricing

(Price leverage for selected firms)
*


Creates operating profit improvement of:


28.7%

26%

16.7%

6.4%

*From Dolan and Simon (1996)


1% improvement in price at

17.5%

Philips

33


Channels exist when they are more
efficient

than direct distribution:






Channel decisions/issues:


Channel depth


Channel breadth


Channel conflict/coordination

M

M

M

C

C

C

D

Manufacturer


Consumers

Manufacturer Store


Retailer



Frameworks: 4P’s


Place

34

Frameworks: 4P’s
-

Promotion



The promotional plan:


Target market





Objectives






Message






Media Mix







Budget






Measure the results




Coordinate the process



Awareness

Interest

Desire

Action

35

Promotion and Brand
Associations

36

Profitability

(A Reality Check)


Are assumptions realistic?


Breakeven

analysis


Can we sell breakeven volume at given
price?


How
are other company businesses
affected (cannibalization)?