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Slides Week 1c
Slides Week 1c
Week 1
What is Marketing?
Chapter 1
The customer seeks benefits from the company, and expects to pay.
Customer
Company
What are some types of benefits that customers seek and are willing to pay for? Under what conditions should businesses offer them?
Selling Orientation
Sell it and forget it! Aggressively push product using sales and advertising
Whats wrong with relying solely on the first two? Businesses can make selling irrelevant by building customer loyalty!
What are some of the ways that businesses do this?
Product Concept
Marketing Orientation:
Permeates the entire organization: not just another business function, but a way of doing business. Sales may own the customer, but everyone in the business has a customer(s). Customers are a valuable asset! Costs more to obtain a new customer than to retain an existing one!
Marketing IS the Business!
STP; and
The 4Ps.
Company
What are our strengths and weaknesses? What customer benefits can we provide?
Collaborators
Can we address our customers needs while strengthening our B2B partnerships?
Customers
What are our strengths & weaknesses? What benefits do we provide? Who are they? What is their strategy? How might they react?
Company 5Cs
Context
Competitors
Collaborators
Targeting
Attracting some of those customers makes better sense than going after others
Positioning
Communicate your benefits clearly to your intended customers most important needs.
Price
Will customers pay what youd like to charge?
Promotion
What can you tell your customers or do for them to entice them to purchase?
Promotion
Product
Place
Price
Framework Considerations
5 Cs, STP and 4 Ps are interdependent
Do we need to fine-tune our offering? How might one decision impact other decisions?
Marketing Strategy
Target Market Marketing Mix
Class Discussion
How has marketing changed over the past 10-years? How has the global economic crisis impacted the way products & services are marketed? How can Customers influence the products & services offered by companies?
BP Connect: Discussion
What was BPs revenue stream comprised of before the introduction of BP Connect? After? What are the needs that BP Connect meets for its Customers? Why did BP change its Product offering? How does BP Connect location increase or decrease the likelihood of an exchange? True for all Customers?
Less is More!