Marketing
cc licensed ( BY NC SD ) flickr photo by TF28 ❘ tfaltings.de: http://flic.kr/p/8R1gEq
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Quiz
• Closed book/closed notes
• Put away phones until quiz is over
• You may collaborate with your team
• You are responsible for the answers on your
quiz
• You do not have to choose the same answers
as your team
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In your notes, write the first word that
comes to mind:
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marketing
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Four P's
• Product
• Price
• Place
• Promotion
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What is marketing?
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Marketing
creating, communicating, and delivering
value to customers
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cc licensed ( BY NC ND ) flickr photo by imagematters1:
http://flic.kr/p/2cDA5w
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Product <-> Something of Value
• Product?
–Goods
–Services
• Value?
–Money
–Something else?
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No content
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Product?
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Something of value?
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Value of personal information
• Address; $.50
• Zip: $.50
• Education: $12.00
• DOB: $2.00
• Employment: $13.00
• Phone: $.25
• Unlisted: $17.50
• Cell: $10.00
http://www.turbulence.org/Works/swipe/calculator.html
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cc licensed ( BY ) flickr photo by Slideshow Bruce: http://flic.kr/p/74JKE2
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cc licensed ( BY NC ND ) flickr photo by Daniel Pouliot: http://flic.kr/p/6JyKDJ
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Utility = usefulness
• Form
• Place
• Time
• Possession
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Transactions -> Relationships
• Why?
• New customers cost more than old
–5-10x, Sears study found 12x
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Customer lifetime value
• Value of long-term business from customer
• Taco Bell?
• $12,000
• Starbucks?
• $14,000
• Publix?
• $75,000
• Lexus?
• $600,000
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Customer Equity
• combined customer lifetime values of all
customers
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cc licensed ( BY NC SD ) flickr photo by mliu92: http://flic.kr/p/9NHpEK
Marketing Mix
• Four P's:
• Product
• Price
• Place
• Promotion
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Marketing research
• Market?
• Primary data
• Secondary data
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Primary data
• Observation
• Surveys
• Interviews
• Focus groups
• Experiments
–Cherry Vanilla Dr. Pepper: 61 formulas,
3904 tastings
–Frito Lay chips: 4-psi breaking strength
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Primary data
• Advantages?
–Recent
–Relevant
–Proprietary
• Disadvantages?
–Expensive
–Time to design/collect
–Expertise in research design/analysis?
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Secondary data
• Already-existing information
• Census
• CIA World factbook
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Secondary data
• Advantages?
–Fast
–Inexpensive
–Professional design/analysis
• Disadvantages
–May be out of date
–May ask wrong questions
–No competitive advantage