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Introduction to business: marketing

1247d0fbb1983f2e8070809bb7acd6ef?s=47 Ted Major
March 10, 2016

Introduction to business: marketing

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1247d0fbb1983f2e8070809bb7acd6ef?s=128

Ted Major

March 10, 2016
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Transcript

  1. Marketing cc licensed ( BY NC SD ) flickr photo

    by TF28 ❘ tfaltings.de: http://flic.kr/p/8R1gEq
  2. 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
  3. In your notes, write the first word that comes to

    mind:
  4. marketing

  5. Four P's • Product • Price • Place • Promotion

  6. What is marketing?

  7. Marketing creating, communicating, and delivering value to customers

  8. cc licensed ( BY NC ND ) flickr photo by

    imagematters1: http://flic.kr/p/2cDA5w
  9. Product <-> Something of Value • Product? –Goods –Services •

    Value? –Money –Something else?
  10. None
  11. Product?

  12. Something of value?

  13. 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
  14. cc licensed ( BY ) flickr photo by Slideshow Bruce:

    http://flic.kr/p/74JKE2
  15. cc licensed ( BY NC ND ) flickr photo by

    Daniel Pouliot: http://flic.kr/p/6JyKDJ
  16. Utility = usefulness • Form • Place • Time •

    Possession
  17. Transactions -> Relationships • Why? • New customers cost more

    than old –5-10x, Sears study found 12x
  18. Customer lifetime value • Value of long-term business from customer

    • Taco Bell? • $12,000 • Starbucks? • $14,000 • Publix? • $75,000 • Lexus? • $600,000
  19. Customer Equity • combined customer lifetime values of all customers

  20. cc licensed ( BY NC SD ) flickr photo by

    mliu92: http://flic.kr/p/9NHpEK
  21. Cadillac v. BWM • 1976: Cadillac had 52% luxury market

    share –Poor customer equity • BMW: lower market share –higher customer equity
  22. cc licensed ( BY NC ND ) flickr photo by

    Motovique: http://flic.kr/p/b34us4
  23. Customer Equity • BWM now #1 luxury brand, ahead of

    Mercedes-Benz • Cadillac market share dropped to 8%
  24. cc licensed ( BY ) flickr photo by comedy_nose: http://flic.kr/p/cZ1ZWS

    Target marketing
  25. The market cc licensed ( BY ) flickr photo by

    Muffet: http://flic.kr/p/adCYv
  26. Market segmentation cc licensed ( BY ) flickr photo by

    Muffet: http://flic.kr/p/af7Vr
  27. Target marketing cc licensed ( BY NC ) flickr photo

    by presta: http://flic.kr/p/6838Fd
  28. Segmentation methods • Demographic • Geographic • Psychographic • Behavioral

  29. Marketing Mix • Four P's: • Product • Price •

    Place • Promotion
  30. Marketing research • Market? • Primary data • Secondary data

  31. Primary data • Observation • Surveys • Interviews • Focus

    groups • Experiments –Cherry Vanilla Dr. Pepper: 61 formulas, 3904 tastings –Frito Lay chips: 4-psi breaking strength
  32. Primary data • Advantages? –Recent –Relevant –Proprietary • Disadvantages? –Expensive

    –Time to design/collect –Expertise in research design/analysis?
  33. Secondary data • Already-existing information • Census • CIA World

    factbook
  34. Secondary data • Advantages? –Fast –Inexpensive –Professional design/analysis • Disadvantages

    –May be out of date –May ask wrong questions –No competitive advantage