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Introduction to business: marketing
Ted Major
March 10, 2016
Education
1
1.2k
Introduction to business: marketing
CC-BY-SA
Ted Major
March 10, 2016
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Transcript
Marketing cc licensed ( BY NC SD ) flickr photo
by TF28 ❘ tfaltings.de: http://flic.kr/p/8R1gEq
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
In your notes, write the first word that comes to
mind:
marketing
Four P's • Product • Price • Place • Promotion
What is marketing?
Marketing creating, communicating, and delivering value to customers
cc licensed ( BY NC ND ) flickr photo by
imagematters1: http://flic.kr/p/2cDA5w
Product <-> Something of Value • Product? –Goods –Services •
Value? –Money –Something else?
None
Product?
Something of value?
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
cc licensed ( BY ) flickr photo by Slideshow Bruce:
http://flic.kr/p/74JKE2
cc licensed ( BY NC ND ) flickr photo by
Daniel Pouliot: http://flic.kr/p/6JyKDJ
Utility = usefulness • Form • Place • Time •
Possession
Transactions -> Relationships • Why? • New customers cost more
than old –5-10x, Sears study found 12x
Customer lifetime value • Value of long-term business from customer
• Taco Bell? • $12,000 • Starbucks? • $14,000 • Publix? • $75,000 • Lexus? • $600,000
Customer Equity • combined customer lifetime values of all customers
cc licensed ( BY NC SD ) flickr photo by
mliu92: http://flic.kr/p/9NHpEK
Cadillac v. BWM • 1976: Cadillac had 52% luxury market
share –Poor customer equity • BMW: lower market share –higher customer equity
cc licensed ( BY NC ND ) flickr photo by
Motovique: http://flic.kr/p/b34us4
Customer Equity • BWM now #1 luxury brand, ahead of
Mercedes-Benz • Cadillac market share dropped to 8%
cc licensed ( BY ) flickr photo by comedy_nose: http://flic.kr/p/cZ1ZWS
Target marketing
The market cc licensed ( BY ) flickr photo by
Muffet: http://flic.kr/p/adCYv
Market segmentation cc licensed ( BY ) flickr photo by
Muffet: http://flic.kr/p/af7Vr
Target marketing cc licensed ( BY NC ) flickr photo
by presta: http://flic.kr/p/6838Fd
Segmentation methods • Demographic • Geographic • Psychographic • Behavioral
Marketing Mix • Four P's: • Product • Price •
Place • Promotion
Marketing research • Market? • Primary data • Secondary data
Primary data • Observation • Surveys • Interviews • Focus
groups • Experiments –Cherry Vanilla Dr. Pepper: 61 formulas, 3904 tastings –Frito Lay chips: 4-psi breaking strength
Primary data • Advantages? –Recent –Relevant –Proprietary • Disadvantages? –Expensive
–Time to design/collect –Expertise in research design/analysis?
Secondary data • Already-existing information • Census • CIA World
factbook
Secondary data • Advantages? –Fast –Inexpensive –Professional design/analysis • Disadvantages
–May be out of date –May ask wrong questions –No competitive advantage