Chapter 14 Marketing. Chapter 14 Marketing
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1 Chapter 14 Marketing Chapter 14 Marketing
2 Learning outcomes Contextualise the marketing process Explain the target market Discuss marketing strategy Describe the elements of the marketing mix Differentiate between services marketing and product marketing
3 Marketing defined The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return
4 Simple model of the marketing process Create value FOR customers and build customer relationships Capture value FROM customers in return Understand the marketplace and customer needs and wants Design a customerdriven marketing strategy Construct an integrated marketing programme that delivers superior value Build profitable relationships and create customer delight Capture value from customers to create profits and customer equity
5 The target market the customer Actual and potential buyers who share a specific need or want that can be satisfied by a particular product or service You provide a need-satisfying offering in exchange for customer s money, and during this exchange a relationship is built with the customer
6 The marketing strategy 1. Market segmentation Geographic variables Demographic variables Psychographic variables Behavioural variables 2. Market targeting Market size Expected growth
7 The marketing strategy 2. Market targeting (continued from previous slide) Competitive position Cost of reaching segment Compatibility with the company s objectives and resources 3.Differentiation 4.Positioning
8 Market segmentation Geographic variables Demographic variables Psychographic variables Behavioural variables
9 Market size Expected growth Market targeting Competitive position Cost of reaching segment Compatibility with the company s objectives and resources
10 The marketing mix A set of four marketing tools, namely product, price, promotion and place, that the company designs and combines in such a way that the target market would purchase the offering
11 The marketing mix Marketing and the 4 Ps 1. Product: Goods Services Ideas Info Digital products People Places Experiences & events Real or financial property Organisations
12 4 Ps - Product Product/ service strategy: Choice of product/service and scope of product/service range Features of the product: design, style, size etc. Packaging Branding Warranty Instructions and installations
13 4 Ps - Price 2. Price: optimum price is based on 4 factors: The company s cost structure Perceived customer value Price elasticity Pricing strategies
14 Company cost structure Price = total cost + profit margin Where total cost = direct costs + indirect costs Selling price: average unit cost 1- mark-up %
15 Perceived customer value Value: subjective evaluation of benefits relative to costs to determine worth of a company s product offering relative to other product offerings Value is created by: o Prestige o User-friendliness o Solution to a problem o Quality o After-sales service
16 Price elasticity Changes in customer demand following changes in price. Higher sensitivity to price(price elastic): o Substitute products available o Comparison of products is easy Less sensitivity to changes (price inelastic): o No substitutes exist o Customers have real/perceived need for product o Customers perceive specific benefits o Product clearly differentiated
17 Price strategies 1. Price skimming: set prices high to cover R&D costs 2. Price penetration: low price to gain market share and maximise sales 3. Competitive matching: match major competitor prices 4. Prestige pricing: set price at top of range to differentiate product as unique/superior quality
18 4 Ps - Promotion 3. Promotion: seller s communication of to potential target market and others to influence buying behaviour 4. Place (method of distribution)
19 4 Ps - Promotion 3. Promotion: seller s communication of info to potential target market and others to influence buying behaviour Methods of communication: o Personal selling o Mass selling o Sales promotion
20 Place Physical/virtual locations where products and services are available in the right quantities when customers want them.
21 Place Indirect distribution: use of marketing channels Distribution channels make use of intermediaries, which: o Offer a convenient location o Provide an assortment o Break bulk o Hold inventory o Provide services
22 Services marketing Characteristics of services: Intangibility Inseparability/simultaneity Variability Perishability Rental/access
23 Services marketing triangle
24 Services marketing triangle (cont.) Internal marketing: marketing activities directed towards the employees, who are the service providers Interactive marketing: marketing skills required for buyer-seller interaction during the service encounter
25 Services marketing triangle (cont.) External marketing: 7 Ps 1. Service design 2. Pricing 3. Promotion 4. Location 5. Participants 6. Physical evidence 7. Process of service assembly
26 Service quality SERVQUAL (Parasuraman, Berry & Ziethaml, 1988) measures perceptions of service in term of: Tangibles Reliability Responsiveness Assurance Empathy of service provider
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