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Business a changing world 7e by ferrell chap012

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Business in a
Changing World

Chapter 12

Customer-Driven Marketing

McGraw-Hill/Irwin

Copyright © 2009 by the McGraw-Hill Companies, Inc. All rights


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David’s Bridal: Captured 30%
of the wedding dress market.


In the past 60 years, the bridal industry has
reinvented itself numerous times. David’s Bridal
enters the market in the 1990’s and has never
looked back.
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The Importance of Marketing

Planning & execution to satisfy customer
goals –
•Product development
•Product pricing
•Product promotion
•Distribution of goods, ideas, services
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The Nature of Marketing
MARKETING

The group of activities that add value and
designed to expedite transactions by creating,
distributing, pricing, and promoting goods,
services and ideas.
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The Nature of Marketing

•Marketing is NOT –
•Manipulating consumers
•Selling & advertising
•Marketing IS –
•Satisfying consumers
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Marketing

The Exchange Relationship – act of giving up one thing
(money, credit, labor, goods) in return (exchange) for
something else (goods, services, or ideas)

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Marketing – The Exchange Relationship

The Exchange Process: Giving Up One Thing in Return for Another
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Functions of Marketing

Industry groups use
marketing to increase
demand for the industry’s
product.
America’s Beef Producers

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Functions of Marketing
•Buying
•Selling
•Transporting
•Storing
•Grading
•Financing
•Marketing research
•Risk taking
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The Marketing Concept

The idea that an organization should try to satisfy customers’
needs through coordinated activities that also allow it to
achieve its own goals.
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The Marketing Concept
•Marketing Goal –
•Customer satisfaction
•Achieve business objectives
•Boost productivity
•Reduce costs
•Capture market share

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Implementing the Marketing Concept

•Good information re: customer wants
•Consumer orientation
•Coordinate organizational efforts
Customer’s perception of value = measure of success
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The Marketing Concept

•46% executives believe firm is customer focused
•67% executives frequently meet with customers
Marketing is more important as markets are more competitive

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The Marketing Concept

Production Orientation – 19th century
•manufacturing efficiency

Sales Orientation – early 20th century
•Supply exceeds demand – need to “sell” products

Marketing Orientation – 1950’s
•First determine what customers want
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The Marketing Concept

Marketing Orientation – approach requiring
organizations to gather information about
customer needs, share information across firm,
use information to build long-term relationships
with customers.
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Marketing Orientation

Wrigley’s sells products in 180 countries.
Continues to reinvent itself; in 2008, merger
with candy maker Mars.
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Developing a Marketing Strategy

Marketing strategy – plan of action for
developing, pricing, distributing, and promoting
products meeting the needs of specific customers.

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Developing a Marketing Strategy

Target Market – very specific group of consumers
that a company focuses its marketing efforts to
(e.g. Nike – golf clubs for recreational golfers).
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Developing a Marketing Strategy

Total-market approach – firm tries to appeal to
everyone and assumes that all buyers have similar
needs.
(e.g. Salt, sugar, agricultural products).
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Developing a Marketing Strategy

Market segmentation – strategy to divide the total
market into groups of people with relatively similar
product needs.
Market segment – collection of individuals, groups or
organizations sharing one or more characteristics
thus having relatively similar needs and desires for
products.
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Market Segmentation

Minority Buying Power by Race, 1990 versus
2003 & 2005
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Total-Market
Approach

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Market Segmentation Approaches
Concentration – company develops one
marketing strategy for a single market segment.
Specialization (e.g. Porsche’s focus on highincome individuals)

Multi-segment – aims at two or more segments
with strategy for each. (e.g. Raleigh bicycles for
racers, commuters, and children)
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