Wharton's Introduction To Marketing 4b3w2p
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Wharton Business School’s Introduction to Marketing Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
Scope and Limitations
Prof. Barbara E. Kahn
Marketing •
Study about market. •
Seller’s market. Production: focus on company.
•
Buyer’s market. Marketing: focus on customer and competition.
Marketing •
3 principles: • Customer Value • Differentiation • Segmentation, Targeting, Positioning !
•
4 P’s: • Product • Place • Promotion • Price
Strategies for Market Leadership •
Know your markets
•
Customers have the final say
•
Commit to being first in the markets you serve
Strategies for Market Leadership Value mapping iu m m pr e
inferior value
fair value line
|
+
on om
y
|
pa r
ity
Relative costs! to customer
ec
•
—
superior value
—
+ Relative perceived benefits
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Building Strong Brands •
Mental maps
•
Core brand values:
•
•
POP = point of parity
•
POD = point of difference
Brand mantras: communicate, simplify, inspire.
Consumer Behavior in an Omni-Channel World • • •
•
Information search Consideration set / evoked set Choice overload • At the assortment stage, variety is good • At the choice stage, variety can become complex New model of satisfaction: • f (perceived performance - expectations)
Messages that Catch On and Get Shared •
Social currency: we share what makes us look good
•
Triggers: when reminded, we share
•
Emotion: emotional messages are more powerful
•
Public: making behavior public makes it more catching
•
Practival value: we like to be useful and informative
•
Stories: information travels under the guise of chatter
Prof. Peter Fader
Business Approach •
Product-centric
•
Customer-centric
Cracks in the Product-Centric Approach •
Technology-enabled product development > commoditization
•
Technology-enabled information flow > smart customers
•
Technology-enabled delivery > retail saturation
•
Globalization
•
Deregulation
•
Customers want “end-to-end solutions,” which may require products/services from multiple vendors
•
Information systems enable customer-level tracking
Three Cheers for Direct Marketing! •
The individual customer is the unit of analysis
•
Know who their customers are and what they buy
•
Aim to determine marketing communication based on past purchases
•
Constantly determine (and leverage) individual customer value
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Who is the customer?
Customer-Centricity •
Customer centricity is a strategy that aligns a company’s development/delivery of its products/ services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
•
Customer centricity requires the company to be willing and able to change its organizational design, performance metrics, and employee/ distributor incentive structures to focus on this long-run value creation/delivery process.
Customer-Centricity •
Celebrate customer heterogeneity: distinguish profitable customers from less profitable ones
•
Focus on future profitability (CLV, customer lifetime value) rather than past profits
•
Customer-centric organizational structure
•
The competitive advantage: relationship expertise with respect to focal customers
Customer-Centricity •
What to do with non-focal customers?
•
Paradox of customer-centricity: the more that a firm tightens its central focus on a select group of customers, the more it needs its “non-focal” customers to stabilise the overall mix.
A vs. VPA •
Metric used to guide acquisition activities? • A • VPA
•
VPA = CLV
Prof. David Bell
Four Unstoppable Trends •
Democratization in access
•
Value chain disruption
•
Collaborative consumption
•
Matching of supply and demand
success = product x marketing
marketing = STP and the other 3P’s (price, promotion, place)
Frictions in the Real World •
Search friction
•
Geographic friction
The Long Tail Concept
http://www.longtail.com/
Wrap Up
Strategies for Market Leadership •
Know your markets
•
Customers have the final say
•
Commit to being first in the markets you serve
Strategies for Market Leadership Value mapping iu m m pr e
inferior value
fair value line
|
+
on om
y
|
pa r
ity
Relative costs! to customer
ec
•
—
superior value
—
+ Relative perceived benefits
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
The End
Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
Scope and Limitations
Prof. Barbara E. Kahn
Marketing •
Study about market. •
Seller’s market. Production: focus on company.
•
Buyer’s market. Marketing: focus on customer and competition.
Marketing •
3 principles: • Customer Value • Differentiation • Segmentation, Targeting, Positioning !
•
4 P’s: • Product • Place • Promotion • Price
Strategies for Market Leadership •
Know your markets
•
Customers have the final say
•
Commit to being first in the markets you serve
Strategies for Market Leadership Value mapping iu m m pr e
inferior value
fair value line
|
+
on om
y
|
pa r
ity
Relative costs! to customer
ec
•
—
superior value
—
+ Relative perceived benefits
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Building Strong Brands •
Mental maps
•
Core brand values:
•
•
POP = point of parity
•
POD = point of difference
Brand mantras: communicate, simplify, inspire.
Consumer Behavior in an Omni-Channel World • • •
•
Information search Consideration set / evoked set Choice overload • At the assortment stage, variety is good • At the choice stage, variety can become complex New model of satisfaction: • f (perceived performance - expectations)
Messages that Catch On and Get Shared •
Social currency: we share what makes us look good
•
Triggers: when reminded, we share
•
Emotion: emotional messages are more powerful
•
Public: making behavior public makes it more catching
•
Practival value: we like to be useful and informative
•
Stories: information travels under the guise of chatter
Prof. Peter Fader
Business Approach •
Product-centric
•
Customer-centric
Cracks in the Product-Centric Approach •
Technology-enabled product development > commoditization
•
Technology-enabled information flow > smart customers
•
Technology-enabled delivery > retail saturation
•
Globalization
•
Deregulation
•
Customers want “end-to-end solutions,” which may require products/services from multiple vendors
•
Information systems enable customer-level tracking
Three Cheers for Direct Marketing! •
The individual customer is the unit of analysis
•
Know who their customers are and what they buy
•
Aim to determine marketing communication based on past purchases
•
Constantly determine (and leverage) individual customer value
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
Who is the customer?
Customer-Centricity •
Customer centricity is a strategy that aligns a company’s development/delivery of its products/ services around the current and future needs of a select set of customers in order to maximize their long-term financial value to the firm.
•
Customer centricity requires the company to be willing and able to change its organizational design, performance metrics, and employee/ distributor incentive structures to focus on this long-run value creation/delivery process.
Customer-Centricity •
Celebrate customer heterogeneity: distinguish profitable customers from less profitable ones
•
Focus on future profitability (CLV, customer lifetime value) rather than past profits
•
Customer-centric organizational structure
•
The competitive advantage: relationship expertise with respect to focal customers
Customer-Centricity •
What to do with non-focal customers?
•
Paradox of customer-centricity: the more that a firm tightens its central focus on a select group of customers, the more it needs its “non-focal” customers to stabilise the overall mix.
A vs. VPA •
Metric used to guide acquisition activities? • A • VPA
•
VPA = CLV
Prof. David Bell
Four Unstoppable Trends •
Democratization in access
•
Value chain disruption
•
Collaborative consumption
•
Matching of supply and demand
success = product x marketing
marketing = STP and the other 3P’s (price, promotion, place)
Frictions in the Real World •
Search friction
•
Geographic friction
The Long Tail Concept
http://www.longtail.com/
Wrap Up
Strategies for Market Leadership •
Know your markets
•
Customers have the final say
•
Commit to being first in the markets you serve
Strategies for Market Leadership Value mapping iu m m pr e
inferior value
fair value line
|
+
on om
y
|
pa r
ity
Relative costs! to customer
ec
•
—
superior value
—
+ Relative perceived benefits
Strategies for Market Leadership operational excellence
operational competence
product differentiation
performance superiority
customer responsiveness
customer intimacy
The End
Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell IDcourserians sharing session by Andrea K. Iskandar
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