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Wharton Business Schools

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.

Sellers market. Production: focus on company.

Buyers market. Marketing: focus on customer


and competition.
Marketing

3 principles:

Customer Value

Differentiation

Segmentation, Targeting, Positioning


4 Ps:

Product

Place

Promotion

Price
Strategies for
Market Leadership

Know your markets

Customers have the nal say

Commit to being rst in the markets you serve


Strategies for
Market Leadership

Value mapping
Relative costs
to customer
Relative perceived benets

+
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inferior value
superior value
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p
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m fair value line
Strategies for
Market Leadership
operational excellence
performance superiority customer intimacy
operational
competence
customer
responsiveness
product
differentiation
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 ow > 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
performance superiority customer intimacy
operational
competence
customer
responsiveness
product
differentiation
Who is the customer?
Customer-Centricity

Customer centricity is a strategy that aligns a


companys 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 nancial value to the rm.

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


protable customers from less protable ones

Focus on future protability (CLV, customer


lifetime value) rather than past prots

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 rm tightens its central focus on
a select group of customers, the more it needs
its non-focal customers to stabilise the overall
mix.
CPA vs. VPA

Metric used to guide acquisition activities?

CPA

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 3Ps
(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 nal say

Commit to being rst in the markets you serve


Strategies for
Market Leadership

Value mapping
Relative costs
to customer
Relative perceived benets

+
+
inferior value
superior value
e
c
o
n
o
m
y






|






p
a
r
i
t
y






|






p
r
e
m
i
u
m fair value line
Strategies for
Market Leadership
operational excellence
performance superiority customer intimacy
operational
competence
customer
responsiveness
product
differentiation
The End
Course delivered by Profs. Barbara E. Kahn, Peter Fader, & David Bell
IDcourserians sharing session by Andrea K. Iskandar