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INTRODUCTION TO MARKETING WEEK 1

Seller’s Market Buyer’s Market


Marketing: Product- Marketing: Customer-focused market, look at what that customer wants, and
focused market, you deliver a product that meets the needs of that customer. Outside-in. pick and
have the product, choose customers (process of segmentation). Deliver value to some
customers come to customers.
you. Inside-out. Profitability: Not from volume, but it's from creating value. And/Or, sell to
Profitability: sell as the same customer over and over by building loyalty, customer share/ wallet
much as possible, i.e. share. More difficult and more expensive to acquire new customers, but it is
volume. Market cheaper to retain those customers over time, and that's where the
share profitability comes from.

Principles of Marketing:

1. Principle of customer value


2. Principle of differentiation (Provide customer value better than the competition)
3. Principle of segmentation, targeting and positioning

Tools to deliver ---^

1. Product (what the seller puts into the exchange)


2. Place (platform of delivering product to the customer)
3. Promotion (way the seller communicates the benefits about that product to the buyer)
4. Price (what the buyer puts into the exchange)

Strategic Marketing Framework

Customers choose products based on 3 bundles:

1. Operational excellence (price and cost, also delivery, service, reliability)


2. Performance superiority (product design and style, innovation, technology)
3. Customer intimacy (product meets customer’s needs)

Customers have the final say: Classify the products into these three bundles and they kind of give them a
score in each one of these three dimensions. And then they decide which one of those dimensions is the
most important to them and they pick the product that's the best on one of those dimensions and good
enough on the other two.
Fair Value

One product has an advantage over the


rest, everybody tries to copy and mitigate
the advantage. Thus fair value line is not a
static line, constantly changing over time.
It's constantly moving up, moving to the
lower right as the market gets more and
more competitive.

Types of companies

1. Operational company -- hierarchical strategy that, with allocation of resources prioritized to


information technology et cetera.
2. Performance superiority company – tends to be more of an R and D company, tend to hire
innovative people who don't like structure (top-down organization)
3. Customer intimacy -- focus on prioritizing market research, customer knowledge, kind of a
consulting, yes culture. You have to let the customer come first.
STP

Segmentation Targeting Positioning

process of dividing up the - positioning your product to meet the needs of the
market into distinct subsets, target segment
where any subset could 1. Who is the target segment? (e.g. Apple,
conceivably be selected and positioned to creative people)
then you pick one of those 2. What is the point of difference that they're
market segments to be your offering to that target segment? (Apple offers
target. And you reach or you innovative, state of the art products)
deliver to that customer 3. What is the frame of reference (who are the
segment, that market segment, other competitors that they are comparing
with a distinct marketing mix themselves to)? (Apple changed from “Apple
(4Ps) Prizm: segmentation computers” to “Apple” computers  consumer
based on geography electronics)

Brand Mantra

Essence of the brand mantra

1. brand function (describes the nature of the product or service, the type of experiences, the
benefits that the brand provides.)
2. Descriptive modifier (further classifies or clarifies the nature of what the brand is delivering.)
3. Emotional qualifier (explains exactly what those benefits are, and in what way the brand delivers
on them.)

The brand mantra is used internally to guide decisions. What the brand should and shouldn't be.

Experiential Branding

Connected community  notion of customer experience comes in.

A brand is an experience, it needs to have senses. What's the vision of it? What does it look like? What
does it smell like? Maybe what does it taste like? What does it sound like? Is there music associated with
it? What does it feel like? What are the senses? How do you feel about it? Is it a happy brand? Is it a sad
brand? What are the emotions you feel with this brand? What do you think about it? How does it make
you behave or act? What does it relate to? (refers to the social environment, culture) The sensuous is
across the five senses, you want to have a consistent experience. The feel part are the emotions. You
should appeal to the customer's inner feelings and build strong emotions to it. The cognitive is the
intellect. The thought process. The intrigue. The surprise. Whatever is, but thoughts. The behave is the
way, how people act around it. It can be inspirational. It can cause you to act in a certain way. And social
is the part of the social system, the culture, that surrounds the brand.