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MGT 6450 Marketing Web Main Menu Syllabus Schedule & Outline Class e-mail News Overview of marketing Small group formation & discussion of products/services via product life cycle Next week: market segmentation

MGT 6450 Marketing

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MGT 6450 Marketing. Web Main Menu Syllabus Schedule & Outline Class e-mail News Overview of marketing Small group formation & discussion of products/services via product life cycle Next week: market segmentation. Marketing News. Generational Marketing Social Marketing News - PowerPoint PPT Presentation

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Page 1: MGT 6450 Marketing

MGT 6450 Marketing

• Web Main Menu

• Syllabus

• Schedule & Outline

• Class e-mail

• News

• Overview of marketing

• Small group formation & discussion of products/services via product life cycle

• Next week: market segmentation

Page 3: MGT 6450 Marketing

“The societal marketing concept holds that the organization's task is to determine the needs, wants, and interests of target markets and to deliver the desired satisfactions more effectively and efficiently than competitors, in a way that preserves or enhances the consumer's and the society's well-being. “

"Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services, organizations, and events to create and maintain relationships that will satisfy individual and organizational objectives."

Page 4: MGT 6450 Marketing

How is marketing done in your organization?

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• How is marketing currently conducted in your organization? What role does a marketing department have in helping form organizational strategy; how well connected are they with other departments and functions in the organization; how is market information gathered, analyzed and used?

• What are the “change drivers” that have propelled marketing to this position in organizations? Why is strategic marketing so crucial in today's marketplace?

• In your organization, where does marketing fit with strategic planning?

• How aware are employees of the marketing concept and efforts of the marketing department (or whomever does it)?

• Examine your organization's mission statement and define it from product/service perspective as well as marketing perspective (who are the customers & what needs are you committed to satisfying?)

• Using the Product Life Cycle, place your product/service line along the continuum (Portfolio methods)

Discussion Questions

Page 6: MGT 6450 Marketing

Strategic Considerations

Page 8: MGT 6450 Marketing

Change Drivers• environment• globalism• demographics• technology• information• economics• politics• complexity

Organizational Response:• paradigm shift• new psychological contract• decentralizing• downsizing• telecommuting• virtual organization• reengineering• teamwork• Learning Organization• mergers/acquisitions• strategic alliances• target marketing• out-sourcing• temps• innovation

Demands• timeliness (JIT)• efficiency• speed• quality• customized• rate of change

Worker Impact• lifelong learning• adaptability/flexibility• networking• self-loyalty

Competition !

Page 9: MGT 6450 Marketing

Less expensive, more widely available communications, transactions, information, and production technologies such as:• Internet based communication and

commerce• Data mining• Pattern recognition algorithms (neural

networks)• Computer integrated design• Rapid prototyping • Simulation testing of designs and

prototypes• Real time data tracking• Nanotechnology• Flexible manufacturing technology• Enterprise wide software

Culturally, ethnically diverse workforce that is more mobile:• Political and economic conditions creating

more opportunities for markets and supplies worldwide

• Aging workforce worldwide• Language and culture differences

Competitive environment:• More informed customers• More evenly distributed technological capabilities

among competitors• More closely linked suppliers• Easier entry for new competitors• World wide market for supplies and workers

Business processes:• More knowledge about customer buying patterns• Improved forecasting ability• Improved production scheduling and tracking• More rapid production process design

Integration:• Coordination of geographically dispersed operations• Coordination of culturally diverse workforce• Coordination of logistics and information with

dispersed networks of customer and suppliers

Workforce:• More use of temporary workers• Competition for skilled and knowledge workers• Management across international cultures• Difficulty in molding organizational cultures

Change Drivers Effects of Change Drivers

Page 10: MGT 6450 Marketing
Page 11: MGT 6450 Marketing

Traditional Strategy ModelMarketing

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Information from Market Research

SWOT or TOWS Analysis for Strategy

Page 14: MGT 6450 Marketing
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• 75% of executive teams do not have a clear customer propositions (idea of the mix that appeals to the target market)

• 85% of management teams spend less than one hour per month discussing strategy

• 60% of organizations don't link strategy and budgeting

• 92% of organizations don't report on strategic lead indicators

• Less than 5% of an organization's workforce understands its strategy

• Only 51% of senior managers, 21% of middle managers, and 7% of line employees have personal goals linked with strategy

• Organizations find that up to 25% of strategy measures change each year

• The failure rate of strategies is between 70-90%, mainly due to poor implementation

What’s gone wrong with strategy?

Page 16: MGT 6450 Marketing

A little bit o’ marketing history

Page 17: MGT 6450 Marketing

Eras of Marketing

Production Era (1900-1925): “a good product sells itself”; offer more products! Build it and they will come! [problem: unsold inventory]. First courses with “marketing” title. Focus on distribution.

Sales Era (1925-1950s): Marketing principles. Good advertising and sales will overcome consumer resistance” (Brand image differentiation); Marketing associations & journals [problem: broad advertising not cost-effective]

Marketing Era (1950s-1980s): Mass market boom! Use of behavioral and quantitative sciences. Customer is King! Find (create) a need and fill it; (market segmentation & targeting) satisfy needs! [problem: too short term & costly]

Relationship/Partnering Era (1990-): Short term financial focus, downsizing, globalization, reengineering trends. Publish or perish pressure on research. Concern, trust, and investment in collaborative relationships with long term customers and competitors (e.g., Saturn owner parties, Sam’s Club memberships, etc.). Specialized interest areas; sophisticated multivariate segmentation; wide application [Problem: still short term, fragmented research, customer manipulation]

Next ?

Pre-Marketing Era (1750-1900): “I got it, you want it?”

Page 18: MGT 6450 Marketing

Pre-Marketing Era (1750-1900)

• “I got it, you want it?”• Cottage industries making narrow

specialties with little variation• Often family businesses• Generally for local trade• Word of mouth promotion• No distinguishing field of study• Example: China 1986 basket and

wood shipping containers

Page 19: MGT 6450 Marketing

Production Era (1900-1925)

• “A good product sells itself” (unsold inventory)

• Offer more products!• Focus on distribution• First courses with

“marketing” title • Problem– unsold inventory

Page 20: MGT 6450 Marketing

Sales Era (1925-1950s)

• Development of generally accepted “marketing principles”

• Good advertising and sales will overcome consumer resistance”

• Brand image differentiation

• Marketing associations & journals (AMA, J. of Retailing, J. of Marketing)

• Problem— broad advertising not cost-effective

Page 21: MGT 6450 Marketing

Marketing Era (1950s-1980s)

• Mass market boom!

• Use of behavioral and quantitative sciences

• Customer is King!

• Find (create) a need and fill it

• Market segmentation & targeting, satisfy needs! (high sales, low prices)

• Problem— too short term & costly

Page 22: MGT 6450 Marketing

Relationship/Partnering Era (1990-)

• Short term financial focus, downsizing, globalization, reengineering trends.

• Concern, trust, and investment in collaborative relationships with long term customers and competitors (e.g., Saturn owner parties, Sam’s Club memberships, etc.).

• Publish or perish pressure on academic research.

• Specialized interest areas; sophisticated multivariate segmentation; wide application

• Problem: still short term, fragmented research, customer manipulation

Hummer Party

Sam’s Club

Page 23: MGT 6450 Marketing

Social Media Marketing (2005-)

• Widespread availability of technology enables lower cost channels

• Online interactivity provides for promotion and information gathering

• Growth of social networking makes for ubiquitous advertising opportunities

• Search specification allows for targeted advertising

• Viral marketing spread through the web via web, e-mail, blogs, video, and other mobile media

• Problem— too many channels?

Page 24: MGT 6450 Marketing

People connected to share

Social networks as an operating system

Every experience can now be social

Personalized and accurate content

Communities define future products & services

http://www.web-strategist.com/blog/2009/04/27/future-of-the-social-web/

Where to from here?