Marketing Lecture 4 PDF

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Marketing lecture 4 summary and notes: strategic marketing part 1

Strategic marketing: companies and business areas

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Example with Mars company (can have multiple business segments):  Business segment I: confectionary (mars, snickers, m&m’s)  Business segment II: pet food (royal canin, whiskas)  Business segment III: food (ben’s, combos)

Two perspectives in marketing: Outsid-in perspective   

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Selection of an industry or market (based on attractiveness of the industry or market) Formulation of a strategy (tasking into account the strategies of the competition) Deployment of the necessary resources (internal or external procurement thereof)

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Inside-out perspective Identification of own resources and competences Selection of the markets in which these “assets” can be deployed most effectively Optimal use of these assets (marketing as end-product, core-product, as asset)

Outside-in examples (in the lecture): Ergobag, Ryanair, VIU Inside-out examples (from the lecture): Gore-Tex, Nivea

Components of a marketing concept:

1. Planning the growth strategy Growth potentials I Customer potential Competencies / market potential Product potential

Growth potentials II

2. Planning of the core task profile Task-oriented perspective on marketing

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Customer acquisition: acquiring “new” customers  Competitors’ customers

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Customer acquisition: price/volume strategy Customer acquisition: preferential strategy  offering your customers and potential customers a “cheap” entry version (example with iPhone SE compared to iPhone 11 etc.

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Customer retention: penetration  Better exploit price willingness  Try to identify customers’ individual willingness to pay and adjust the price upward or downward to maximize profits Increase repurchases   Decrease the period between repurchases Upselling   Influence the customer in a way that they purchase a more expensive product than originally intended  Follow-up purchases  Establish a relationship with customers that will lead to subsequent purchases (e.g., a subscription model) Cross-selling   Nudge customers to purchase related or complementary products or services

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Customer retention: retention Ensuring continuous repurchases   Nudge customers into continuous repurchases Avoiding the switch to competition   Avoid customers switch to competition (e.g., through nudging them into a loyalty loop)  Customer recovery management  Win customers back who have terminated a customer relationship (e.g., who cancelled a subscription membership)  Professional complaint management  Deal in the best way possible with customers who complain about a company’s product or service. Ideally, a professional complaint management even increases customer satisfaction  Increasing customer satisfaction  Have the most satisfied customers

The service recovery paradox:...