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1 2015 Sekhar Kondepudi
Marketing : Bringing Successful Products
to Market - What/Why/How
Sekhar Kondepudi Ph.D
Certificate in International Economics and Business 20 April 04 May 2015
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Agenda
Quick Overview of Marketing
An Integrated Marketing Plan
New Product Development (NPD)
Product Management & Role of Product Managers
Go To Market Strategies
Innovation & Case Studies
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
3
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
4
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
5
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
What Is Marketing?
The process by which companies create value for customers and build strong customer relationships to capture value from customers in return
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.
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Is Marketing Selling ?
NO !!
Selling is part of Marketing Marketing starts long before the company
has a product or service Marketing involves homework to asses
needs, measure their extent, and determine if a profitable opportunity exists
Selling only occurs only after a product is manufactured or a service is created
Marketing continues throughout a products life, finding new customers, improving product appeal and performance, and managing repeat sales
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Philip Kotler
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Is Marketing Advertising ?
NO !!
Advertising is part of Marketing Marketing starts long before the company places
and ad or develops an advertising strategy Advertising becomes part of an over-all Marketing
Plan Advertising only occurs only after a product is
manufactured or a service is created
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John Eichenberger
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Is Marketing a Department
NO !!
Yes, companies do have Marketing DepartmentsBUT
All departments should be at least customer oriented if not customer driven
In highly competitive markets, all departments must focus on winning customer preference
Companies cant give job security. Only customers can Jack Welch, General Electric CEO
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Philip Kotler
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
American Marketing Association
Marketing is an organizational function and a set of processes for creating, communicating and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
The 4 Ps
Need to address customer satisfactiopn
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
12
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Customer Needs, Wantsand Demands
Needs are states of deprivation Physicalfood, clothing, warmth, safety Socialbelonging and affection Individualknowledge and self-expression
Wants are the form that needs take as they are shaped by culture and individual personality
Demands are wants backed by buying power
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Customer Value Chain
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Perception of Luxury
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Converting Needs to Wants
The need for a vacation becomes a desire to take Caribbean Holiday
The need for fitness becomes a desire for exercise classes
Brooks Focuses on the Benefit of Comfort in Marketing Its Running Shoes
116
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Fulfilling the Need for PRIVACY
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Products, Services, Experiences
Market offerings are some combination of products, services, information, or experiences offered to a market to satisfy a need or want
Marketing myopia is focusing only on existing wants and losing sight of underlying consumer needs
Exchange is the act of obtaining a desired object from someone by offering something in return
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Exchanges and Relationships
Exchange is the act of obtaining a desired object from someone by offering something in return
Relationships consist of actions to build and maintain desirable relationships
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Markets & Marketing Systems
Markets are the set of actual and potential buyers of a product
Marketing system consists of all of the actors (suppliers, company, competitors, intermediaries, and end users) in the system who are affected by major environmental forces Demographic
Economic
Physical
Technological
Politicallegal
Socio-cultural
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Marketing Management
Marketing management is the art and science of choosing target markets and building profitable relationships with them
Customer management What customers will we serve? Demand management How can we best serve these customers?
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Selecting Customers to Serve
Market segmentation: Dividing the markets into segments of customers
Target marketing: Which segments to go after
Choice of a value proposition i.e. the set of benefits or values a company promises to deliver to customers to satisfy their needs
De-marketing: Marketing to reduce demand temporarily or permanently; the aim is not to destroy demand but to reduce or shift it.
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Marketing Management Concepts
Production concept
Product concept
Selling concept
Marketing concept
Societal concept
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Production concept
the idea that consumers will favor products that are available or highly affordable
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Product Concept
the idea that consumers will favor products that offer the most quality, performance, and features for which the organization should therefore devote its energy to making continuous improvements
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Selling Concept
the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Marketing Concept
the idea that consumers will not buy enough of the firms products unless it undertakes a large scale selling and promotion effort
27
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Societal Concept
is the idea that a company should make good marketing decisions by considering consumers wants, the companys requirements, consumers long-term interests, and societys long-run interests
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Example of Societal Concept
Anheuser-Busch
Persuasive message aimed at Reducing the incidence of underage drinking
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
30
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Creating Customers
Identifying customer needs Designing goods and services that meet those
needs Communicating information about those goods
and services to prospective buyers Making the goods or services available at times
and places that meet customers needs Pricing goods and services to reflect costs,
competition, and customers ability to buy Providing for the necessary service and follow-up
to ensure customer satisfaction after the purchase
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Examples to create customers
Creating customers that want to stay with you is all about identifying needs, providing goods and services that meet those needs, pricing, and follow-up service.
Can you think of examples? How would you get customers to stay with you in
your business?
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Customer Relationship Management (CRM)
Customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Customer Value and Satisfaction
Customer perceived value is the difference between total customer value and total customer cost
Customer satisfaction is the extent to which a products perceived performance matches a buyers expectations
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Customer Relationship Levels & Tools
Basic relationships
Full relationships
Frequency marketing programs
Club marketing programs
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Changing Nature of Customer Relationships
Relating with more carefully selected customers uses selective relationship management to target fewer, more profitable customers
Relating for the long term uses customer relationship management to retain current customers and build profitable, long-term relationships
Relating directly uses direct marketing tools (telephone, mail order, kiosks, Internet) to make direct connections with customers
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Partner Relationships
Partner relationship management refers to working closely with partners in other company departments and outside the company to jointly bring greater value to customers
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Partner Relationship Management
Partners inside the company is every function area interacting with customers Electronically Cross-functional teams
Partners outside the company is how marketers connect with their suppliers, channel partners, and competitors by developing partnerships
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Partner Relationship Management
Supply chain is a channel that stretches from raw materials to components to final products to final buyers
Supply management Strategic partners Strategic alliances
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Capturing Value from Customers
Creating Customer Loyalty and Retention
Customer lifetime value is the value of the entire stream of purchases that the customer would make over a lifetime of patronage
Growing Share of Customer
Share of customer is the portion of the customers purchasing that a company gets in its product categories
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Capturing Value from Customers - Equity
Customer equity is the total combined customer lifetime values of all of the companys customers
Building the right relationships with the right customers involves treating customers as assets that need to be managed and maximized
Different types of customers require different relationship management strategies Build the right relationship with the right customers
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
42
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Major Shifts
Digital age
Globalization
Ethics and social responsibility
Not-for-profit marketing
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
The New Digital Age
Globalization
Urbanization
Internetcreates marketplaces and marketspaces
Information
Entertainment
Communication
Think Globally Act Locally ( concept of Glocal)
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
The New Digital Age & Internet
Recent technology has had a major impact on the ways marketers connect with and bring value to their customers
Market research - Learning about and tracking customers
Create new customized products
Distribution
Communication Video conferencing Online data services
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
The Technology Revolution in Marketing
Technology: Application to business of knowledge based on scientific discoveries, inventions, and innovations
Technological advances are revolutionizing marketing WSJ articles
Interactive marketing: refers to buyer-seller communications in which the customer controls the amount and type of information received from a marketer
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
The Internet as a Marketing Tool
The Internet is an all-purpose global network composed of more than 50,000 different networks around the globe that allows those with access to a computer send and receive images and text anywhere
World Wide Web is an interlinked collection of graphically rich resources within the larger Internet
Broadband technology is extremely high speed, always-on Internet connection
Wireless Internet connections for laptops and PDAs
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Using the Web as a Marketing Tool
How Marketers Use the Web Interactive brochures Online newsletters Virtual storefronts Information clearinghouses Customer service tools
What other ways can you think of?
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
From Transaction-Based Marketing to Relationship Marketing
Transactionbased marketing (Simple exchanges)
Relationship marketing Lifetime value of a customer
Converting new customers to advocates
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Relationship Marketing
Holiday Inn building a relationship beyond selling a place to sleep
50
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
One to One Marketing
Customized marketing program designed to build long-term relationships with individual customers.
Identifying a firms best customers and increasing their loyalty.
Sbarro Pizza chain reaches teens with LidRock.
Sip and Spin with personalized entertainment
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Non-Traditional Marketing
Person Marketing
Place Marketing
Cause Marketing
Event Marketing
Organization Marketing
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Person Marketing
Efforts to cultivate the attention, interest, and preferences of a target market toward a celebrity or authority figure
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Place Marketing
Attempt to attract people and organizations to a particular geographic area.
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Cause Marketing
Identification and marketing of a social issue, cause, or idea to selected target markets
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Event Marketing
The marketing of sporting, cultural, and charitable activities to selected target markets
Visa, one of many sponsors of the Summer 2004 Olympic Games
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Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Organization Marketing
Involves attempts to influence others to accept the goals of, receive the services of, or contribute in some way to an organization.
57
Certificate in International Economics and Business 20 April 04 May 2015
Economics Executive Programs
2015 Sekhar Kondepudi
Quick Overview of Marketing
What is Marketing?Customers
- Value & RelationshipsThe Marketplace & Customer Needs
Todays Marketing Landscape
58