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Week1Lecture-Final.pptxIntegrated Marketing
Session 1
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What we’ll cover today?
What is Marketing?
What are Core Marketing Concepts?
What is Integrated Marketing?
What are the New Marketing Realities?
How do we define Consumer Value?
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What is Marketing?
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Marketing Definition
Marketing - Processes for creating, communicating, delivering and exchanging offerings that have value for customers and build strong customer relationships to capture value from customers in return.
Marketing Management – Art and science of choosing target markets and getting, keeping and growing customers through creating, delivering and communicating superior consumer value.
The Aim of Marketing – To know and understand the consumer so well that product or service fits and sells itself.
Examples?
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Today’s marketing is no longer just “telling and selling” - but more focused upon satisfying customer needs in a socially responsible and ethical manner. Discussion - what does that mean? Examples of good marketing? At core, marketing is building profitable, value-laden exchange relationships with customers and strong customer relationships in order to capture value from customer in return.
Core Marketing Concepts
Needs, Wants, and Demands - Marketers strive to respond to needs of customer – Who is customer and what is appeal of Mercedes? Apple”? Starbucks?
Target Markets, Positioning and Segmentation - Marketers identify distinct segments of buyers through demographics, psychographics, behavioral differences. Position brand as delivering key benefit – Volvo?- Porche?
Market Offerings and Brands - Brand - offering from a known source that works to develop a brand image (Creative, innovative, easy-to use, cool, fun). Example of brands and what they represent?
Product value proposition - set of benefits that satisfy specific consumer needs
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Mercedes - social status, Apple - iphone and tablet) Volvo – safety. Porche – pleasure, excietement, speed.
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Core Marketing Concepts
Three screens to consumer; TV, Internet and mobile
Media Categories:
Paid
Owned
Earned
Impressions - When consumers view a communication - metric to track reach (but do not provide insights)
Engagement - extent of active involvement with communication (Facebook “likes” Twitter tweets, comments on blog or website, sharing video or content
Value and Satisfaction- sum of tangible and intangible benefits perceived by consumer + cost
Customer Value - Quality, service, price (QSP). Satisfaction - judgement on product’s performance vs. expectations. Does it meet or fall short?
Supply Chain- Raw materials to final product (value delivery system- enhanced by expansion, acquisition
Competition - All rival offerings and substitutes considered by customer or consumer
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Paid Media - TV, Magazines, display ads, paid search - ad for cost
Owned Media - Company’s platform, Facebook. Website, blog, twitter, instagram
Earned Media - free brand messaging by press (publicity) consumers; WOM, buzz, viral marketing. Chipolte - committed to fresh food; supports family farms, sustainable ingredients from local growers. “Food with Integrity” - case against processed food and industrialized farms - Willie Nelson and Indie Rocker Karen O.
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The 5 Step Marketing Process 重要！
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In first four steps companies work to understand consumers, create customer value and build strong customer relationships. In turn, companies catch value form customers; sales, profits, long-term customer equity.
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What is Marketed?
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What is Marketed?
Goods
Services
Events
Experiences
Persons
Places
Properties
Organizations
Information
Ideas
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GOODS (billions of items; cars to food, to sports equipment to technology, ⅓ of industry. SERVICES - (2/3rds of industry - airlines, hotels, car rentals, beauticians, lawyers) EVENTS; trade shows, performing events, global sports events (Olympics,World Cup, local baseball team, farmer’s markets; EXPERIENCES; Disneyland, baseball camp, trip to galapagos islands. PERSONS- Oprah, Beyonce, PLACES (what happens in Las Vegas, stayS in Las Vegas), tourism for cities, countries, PROPERTIES; stocks & bonds, residential or commercial real estate, ORGANIZATIONS - Museums, Universities, Corporations, INFORMATION ; Media Networks, books schools, . IDEAS - Revlon make-up - Charles Revson - In factories we make cosmetics, in drugstores we sell hope. Social Markets - “Friends Don’ Let Friends Drive Drunk, A MInd is a Terrible Thing to Waste.
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Who Markets?
Marketers - seek response, attention, purchase, vote, donation from….
Prospects- who we’re marketing to
Negative demand 医疗保险
Non-existent demand
Latent demand 潜在需求
Declining demand DVD
Irregular demand 雨伞
Full demand 手机
Overfull demand
Unwholesome demand
Marketer must identify underlying cause of demand and determine plan of action to shift demand to more desired state
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Where are the Markets?
“Market” - a physical place where buyers and sellers gather to buy and sell goods- whether it’s a physical place or a virtual place
Key Customer Markets:
Consumer Markets --mass marketing of goods or services, strong brand image based on superior product or service, engaging communications and reliable performance
Business Markets --business good and services from raw goods to technology - sales force, price and seller’s reputation key
Global Markets --How to adapt product to each culture, language, legal and political systems
Nonprofit and Governmental Markets--Need to handle price sensitivity, bids, practical solutions for lowest costs
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Traditional -4 P’s of Marketing
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This construct has been the paradym for defining the various aspect of the marketing mix for decades. But many dispute that his is not applicable to the current environment. Do you agree or disagree and why or why not?
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4 P’s + 3
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New Marketing Realities
Technology -
Staggering growth
500 million mobile phones in India
Facebook monthly users surpassed 1 billion
Information and data defines new marketing process
Globalization-
By 2025 annual consumption in in emerging markets will total $30 trillion
Companies define growth by globalization, Starbucks, McDonald’s, Taco Bell
Social Responsibility - Cultural Relevance, Elevation the role of corporate responsiblity
Houston Flood (Walmart - Harvey)
Tom’s Shoes
Others?
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P&G - committed to change -
used for business focus in 80 countries
Tide news desk monitors social chatter
Sent out video footage of fuel spill clean-up
Sales team increased revenue 1.5 percent using ipads
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Trends and Changing Marketplace
Consumer Capabilities Dramatic Change
Internet is powerful information and purchasing tool
Can search, communicate, purchase on the move
Can share opinions and express loyalty
Can actively interact with companies
Can reject products or companies they find inappropriate
New Company Capabilities
Internet is powerful information and sales channel
More information available about markets, customers, prospects, competitors
Can reach consumers more quickly and efficiently through social media and mobile marketing (targeted ads, coupons, information)
Can improve purchasing, recruiting, training and internal and external communications
Can improve cost efficiency
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What is Integrated Marketing?
Alignment of many different product and marketing activities that together create, communicate and deliver customer value
Planning in a systematic way to determine the most effective and consistent messaging for appropriate/target audiences
Execution of all types of advertising-like and promotion-line messages selected for a brand, service, or company, in order to meet a common set of communications objectives, or more particularly to support a single positioning
Source: Percy, “Strategic Integrated Marketing Communications”
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IM Tactics Amplify Message
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Integrated Marketing amplifies single-minded, consistent and focused messaging. It amplifies message in multiple channels and ultimately customers become advocates
IM - Video
What is Integrated Marketing? - YouTube
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Creating and Capturing Customer Value
Creating Value -Product quality, design, features and packaging
Delivering Value - To all stakeholders; target marketer, retailers, wholesalers, distribution firms
Communicating Value - Company must adequately communicate value embodied by product or service to target audience
Integrated Marketing Plan
Advertising, sales promotion, events, public relations
Online, social media, mobile options
Direct and database marketing
Hire, train and motivate sales team
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Maslow _Hiearchy of needs - human actions arise from innate desire to fulfill needs ranging from basic (security, warmth, food, sleep) to the complex (self-esteem, self-actualization, altruism).
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Building & Capturing Customer Value
Customer Value - A customer value proposition is a business or marketing statement that describes why a customer should buy a product or use a service. It is specifically targeted towards potential customers rather than other constituent groups such as employees, partners or suppliers.
Perceived Value - the worth that a product or service has in the mind of the consumer. For the most part, consumers are unaware of the true cost of production for the products they buy; instead, they simply have an internal feeling for how much certain products are worth to them.
Factors Influencing customer value:
Pricing
Quality
Defined Benefits
Emotional Payoffs
Achievement of goal or desire
Homework Assignment - In a 3-5 minute powerpoint choose a product or service that you use and care about. Evaluate the customer value. Evaluate factors influencing customer value for your selected product/service.
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Homework Assignment - In a 3-5 minute powerpoint minute powerpoint choose a product or service and evaluate the customer value. Evaluate “perceived” vs. “derived” and factors influencing customer value for your selected product/service.
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Maslow’s Hierarchy of Needs
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What an Integrated Campaign Looks Like
Cathay Pacific Airlines – “Life Well Travelled,” 2015
Campaign components:
Television Advertising
Print & Outdoor Advertising
On-line Advertising
Social Media Initiatives with Key Influencers
Company Web Site - contentt hub
Public Relations
Hastag #lifewelltravelled
Display advertising on media outlets such as CNN.
Campaign Asia Pacific, January 20, 2015
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As a campaign, "Life well traveled" aims to introduce the airline's new brand position, focusing on the "imperfections of travel" and the role Cathay Pacific plays in delivering a "realistic experience.""Insights gained from Cathay Pacific’s customers, staff and stakeholders led to one central idea: To live well, one must also travel well. Not in a "glitz and glamour" sense but rather a "realistic and human" one."Life well traveled" involved reaching back into Cathay’s 70-year history as well as looking at the demands of customers in the modern era.In the beginning we looked at Wu Xing philosophy and the central elements that create a balanced experience in life,". "We realized there’s more to experience than just people, and we want to be relevant to people throughout the year rather than just when they travel."Part of this was acknowledging that the time spent flying represents a small part of a person’s overall travel experience, albeit an important part. "The belief that travelling well is part of living well emerged continuously in our discussion with people at Cathay," Lever said.
Television – 60 second commercials
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Print & Outdoor Advertising
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Print & Outdoor Advertising
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On-Line Advertising
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Social Media - Instagram
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Social Media – Facebook
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Social Media – You Tube
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CX Web Site
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Public Relations
Press Release & outreach to:
Travel trades
Marketing & Advertising trades
Travel sections of global media (Print & on-line)
Travel writers
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The Cathay Pacific Campaign
What strikes you about the campaign?
Who are the targets for these ‘messages’?
Why did they choose the components they did?
How effective do you think this campaign will be?
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Contemporary IM Approach
Packaging
Sales
promotion
Direct
response
Point of
purchase
Publicity
Interactive
-digital
-social
-mobile
Public
relations
Direct
marketing
Special
events
Mass media advertising
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The IM Promotional Mix
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The Growth of Advertising and Promotion
New marketing channels
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Why is IM important today?
Financial economies of scale
Exceptional amount of competitive noise in the marketplace - IM provides focus, alignment
Surrounding the customer/consumer with aligned messages is critical
Your competition is already practicing integrated marketing communications
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What typifies an IM organization?
Guiding Principles:
Become a customer-centric organization
Use outside-in planning
Focus on total customer experience
Align customer goals with corporate goals
Set customer behavior objectives
Treat customers as assets
Streamline functional activities
Converge MARCOM activities
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Marcom is targeted interaction with customers and prospects using one or more media, such as direct mail, newspapers and magazines, television, radio, billboards, telemarketing, and the Internet.
Examples
Guiding Principles of IM:
Become a Customer Centric Organization
Use Outside-in Planning
Focus on the total customer experience
Align consumer goals with corporate objectives
Set customer behavior objectives
Treat customers as assets
Streamline functional activities
Converge marcom activities
Illustrations:
Who has had an experience at Nordstrom? The Ritz-Carlton Hotels?
Who has been contacted by a market research firm for an opinion?
Describe your last interaction with a “customer care” representative
Who has had experience with sales quotas?
Has anyone been the object of “up-sales?”
Has any company done anything that you would consider an “investment” in you as a customer?
Have you ever been the target of conflicting messages and incentives from the same company? (i.e. ad and coupon are misaligned)
What company, in your experience, does electronic relationships correctly?
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The IM Planning Process
Five step process:
Identify and select the appropriate target audience
Determine how that target audience makes product & brand decisions
Establish how the brand will be positioned within its marketing communications and select a benefit to support that position.
Set communications objectives
Identify appropriate media options consistent with the communications objectives to optimize message delivery and the processing of the message
Source: Percy, “Strategic Integrated Marketing Communications”
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