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Chapter 4 Capturing Marketing Insights - Coggle Diagram
Chapter 4 Capturing Marketing Insights
strategy marketing
Gathering market information---exploring the value
market research
macro environment
customer needs
competitive&market
A model of the firm's environment
Macro environment
: Economy, Technology, Culture, Politics, infrastructure
Competitive or Operating Environment
: Customers, Intermediaries, Suppliers, existing and potential competitors, Employees, Media, Administrators, Interest Groups
Organizational or Internal Environment
: Corporate policy, competitive strategy, management systems, resources and capabilities
Management Decision-makers
The Macroenvironment
major forces in the company's macroenvironment
Demographic
Demography
is the study of human populations-- size, density, location, age, gender, race, occupation, and other statistics.
Demographic environment
involves people, and people make up markets.
Demographic trends
include changing age and family structures, geographic population shifts, educational characteristics, and population diversity.
Markets are becoming more
diverse
, international&national; Diversity also includes: Ethnicity & Gay and lesbian & Disabled
Economic
The
economic environment
consists of factors that affect consumer purchasing power and spending patterns.
Income Distribution
: Over the past several decades, the rich have grown richer, the middle class has shrunk, and the poor have remained poor.
Natural
The
natural environment
is the physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.
Trends in the Natural Environment
: Growing shortages of raw materials+Increased pollution+Increased government
intervention+Developing strategies that support environmental sustainability
Technological
Most dramatic force in changing the marketplace
New products, opportunities
Concern for the safety of new products
Political and Social Environment
Increased emphasis on ethics
Socially responsible behavior
Cause-related marketing
Cultural
The
cultural environment
consists of institutions and other forces that affect a society’s basic values, perceptions, and behaviors.
Culture of immediacy and gratification
A Company’s Marketing Environment
Microenvironment
consists of the actors close to the company that affect its ability to serve its customers—the company, suppliers, marketing intermediaries, customer markets, competitors, and publics.
Macroenvironment
consists of the larger societal forces that affect the microenvironment— demographic, economic, natural, technological, political, and cultural forces.
The Microenvironment
Actors in the Microenvironment
The Company
With marketing taking the lead, all departments—from manufacturing and finance to legal and human resources—share the responsibility for understanding customer needs and creating customer value
suppliers
Suppliers form an important link in the company’s overall customer value delivery network. Supplier problems can seriously affect marketing.
marketing intermediaries
Marketing intermediaries are firms that help the company to promote, sell, and distribute its goods to final buyers.
Resellers+Physical distribution firms+Marketing services agencies+Financial intermediaries
competitors
Firms must gain strategic advantage by positioning their offerings strongly against competitors’ offerings in the minds of consumers.
publics
Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives:
Financial publics
Media publics
Government publics
Citizen-action publics
Local publics
General public
Internal publics
Customers
Consumer markets
: Customers vs Consumers &
Business markets
: Clients
There is
a variety of ways
in which marketers refer to people with whom they are exchanging goods and services.
The term ‘customer’ is not always a neutral one and it has connotations that not all people in all organisations will appreciate – e.g. Patient, Citizen, Student, etc.
the buying decision process :The consumer typically passes through five stages
Problem recognition
Information search
Evaluation of alternatives
Purchase decision
Post-purchase behavior
Business market
Consists of all
the organizations
that acquire goods and services used in the production of other products or services that are sold, rented, or supplied to others
Fewer, larger buyers
Close supplier–customer relationships
Professional purchasing
Multiple buying influences
Derived demand
Inelastic demand
Fluctuating demand
Marketing Information and Customer Insights
Managing Marketing Information
Marketing information system (MIS)
refers to the people and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights.
Marketing information system
Marketing managers and other information users
: Obtaining customer and market insights from marketing information
Assessing information needs
Analyzing and using information
Developing needed information
internal databases+Marketing Intelligence+Marketing research
Marketing environment：target markets+marketing channels+competitors+publics+Macroenvironment
Customer Insight
Customer Insight
is a fresh and not yet obvious understanding of customer beliefs, values, habits, desires, motives, and emotions that can become the basis for competitor advantage
It is logical in hindsight, but not obvious before it is discovered.；It is a unique and fresh perspective；It rarely emerges from quantitative research
Customers do not change behaviour easily, people are creatures of habit. Yet, we are trying to get them to change by offering new products and services. This can only work if
these offerings actually solve an existing and relevant need
which is not sufficiently satisfied.
Potential Customer Insights
where might they come from?
Cognition:
What do they know about our product/service? (
product knowledge
)
What information do they need for decision-making?
How do they learn about the product?
What is their perception of the market? (
competitor brands
)
What attributes and benefits do they seek? (
product attributions
)
Affect:
How do they feel about the product? (
product attachment
)
What is their perception and attitude towards the brand? (
brand responses
)
How do they feel about other customers? (
users and non-users
)
Behaviour:
Who is involved in the
decision-making process
? Who do they refer to, who takes the decision?
What
channels
do they use and why?
Where do they look for information? (
information seeking behaviour
)
Where, when and how
do they buy?
How
do they use the product?
How frequently
do they re-purchase?
What
benefit
do they currently seek that it currently not being delivered by brands in the market?
Data Analytics
Volume+Velocity+Variety
Not just quantity but quality as well：Sentiment analysis+Predictive analysis
Research in Marketing
Uses of Research in Marketing
1. Identify market opportunities and problems
Market demand determination
Market segment identification
Marketing audits
SWOT analysis
Product/service use studies
Environmental analysis
Competitive analysis
Firms must gain strategic advantage by positioning their offerings strongly against competitors’ offerings in the minds of consumers.
Who are our competitors?
What are their strategies and objectives?
What are their strengths and weaknesses?
What are their response patterns?
2. Develop, refine, and evaluate potential marketing activities
testing communication messages
marketing mix evaluation testing
new/existing product testing
concept tests：prior to ad development the test is needed.
new product prototype testing
reformulating existing products testing
pricing tests
advertising test
ad recall studies: primarily after ad has been launched the test is needed
radio listenership studies
magazine/newspaper readership studies
promotion effectiveness studies
distribution effectiveness studies
recognition tests: after ad has been launched the test is needed
attitude and opinion tests:any time during or after ad development
emotional reaction tests: any time during or after ad development
physiological tests: anytime during or after ad development
persuasion analysis: after ad has been lauched
Monitor marketing performance
Types of studies for monitoring marketing performance
Image analysis
Tracking studies
Customer satisfactions studies
Employee satisfaction studies
Distributor satisfaction studies
Web site evaluations
key brand equity metrics:
familiarity
-----salilence, eg, familiarity relative to other brands in consideration set
penetration
----number of customers, or number of active customer as percentage of intended market
brand perception
----brand preference as percentage for consideration of other brands within consideration set; intention to buy; or brand knowledge
what they feel
----customer satisfaction as percentage for consideration set about brand
loyalty
-----behavioural(share of requirements, repeat buying, retention, churn) and /or intermediate(commitment, engagement or bonding)
availability
----distribution,eg,weighted percentage of retail outlets carrying the brand
key employee based metrics
organization focused
perceived calibre of employee
relative employee satisfaction
commitment to corporate goals
employee retention
perceived resource adequacy
appetite for learning
freedom to fail
customer/brand empathy
Improve marketing as a process
Basic Marketing Research
：research conducted to expand general knowledge on marketing knowledge
and applications
Applied marketing Research
：research conducted to solve specific marketing problems