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Marketing Strategic Planning - Coggle Diagram
Marketing Strategic Planning
Examples of marketing
Crowdsourcing
replaces traditional product development
Collecting information from the public to guide a company's product development & advertising efforts
Surge Pricing
to help supply meet the demand
Eg: Grab, Gojek
Subscription business
catches the long tail (Selling a large number of popular products & lower volume of niche products)
Eg: Netflix & Spotify (Local vs Worldwide)
Provider of Marketing Decision making
Brand Management
Sales
Marketing analytics
Advertising
Ecommerce management
Marketing Research
Provider & Consumer of MDM
Consulting firms
Tech firms
Start-ups
Consumer of MDM
Venture capital
Finance
Earlier Eras of "Marketing"
Production Orientation
Focus on supply
Eg: Ford (Automobile company)
Sales Orientation
Focus on making products & selling aggressively to get rid of stock
Conducted door to door sales (common technique after WWI)
Product Orientation
Focus on product improvement
Eg: Coca Cola's secret formula (Differentiate from other competitors, more technological innovation after WWII)
Marketing Orientation
Modern marketing
An intense focus on underlying customer needs & value creation, rather than the product & services
Marketing Myopia
A lack of insight into what a business is doing for its customers.
(Focus on producing products even if it is not what the consumer needs)
Organizations invest so much time, energy, and money in what they currently do that they're often blind to the future
Eg: "Customer don't buy a drill, they buy a hole"
Goal is not to sell things but
satisfy what the consumer needs
Should focus on customer needs & offer superior customer value
Every product in the market will eventually be replaced by a competitive alternative
Needs, Wants, Demands
Needs are states of
felt deprivation
(Eg: Hunger, thirst, sex, rest & warmth)
Wants are the form of human needs take as they are
shaped by culture & individual personality
(Eg: Food, drinks, relationship)
Demands are human wants that are
backed by buying power
Eg: I need to sleep, I want a memory foam mattress, I am willing to pay $1200
(Physiological needs)
Eg: I need social status, I want a private Jet, I am willing to pay $50,000
(Ego Needs)
Physiological Needs
Water, Sleep, Food
Safety
Security, Shelter, Protection
Belongingness
Love, friendship, and Acceptance by Others
Ego Needs
Prestige, status, Accomplishment (eg: Cars, liquors, credit cards)
Self-Actualization
Self-Fulfillment, Enriching Experiences (eg: Hobbies, travel, education)
Customer Value
Economic Value
Provides
tangible monetary savings
either at time of purchase or over long-term use
Functional Value
Product that are more
feature-rich
than another & a customer can make purchase decision based on the product's feature set
Social Value
Derived through how much a product/service
enables customers to form connection or share info with others
Experiential Value
Intangible, Psychological & emotional value
that can be derived from brands or great service
Design: Fit & Finish
Brand: Image
Experience & Service
Emotional association