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Mr. Insight

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• The first is that it’s a philosophy.

• Second, marketing is the activity, set of institutions, and processes used to implement the philosophy.

• David Packard, cofounder of Hewlett-Packard, stated that “marketing is too important to be left only to the marketing department.”

• Marketing is a process that focuses on delivering value and benefits to customers.

• It uses communication, distribution, and pricing strategies to provide customers with the goods and services they want.

• It includes building long-term, mutually rewarding relationships.

• It entails an understanding that organizations have many connected stakeholder partners, including employees, suppliers, stockholders, distributors, and others

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“Loyalty” is an old-fashioned word describing being deeply committed to one’s country, family, or friends. It came into marketing with the term brand loyalty. But can people be loyal to a brand? Tony O’Reilly, former CEO of H. J. Heinz, proposed this test of brand loyalty: “Just test it.. whether a housewife, intending to buy Heinz tomato ketchup in a store, ﬁnding it to be out of stock, will walk out of the store to buy it elsewhere.” That some people will be exceptionally loyal to some brands is incontrovertible. The Harley Davidson motorcycle owner won’t switch even if convinced that another brand performs better. Apple Macintosh users won’t switch to Microsoft even if they could gain some advantages. BMW fans won’t switch to Mercedes. We say that a company enjoys high brand loyalty when a sizable number of its customers won’t switch. Brand loyalty is roughly indicated by the company’s customer retention rate. The average ﬁrm loses half its customers in less than ﬁve years. Firms with high brand loyalty may lose not more than 20 percent of their customers in ﬁve years. But a high retention rate may indicate other things than loyalty. Some customers stay on because of inertia or indifference or being held hostage to long-term contracts.

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1. Those that make things happen.

2. Those that watch things happen and respond.

3. Those that watch things happen and don’t respond.

4. Those that didn’t notice that anything had happened.

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Brand assets: These are the sources of influence of the brand (awareness/saliency, image, type of relationship with consumers), and patents.

Brand strength at a specific point in time as a result of these assets within a specific market and competitive environment. They are the ‘brand equity outcomes’ if one restricts the use of the phrase ‘brand equity’ to brand assets alone. Brand strength is captured by behavioural competitive indicators: market share, market leadership, loyalty rates and price premium (if one follows a price premium strategy).

Brand value is the ability of brands to deliver profits. A brand has no financial value unless it can deliver profits. To say that lack of profit is not a brand problem but a business problem is to separate the brand from the business, an intellectual temptation. Certainly brands can be analysed from the standpoint of sociology, psychology, semiotics, anthropology, philosophy and so on, but historically they were created for business purposes and are managed with a view to producing profit.

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Companies are set up to achieve a mission. They word their mission in various ways:
•Dell’s mission: “To be the most successful computer company in the world at delivering the best customer experience in the markets we serve.”

•Mars Company’s mission: “The consumer is our boss, quality is our work, and value is our goal.”

•McDonald’s mission: “Our vision is to be the world’s best ‘quick service restaurant.’ This means opening and running great restaurants and providing exceptional quality, service, cleanliness and value (QSCV).”

Virgin Atlantic Airways’ success is partly due to redeﬁning its business as entertainment, rather than just transportation. Virgin helps its passengers avoid a boring ﬂight by supplying personal videos, massages, ice cream, and other treats only later imitated by its major competitors. Johnson & Johnson prefers to prioritize its goals: Its ﬁrst responsibility is to its customers, its second to its employees, its third to its community, and its fourth to its stockholders. This ordering of priorities is the best way to ensure proﬁts for the stockholders, as J&J has proved over the years. Most mission statements contain the right phrases: “People are our most important asset.” “We will be the best at what we do.” “We aim to exceed expectations.” “We aim to make above average returns for our shareholders.” The lazy way to prepare the mission statement is to assemble these in any order. Print your mission statement on the back of your business card to remind your people, your prospects, and your customers of what your company stands for.

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A company must use media. If your company doesn’t use media, for all practical purposes your company doesn’t exist. The major media include television, radio, newspapers, magazines, catalogs, direct mail, telephone, and online. Each medium has its advantages and disadvantages in terms of cost, reach, frequency, and impact. An advertising agency devotes a major department to the work of ﬁnding the best media for attaining a given level of reach, frequency, and impact for a given budget. (See Advertising.) At one time a company was able to reach 90 percent of the U.S. audience by advertising only on ABC, NBC, and CBS. Today it is lucky if these three media channels can reach 50 percent of the audience. Companies have to parcel out their budgets over dozens of media channels and vehicles. That’s why targeting is critical. The mass market cannot be reached inexpensively anymore. Media people are always searching for new media vehicles that are more cost-effective or attention-getting. They are now putting your ads on blimps and racing cars, and in elevators, bathrooms, and next to gas pumps. Yet as ads proliferate, they are in danger of being less noticed. Your media efﬁciency can be greatly enhanced by moving toward database marketing. Not only can you send offers to selected members in your customer database, but you can buy additional names from list brokers. These brokers offer thousands of lists, such as “women executives earning over $100,000,” “business professors teaching marketing,” and “motorcycle owners.” You can test a sample of names from a promising list. If the response rate is high, buy more names on the list; if low, don’t use that list. You can reach the chosen prospects by phone, mail, fax, or e-mail. The good news is that you can measure the return on your advertising investment. The future of media lies not in more broadcasting, but in more narrow casting.

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1. Brand competition: A company sees its competitors as other companies that offer similar products and services to the same customers at similar prices. Volkswagen might see its major competitors as Toyota, Honda, and other manufacturers of medium price automobiles, rather than Mercedes or Hyundai.

2. Industry competition: A company sees its competitors as all companies that make the same product or class of products. Thus, Volkswagen would be competing against all other car manufacturers.

3. Form competition: A company sees its competitors as all companies that manufacture products that supply the same service. Volkswagen would see itself competing against manufacturers of all vehicles, such as motorcycles, bicycles, and trucks.

4. Generic competition: A company sees its competitors as all companies that compete for the same consumer dollars. Volkswagen would see itself competing with companies that sell major consumer durables, foreign vacations, and new homes.

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Today B2B companies also are driven to replace high-cost sales calls with less expensive contact channels such as tele- and videoconferencing and Web-based communications, where possible. As videoconferencing improves and costs come down, companies will reduce the number of ﬁeld visits to customers and save on the high costs of transportation, hotels, dining out, and entertaining. Another force that might reduce the role of the sales force is the growth of Web-based market exchanges. Price differences—especially for commodity materials and components—will become more visible, thus making it harder for salespeople to inﬂuence buyers to pay more than the market price.

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Marketing Decision Making

Marketing managers face a host of decisions in handling marketing tasks. These range from major decisions such as what product features to design into a new product, how many salespeople to hire, or how much to spend on advertising, to minor decisions such as the wording or color for new packaging. Among the questions that marketers ask (and will be addressed in this text) are: How can we spot and choose the right market segment(s)? How can we differentiate our offering? How should we respond to customers who press for a lower price? How can we compete against lower-cost, lower-price rivals? How far can we go in customizing our offering for each customer? How can we grow our business? How can we build stronger brands? How can we reduce the cost of customer acquisition and keep customers loyal? How can we tell which customers are more important? How can we measure the payback from marketing communications? How can we improve sales-force productivity? How can we manage channel conﬂict? How can we get other departments to be more customer-oriented?

_Sam Meshach

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Marketers are skilled in stimulating demand for their products. However, this is too limited a view of the tasks that marketers perform. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. They may have to manage negative demand (avoidance of a product), no demand (lack of awareness or interest in a product), latent demand (a strong need that cannot be satisﬁed by existing products), declining demand (lower demand), irregular demand (demand varying by season, day, or hour), full demand (a satisfying level of demand), overfull demand (more demand than can be handled), or unwholesome demand (demand for unhealthy or dangerous products). To meet the organization’s objectives, marketing managers seek to inﬂuence the level, timing, and composition of these various demand states.

_Sam Meshach

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ABOUT AUTHOR

Mr. Sam Meshach
Mail to: sameshach@gmail.com
Mob no: 9870666418

Categories

Advertising 4
B2B 1
Brand 4
Brand Assets 1
Brand Strength 1
Brand Value 1
Branding 9
Companies 1
Competition 1
Demand 1
facets 1
Loyalty 1
Marketing 11
Media 1
New Product Development 1
Nivea 1
Packaging 1
Pricing 3
Print Ads 4
Sales 2
Sam Meshach 1

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