Important
- Who is the customer
- Need (What does the customer want)
- Connected Community
- Customer Experience
- Economic Uncertainity
Types of Markets
Seller Market
- Focus on Company
- Product Focused Marketing
- Inside Out
Buyer Market
- Focus on Customer and competition
- Outside In
- Value Based Marketing
| Production Orientation | Marketing Orientation | Experience Orientation | Trust Orientation |
|---|---|---|---|
| Persuade customers to want what the firm has | Persuade firm to offer what the customer wants | Manage customer’s entire experience with the firm | Prioritize building a relationship of trust and discipline |
| Generic Product | Differentiated product/services | Experiental value | Genuine Value |
| Lower cost is advantageous | Quality and service customer knowledge | Transformation; customers are co-creator of value | Trust |
| Profitability Drivers | |||
| Market Share | Customer share and customer loyality | Buzz, Referrals, WOM | Discipline |
Principles of Marketing
- Customer Value
- Differentiation
- Segmentation, Targeting and Positioning
4 P’s of Marketing
- Product
- Place
- Promotion
- Price
Strategic Marketing
Market Driven Principles
- Know your market
- Customers have the final say
- Commit to being the best in the markets you serve
- deliver total quality to guarantee customer satisfaction