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Week 4 MM555
17 September
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Review of Week 3
Understand the major steps in designing a customer driven marketing strategy: STP
Understanding the bases for segmentation Being able to recognise attractive target markets How to differentiate and position products
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Company
Or organisation. What is our Strategic Purpose? Capabilities? Weaknesses?
Context
Whats going on in the macro environment?
Competitors Collaborators
Who do we work with? Who are our partners? Who are our current and potential competitors? Where are they placed in the market?
Targeting
Consider strategic fit; potential and defensibility against competition
Differentiation
Differentiating the market offering to create superior customer value
Your place in the market space Core benefit proposition Unique selling proposition Positioning Statement
Capture Value
Communicate Value
Integrated Marketing Communications (including Promotion)
Deliver Value
Price
Placement Logistics
The MM555 Marketing Management Framework draws on a number of sources including Iacobucci Curtin University is a trademark of Curtin University(2013), of Technology CRICOS Codeand 00301J Armstrong et Provider al (2012) Gibbs (2009) and includes the key factors which need to be taken into account when developing a comprehensive marketing strategy.
Being able to describe the consumer decision process Understand the family buying roles Understand the influences on consumer behaviour
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Consumer Market:
The consumer market consists of all the individuals and households who buy or acquire goods and services for personal consumption.
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Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Types of Purchases
Low involvement frequently purchased High involvement infrequently purchased
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Source: Elliot, Greg, Sharyn Rundle-Thiele And David Waller, 2012. Marketing. John Wiley and Sons. p135
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Source: Hoyer, Wayne H and Deborah J. MacInnis, 2010, Consumer Behaviour. South-Western Cengage Learning.p230
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Buyer
Influencer
Decider
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
CRICOSProviderCode00301J
Personal
Social
Cultural
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Personal Factors
Gender- cars/cosmetics/fashion/fragrances/music Age entertainment/cars/banking/travel/furniture/internet purchases Family Life Cycle: Bachelor stage recreation/fashion Newly married couples durables/furniture Full Nest focus on child needs/cheap holidays Empty Nest recreation, medical care products, Solitary Survivor medical products, security Occupation and Economic Situation Blue collar: work clothes, work shoes, lunchboxes, utility Company president: expensive suites, air travel, country club membership Lifestyles Persons pattern of living as expressed in their activities, interests and opinions. VALS2 used to classify lifestyles along two dimensions: Self orientation (principles, status, action) and resources Personality and Self Concept
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Smaller, distinct groups within a dominant culture. Greek, Vietnamese, Maltese population in Sydney Academics, Hackers, Surfers, Military Families BIG impact food, recreation, clothing & education NOT thinking about ethnic sub-culture in Australian can mean not communicating to 20% of the population
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Reference Groups
Primary Family/friends Direct Types of reference groups Indirect Non-aspirational
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Aspirational
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
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Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
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Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Categorizing Needs
Source: Hoyer, Wayne H and Deborah J. MacInnis, 2010, Consumer Behaviour. SouthWestern Cengage Learning.p51
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Perception
How we select, organise, and interpret information to create a meaningful picture of the world. Selective exposure Selective attention Selective distortion Selective retention Subliminal perception (product placement)
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Smell can Get attention (Smelling the Cinnabon store) Allow product sampling (Perfume in magazines) Touch can Can convey brand imagery e.g. Well designed products compared to value designed products e.g. Ergonomics, clean lines, simplicity, beauty, sensual experiences, etc.
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Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Perceptual fluency
Customers may pay the most attention to the content of a message; However, the colors, font, etc. make a brand impression as well
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
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Learning
Learning induces changes in our behaviour arising from experience. Creates brand associations A drive is a strong internal stimulus impelling action. Cues are minor stimuli that determine when, where and how a person responds. Discrimination means we have learned to recognise differences in sets of similar stimuli and can adjust our responses accordingly.
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Retrieval Cues
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Classical Conditioning
Pavlovs dogs experiment
Stage 1: a dog drools at site of food Stage 2: a dog doesnt respond to a bell Stage 3: ringing a bell while placing food in front of the dog elicits drool Stage 4 (occurs over time): a bell rung in front of the dog elicits drool
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Operant conditioning
Skinner used pigeons to show that learning occurs by positively reinforcing behavior
Fixed ratio reward: reward is given every time or every 4th time, etc. Variable ratio reward: reward varies Subject will engage in the behavior more often if rewarded on the variable schedule
Operant conditioning learning occurs through positive reinforcement https://www.youtube.com/watch?v=euINCrDbbD4 Big Bang Theory Sheldon using operant conditioning on Penny
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Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Being able to describe the consumer decision process Understand the family buying roles Understand the influences on consumer behaviour
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
Textbook Resource: Kotler, Keller, Burton: Marketing Management 2009 Pearson Education Australia
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
15 min Break
Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
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Curtin University is a trademark of Curtin University of Technology CRICOS Provider Code 00301J
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