3 pillars of Marketing Concept
Systems Approach
A collection of elements or components that are organized for a common purpose**all employees play a role in satisfying their needs and wants Satisfying consumers' needs and wants is a team effort Employees must place organizational needs ahead of the departmental or personal needs to maximize consumer satisfaction Employees HAVE to know that they need to satisfy the customer and will sacrifice. Put the company ahead of the employees personal needs
Long-Run Profit Orientation
A willing to take short-term losses for long-term benefits. Signals commitment to customers A desire to build a long-term relationship Relational orientation (multiple transactions) vs. transactional orientation (one transaction) Think customer lifetime value (CVL) vs. one sale.
Consumer Satisfaction
Businesses must constantly scan or monitor the environment for changes in consumers needs and wants Be Pro-active- ahead of the competition
Internal Secondary Data
Data collected within the firm. EX. SALES, RETURNS, INVENTORY LEVELS, ECT. Required by law, this may affect profit. Data mining (def)----gold mine. Scan through data to make sense of this. Analyzing databases to discover hidden Patterns that may offer more insight into customers needs and wants. Ex. soda and chips. Put them adjacent from each other (adjencies) to increase the sale. Target able to predict whether a woman is pregnant by utilizing analytics.
Secondary Data
Data gathered for other purposes, but useful to you A.) Internal secondary data B.) External secondary data
External Secondary Data
Data is collected outside of the firm and benefits company EX. Census data, trade associations, market research firms (syndicated data), business publications, weather data. WWW.CENSUS.GOV--- DATA FINDER
Secondary Data Disadvantages
Data may not match your needs Validity of data may be suspect Data may be obsolete
Secondary Data advantages
Easy to get Inexpensive Quick
Marketing Research
The systematic design, collection, interpretation and reporting of information. (design flaws) To solve marketing problems and/or offer customer insights to guide the development of marketing strategy*****cost, package, if it will sell
