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This 4 page Class Notes was uploaded by Petey Martin on Monday September 28, 2015. The Class Notes belongs to MKT 203 at University of Rochester taught by HOPE V in Summer 2015. Since its upload, it has received 8 views. For similar materials see PRINCIPLES OF MARKETING in Marketing at University of Rochester.
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Date Created: 09/28/15
Petey Martin Notes 91515 Choice and Knowledge 0 Consumer Power Information highly edited and designed by suppliers 0 Choices OEM Partial Information 0 Liquidity of Information We cannot lock down privacy rules so tightly to reduce the risk of lending money and information o Efficiency We continue to raise the bar on speed efficiency etc 0 Consumer Power 0 Customer Expectations quotUnderpromise amp Overdeliverquot 0 Power to Use Information No limit on time and space 24x7 0 Competitor never sleeps 0 Virtual purchasing options Brand new channels for transactions 0 Twoway sharing Peer to peer Customer to supplier 0 Ability to turnoff Stop listening 0 Company 0 Business Processes Benchmarking 0 Moving people through queues without boring them 0 Le Disney World Internetenabled 0 New research tools Information gathering 0 Information control Differentiate spin the story 0 Pricing efficiencies Obviously improved 0 Speed Speed of light 0 Strategic alliances ie Apple works with nothing but Apple Heightened Competition O 0000 Private Labels from retailers Megabrand industry amp competitive convergence Deregulation here amp abroad Privatization of overseas industries Emphasis on services marketing Petey Martin Notes 91715 Underlying Market Changes 0 Retail Transformation Experiences 0 No more experts at store who can help you with a product Companies trying to drive costs out of store so getting rid of experts 0 High Tech industries now drive the economy NASDAQ stock market 0 ECommerce Drivers both customers amp manufacturers Push in both directions from customers convenience and from manufacturers reducing cost 0 Disintermediation and Reintermediation Disintermediation Taking out the middle mancompany to save money or increase pro ts Reintermediation Putting in the middle mancompany For example Amazon 0 Global thinking local market planning 0 Global How do you create global standards but still have local selling autonomy Nationstates not ruling the world corporatestates are now 0 Ethical challenge marketing behavior information usage Not misusing customer info for pro t 0 Change and Failure why 0 2 themes Failure to understandlisten internal resistance no process organizational resistance to change 0 Mis t of capability organizational core incompetence 0 GM No exible manufacturing One factory one type of car 0 Sears Dean Whitter then K Mart now Sears bought Dean Whitter investment rm which was a fail Then K Mart bought sears but replaces sears reliable equipment with crappy K Mart replacements and red all Sears execs o EK Kodak buys Bayer aspirin and can make drugs but doesn t have distribution outlet Xerox red buildersmanufacturers but kept salesmen o AOLTime Warner Cultural mis t Young kids of AOL didn t play with old men of Time Warner o DaimlerChrysler Company culture mis t Daimler had different values than Chrysler 0 O O O O O O O O O 0 Marketing Success Stories LL Bean Lifetime Guarantee in house made so high quality selling trust customer is always right Sears Lands End Invent catalog mail order business direct mail Victoria s Secret Selling to men not women created new marketing ploy PampG qualitative research into customers personify who customer is customer is visible at meetings and part of them Ben and Jerry s socially conscience socia responsible seing social responsibility Key Messages Value amp Satisfaction Customer delight long term shareholder value Think Wow Exceeding customer expectations customer satisfaction is key Customer delight everybody s job Correlation between customer satisfaction and stock market price Customer Service A The critical way to differentiate a productservice Human instinct is to react rst think later so if you have good customer they will react to that before thinking of product Closed oop customer satisfaction process is critical to the management of CSat No reoccurrence of problems Quality checks Continuous improvementimprovement cycle Four organizational factors drive Customer Delight Wow Customer Focus has to be company culture amprewarded for thinking this way Quality Obsession Throughout company culture and have to focus on this Innovation Have to for survival of company but if done wrong can lead to company death Empowerment 2 levels lstbusiness unit salesmen etc 2 dindividua eve Employees more important than customers
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