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Hit a Home Run with Customers
4.1 The Marketing Concept
4.2 Discover What People Want
4.3 Target Markets
4.4 Customer Service
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Winning Strategies
• U.S. teenagers spend $175 billion annually• teens are trendsetters and early adopters• teens offer a potential lifetime of purchasing for
products they start to use when they are young• in an effort to obtain teen customers, Frito-Lay
initiated a variety of innovative marketing techniques involving music partnerships– this strategy resulted in a huge return on investment
Frito-Lay Reaches Teens
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Lesson 4.1
The Marketing ConceptGoals• Explain the central focus of the marketing
concept.• Explain the reasons for increased sports
and entertainment options.
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OPENING ACTPage 92
• Determine the popularity of Hershey’s within your group.
• How many in your group enjoy snacks while enjoying entertainment events?
• Do snack companies often advertise at or sponsor events you have attended?
• Should Hershey’s be concerned about the obesity trend among youth and its possible relationship to Hershey products?
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THE MARKETING CONCEPT
• About half of every consumer dollar spent pays for marketing costs.
• Satisfying customer needs is the most important aspect of marketing.
• marketing concept– keeping the focus on the customer’s needs
for a product or service
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Maintain Relationships
• Successful customer relationships are critical to the marketing concept.
• Customer satisfaction is the bottom line for maintaining successful marketing relationships.
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• What is the most important aspect of marketing?
– Satisfying consumer needs.
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INCREASED SPORTS AND ENTERTAINMENT OPTIONS
• U.S. citizens have more discretionary income than in the past.– drives up demand for sports & entertainment
• higher prices • increased competition
– More Competition = More Consumer Choice• improved products, events, merchandise
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Customer Focus
• productivity– rate at which companies produce goods or
services in relation to the amount of materials and number of employees utilized
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• successful marketing strategy – identify customer needs
• provide products perceived as superior
– identify prospective consumers & locations• maintain successful customer relationships• offer the appropriate marketing mix
– BEST product (product)– ACCEPTABLE price (price)– WHERE demanded (place – location)– EDUCATE consumers (promotion)
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Weekend Entertainment Choices
• What do you do for entertainment on the weekend?
– Movies– Video Games– Mall– Concerts– Sporting Events
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Weekend Entertainment Choices
• breakeven point– the minimum sales and attendance required
to cover all of the expenses of organizing, planning and promoting the event
• profit– revenue earned beyond the breakeven point
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Opportunity Cost
• How do you decide what to spend your discretionary income on?
– Consider the following:–Convenience–Pleasure–Dollar cost–Opportunity cost
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Opportunity Cost
• opportunity cost
– the value of the next best alternative that you forgo when making a choice
– The value is measured in terms of the benefits that you are giving up.
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• Explain the reasons for increased sports and entertainment options.
– Increasing population & discretionary income– Increasing demand, more competition– Increasing competition, more consumer choices
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Lesson 4.2
Discover What People Want
Goals• Explain the importance of understanding
buyer behavior when making marketing decisions.
• List and describe means of collecting marketing information for use in decision making.
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OPENING ACT Page 97
• Discuss how you would research possible sponsors.
• What information would you need to ensure a mutually beneficial relationship?
--
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UNDERSTAND BUYER BEHAVIOR
• economic market– all of the consumers who will purchase a
product or service
– Two major goals:• Determine what consumers want• How much they are willing to spend
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Consumer Spending Habits
• Research spending habits of consumers.
• The price fans are willing to pay relates to their perception of the benefits derived.
• benefits derived– the value people believe they
receive from a product or service
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• comparative advantage– the capability to produce products or
services more efficiently and economically than the competition
– Should be able to pass along production cost savings to the consumers in the form of LOWER PRICES.
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Consumer Wants and Needs
• hierarchy of needs– Abraham Maslow (American Psychologist) – identifies five human areas of needs– Referenced when studying human behavior
– Levels of needs must be met one level at a time.
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1. emotional purchases– spend with little thought during emotional times
2. rational purchases– define wants and needs– assess priorities and budget– conduct research– compare alternatives– make a well thought out purchase
Buying Motives
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3. patronage purchases– based on loyalty to a particular brand or
product
Buying Motives
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• What is meant by benefits derived?
– Value that people believe they receive from buying a product or service.
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• Consumer decision-making process involves the following steps.
– recognize a need or a want– conduct product research– evaluate choices– decide what to purchase– evaluate the product after the purchase
GATHER INFORMATION
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GATHER INFORMATION
• Marketers must be aware of the decision making process.
• Marketers are often involved in every step of the decision-making process.
– Recognize the need– Provide information– Assist with purchase– Follow-up (ensure satisfaction) --
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Information Needed for Marketing Decisions
• Information about consumers that is important to consider include:
– demographics– shopping behaviors– how consumers spend money– product and brand preferences– frequency of purchases
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– economic uncertainty reduces consumer spending (postpone large purchases)
– marketplace competition & product quality provides consumers with choices
– Government regulations, laws, ethics
– technological advances have impacted how consumers research and buy products
• The business environment impacts consumer spending as follows:
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Sources of Information for Businesses
• internal sources– a business’s own customer records, sales
records, production records, and operation records
• external sources– government reports, trade and professional
organizations, business publications, commercial data, and information services
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• primary data– obtained for the first time and specifically
for the particular problem or issue being studied
• secondary data– information previously collected for another
purpose but is now found useful in the current study
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• Explain the difference between primary and secondary data.
– Primary: obtained 1st time for specific problem– Secondary: previously collected, other
purpose
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Lesson 4.3
Target Markets
Goals• Define target market and market segment.• Describe how businesses use market
segmentation.
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OPENING ACTPage 103
• What has contributed to their sales success?
• How can these brands maintain high sales during periods when the teams are not winning games?
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DETERMINE THE TARGET MARKET
• STEP ONE: Determine who specifically “the customer” is for your product.
• target market– specific group of consumers you want to reach
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Focus Marketing Efforts
• market segment– a group of consumers within a larger market
who share one or more characteristics
• Consumers belong to multiple market segments.
• Marketers must identify the market segment to which they want to sell.
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Meet Target Market Needs
• Market segmentation data can improve business decision making.– number of potential customers– customer income level– level of interest in product or service
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• What is a market segment?– a group of consumers within a larger market
who share one or more characteristics
• What is a target market?– The specific group of consumers you want to
reach. (specific market segment you target)
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MARKET SEGMENTATION• Markets may be segmented in many ways.
– geographic location– demographics– psychographics– behavior
(breakdown over next 4 slides) --
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Geographic Segmentation
• divides markets into physical locations:
– Eastern, Northern, Southern, Western
– Rural vs. Urban
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Demographic Segmentation
• information that can be measured:– age– income– profession– gender– education– marital status– household size
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Psychographics Segmentation
• characteristics that cannot be physically measured: – values– interests– lifestyle choices
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Behavioral-Based Segmentation
• focuses on a customer’s attitude toward products and services
– product usage• what products you use and how often
– product benefits• the positive experiences or associations people
derive from using a product or service
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Capture a Market Share
• market share– percentage of total sales of a product or
service that a company expects to capture in relation to its competitors
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• List and describe four types of market segmentation.
– Geographic– Demographic– Psychographic– Behavior-Based
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Lesson 4.4
Customer Service
Goals• Explain the importance of outstanding
customer service.• Explain what it means to establish a
service culture.
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OPENING ACTPage 108
• Discuss the last time you received bad customer service.
• Describe the event and the end results.
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OUTSTANDING SERVICE EQUALS SUCCESS
• Business success depends on excellent customer service.
• Customer Expectations include:– Safe, comfortable environment– Value for money spent
• Customer relationships should continue after the sale of goods and services.
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A Track Record for Great Customer Service
• customer service gap– the difference between customer expectations
and the services actually received
• Customers are likely to tell at least 10 people about their poor customer service experiences.
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Examples of Bad Customer Service?
• Chatting on the phone or with others while customers are waiting to be served.
• Dismissing a customer by whining, “that’s not my department”
• Placing a calling customer on hold for long periods of time and transferring them from department to department.
• Yelling at customers who fail to understand company policies.
• Failing to follow up with customers in a timely manner.
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Training Programs That Make an Impact
• Individuals hired for customer service positions should have a positive attitude and look forward to meeting the public.
• Proper employee training in proactive, efficient and courteous customer service is critical to providing a pleasant experience for customers.
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• Why is outstanding customer service critical to a business in a highly competitive marketplace?
– Sets the business apart from the competition– Repeat business comes from good C.S.
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CREATING A SERVICE CULTURE
• Gallery Furniture:– Biggest single retail store in America– Jim McIngvale “Mattress Mack” (Houston Icon) – Hosts professional Tennis Matches– Hosts college bowl game
– Success attributed to strong work ethic, outstanding customer service & principles that guide the business.
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1. Demonstrate a values-based culture that is rooted in high performance and excellent customer service.
2. Follow the “FAST” strategy. (F ocus, A ction, S earch, T enacity)
3. Passion results in energy.
4. Demonstrate pride in every sale.
5. Remember the value of long-term positive relationships.
Effective Customer Service Principles
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How May I Help You?
• “It’s not my department” should be replaced with “How may I help you?”
• mystery guest– hired by an outside firm to have an individual
assess the performance of a business • feedback on the individual’s experience as a
customer is provided to the hiring business
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• Explain what it means to have a values-based culture.
– Rooted in high performance and excellent customer service.
– Employees will do whatever is necessary to keep commitments made to customers.