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Marketing in new liberalised economy

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Vikash Kumar Bibhakar
Vikash Kumar Bibhakar

The document discusses how marketing practices are changing in the 21st century new economy. Key changes include a greater amount of information available to consumers, more communication channels between businesses and customers, and the rise of e-commerce platforms like B2C, B2B, C2C, and C2B. Effective marketing now requires approaches like customer relationship management to enhance customer retention and lifetime value through customized experiences.

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©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 0 in Chapter 2 Marketing in 21st Century
©2003 Prentice Hall, Inc. The New Economy  Substantial increase in buying power  A greater variety of goods and services  A greater amount of information about practically anything  A greater ease in interacting and placing and receiving orders  An ability to compare notes on products and services To accompany A Framework for Marketing Management, 2nd Edition Slide 1 in Chapter 2
©2003 Prentice Hall, Inc. The New Economy  Websites can provide companies with powerful new information and sales channels.  Companies can collect fuller and richer information about markets, customers, prospects and competitors.  Companies can facilitate and speed up communications among employees.  Companies can have 2-way communication with customers and prospects To accompany A Framework for Marketing Management, 2nd Edition Slide 2 in Chapter 2
©2003 Prentice Hall, Inc. The New Economy  Companies can send ads, coupons, samples, information to targeted customers.  Companies can customize offerings and services to individual customers.  The Internet can be used as a communication channel for purchasing, training, and recruiting.  Companies can improve logistics and operations for cost savings while improving accuracy and service quality. To accompany A Framework for Marketing Management, 2nd Edition Slide 3 in Chapter 2
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 4 in Chapter 2 Changes in Business Practices Old Economy – Product unit organization – Profitable transactions – Financial scorecard – Stockholders – Marketing does the marketing New Economy – Customer segment organization – Lifetime value of customer – Marketing scorecard – Stakeholders – Everyone does the marketing
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 5 in Chapter 2 Changes in Business Practices Old Economy – Build brands via advertising – Customer acquisition – No customer satisfaction measurement – Overpromise, underdeliver New Economy – Build brands via performance – Customer retention – Measure customer satisfaction and retention rates – Underdeliver, overpromise
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 6 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  B2C = Business-to- Consumer  Benefits include: greater ordering convenience, lower cost, easier information and price gathering
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 7 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  B2B = Business-to- Business  Volume is 10-15% higher than B2C.  Benefits include: lower costs via B2B auctions, buying alliances, greater access to information.
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 8 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  C2C = Consumer-to- Consumer  Consumers are creating product information online via newsgroup and chat room dialogues.  Transactions occur via online trading sites such as eBay.
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 9 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  C2B = Consumer- to-Business  Facilitate communication between customer and businesses.
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 10 in Chapter 2 B2B Vs. B2C B2B B2C Small/Focused Target Market Large Target Market Features/Functional/Education Benefits/Symbolic/Appeal Rational….mostly Emotional…mostly Less/Selective Media Consumption Multiple Touch Points Long Lead Time/Multi Step Process Short Lead Time/Single Step Process Long Term Relationship Instantly Interesting Create and Support Demand Drive Demand
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 11 in Chapter 2 How Marketing Practices Are Changing: CRM  Customer Relationship Marketing (CRM) allows companies to: –Deliver real-time customer service –Customize market offerings, products, services, media, and messages
©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 12 in Chapter 2 How Marketing Practices Are Changing: CRM  Effective Customer Relationship Marketing requires: – Reducing customer defection rates – Extending the life of the customer relationship – Enhancing customer sales / profit potential – Making low-profit customers MORE profitable or terminating them – Focusing on high value customers
©2003 Prentice Hall, Inc. Marketing Typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses. To accompany A Framework for Marketing Management, 2nd Edition Slide 13 in Chapter 2
©2003 Prentice Hall, Inc. How Business and Marketing are Changing  Customers  Brand manufacturers  Store-based retailers To accompany A Framework for Marketing Management, 2nd Edition Slide 14 in Chapter 2
©2003 Prentice Hall, Inc. How Business and Marketing are Changing To accompany A Framework for Marketing Management, 2nd Edition Slide 15 in Chapter 2  Company responses and adjustments  Reengineering  Outsourcing  Partner-suppliers  Market-centered  E-commerce  Benchmarking  Alliances  Global and local  Decentralized
©2003 Prentice Hall, Inc. How Business and Marketing are Changing To accompany A Framework for Marketing Management, 2nd Edition Slide 16 in Chapter 2  Marketer Responses and Adjustments  Customer relationship Marketing  Integrated marketing communications  Customer lifetime value  Customer share  Target marketing  Customization  Customer database  Channels as partners  Every employee a marketer  Model-based decision making

More Related Content

Marketing in new liberalised economy

  • 1. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 0 in Chapter 2 Marketing in 21st Century
  • 2. ©2003 Prentice Hall, Inc. The New Economy  Substantial increase in buying power  A greater variety of goods and services  A greater amount of information about practically anything  A greater ease in interacting and placing and receiving orders  An ability to compare notes on products and services To accompany A Framework for Marketing Management, 2nd Edition Slide 1 in Chapter 2
  • 3. ©2003 Prentice Hall, Inc. The New Economy  Websites can provide companies with powerful new information and sales channels.  Companies can collect fuller and richer information about markets, customers, prospects and competitors.  Companies can facilitate and speed up communications among employees.  Companies can have 2-way communication with customers and prospects To accompany A Framework for Marketing Management, 2nd Edition Slide 2 in Chapter 2
  • 4. ©2003 Prentice Hall, Inc. The New Economy  Companies can send ads, coupons, samples, information to targeted customers.  Companies can customize offerings and services to individual customers.  The Internet can be used as a communication channel for purchasing, training, and recruiting.  Companies can improve logistics and operations for cost savings while improving accuracy and service quality. To accompany A Framework for Marketing Management, 2nd Edition Slide 3 in Chapter 2
  • 5. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 4 in Chapter 2 Changes in Business Practices Old Economy – Product unit organization – Profitable transactions – Financial scorecard – Stockholders – Marketing does the marketing New Economy – Customer segment organization – Lifetime value of customer – Marketing scorecard – Stakeholders – Everyone does the marketing
  • 6. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 5 in Chapter 2 Changes in Business Practices Old Economy – Build brands via advertising – Customer acquisition – No customer satisfaction measurement – Overpromise, underdeliver New Economy – Build brands via performance – Customer retention – Measure customer satisfaction and retention rates – Underdeliver, overpromise
  • 7. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 6 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  B2C = Business-to- Consumer  Benefits include: greater ordering convenience, lower cost, easier information and price gathering
  • 8. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 7 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  B2B = Business-to- Business  Volume is 10-15% higher than B2C.  Benefits include: lower costs via B2B auctions, buying alliances, greater access to information.
  • 9. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 8 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  C2C = Consumer-to- Consumer  Consumers are creating product information online via newsgroup and chat room dialogues.  Transactions occur via online trading sites such as eBay.
  • 10. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 9 in Chapter 2 How Marketing Practices Are Changing: E-business Internet Domains  B2C  B2B  C2C  C2B  C2B = Consumer- to-Business  Facilitate communication between customer and businesses.
  • 11. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 10 in Chapter 2 B2B Vs. B2C B2B B2C Small/Focused Target Market Large Target Market Features/Functional/Education Benefits/Symbolic/Appeal Rational….mostly Emotional…mostly Less/Selective Media Consumption Multiple Touch Points Long Lead Time/Multi Step Process Short Lead Time/Single Step Process Long Term Relationship Instantly Interesting Create and Support Demand Drive Demand
  • 12. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 11 in Chapter 2 How Marketing Practices Are Changing: CRM  Customer Relationship Marketing (CRM) allows companies to: –Deliver real-time customer service –Customize market offerings, products, services, media, and messages
  • 13. ©2003 Prentice Hall, Inc. To accompany A Framework for Marketing Management, 2nd Edition Slide 12 in Chapter 2 How Marketing Practices Are Changing: CRM  Effective Customer Relationship Marketing requires: – Reducing customer defection rates – Extending the life of the customer relationship – Enhancing customer sales / profit potential – Making low-profit customers MORE profitable or terminating them – Focusing on high value customers
  • 14. ©2003 Prentice Hall, Inc. Marketing Typically seen as the task of creating, promoting, and delivering goods and services to consumers and businesses. To accompany A Framework for Marketing Management, 2nd Edition Slide 13 in Chapter 2
  • 15. ©2003 Prentice Hall, Inc. How Business and Marketing are Changing  Customers  Brand manufacturers  Store-based retailers To accompany A Framework for Marketing Management, 2nd Edition Slide 14 in Chapter 2
  • 16. ©2003 Prentice Hall, Inc. How Business and Marketing are Changing To accompany A Framework for Marketing Management, 2nd Edition Slide 15 in Chapter 2  Company responses and adjustments  Reengineering  Outsourcing  Partner-suppliers  Market-centered  E-commerce  Benchmarking  Alliances  Global and local  Decentralized
  • 17. ©2003 Prentice Hall, Inc. How Business and Marketing are Changing To accompany A Framework for Marketing Management, 2nd Edition Slide 16 in Chapter 2  Marketer Responses and Adjustments  Customer relationship Marketing  Integrated marketing communications  Customer lifetime value  Customer share  Target marketing  Customization  Customer database  Channels as partners  Every employee a marketer  Model-based decision making