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- Critical Marketing Question
- "How do I want my organization to be considered meaningfully different from competitive firms in the marketplace."
- Simply stated: Given the intense intra and inter-industry competition, "why should customers buy from you?"
Superior Customer Performance
- 1. An ingredient for the future success of all organizations.
- 2. Simple and logical
- 3. "Marketing is the whole business as seen from the point of view of its final result: the customers POV."
- 4. Many firms do not practice TLC, all firms have the opportunity to be better at TLC.
The Critical Marketing Strategy Question
1. All TLC marketing strategies begin with asking and developing the right answer to the CMSQ.
Critical Marketing Factors (The 4 P's)
- 1. Product Strategy
- 2. Price Strategy
- 3. Place (distribution) strategy
- 4. Promotion strategy
- All are important but all are not equally imortant. Depends on what is important to your firm.
- High importance must be done with excellence.
Product Strategic Elements
- Describe Product, its category, its benefits from customers POV.
- Emphasize special features and points of difference/similarities from direct and indirect competitors.
Product Life Cycle
- 1. Introduction (Profits low)
- 2. Growth (Profits increase)
- 3. Maturation (Must remarket the product)
- 4. Decline (Drop, Alter, New uses, Continue with same)
- Varies according to industry, product, technology, and market.
Three Ways to View a Product
- 1. Tangible Product- Physical entity or service offered to buyer
- 2. Extended Product- The Tangible plus the cluster of services that accompany it.
- 3. Core Product- Essential benefits buyer expects from product.
Definition of Value?
- Answer: What the customer gets in exchange for what the cutomer gives
- Don't confuse with quality.
- Value encompasses not only quality but price