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CMSQ
- 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?"
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STP
Segment/Target/Position
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SCP
Superior Customer Performance
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TLC Marketing
- 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.
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The Critical Marketing Strategy Question
1. All TLC marketing strategies begin with asking and developing the right answer to the CMSQ.
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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.
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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.
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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.
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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.
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Product Value
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
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