Marketing is About Value Creation

Marketing is About Value Creation

1. Creaiting and Delivering Value

   • Marketing Segmentation
   • Target Market Selection
   • Product Positioning

2. Capturing Value/The Marketing Mix

   • The four P's
   • Place/Channels
     • Channels are distributions (different types)
       • Wholesale (Middlemen) Retail:involves the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit.  Online Shopping Telephone Direct Sales (herbalife) have person advertise friends, family members to buy product and this cycle continues on 
   • Product and Services
     • what does the customer want, what needs does it satisfy, what doees it look like; size, color, featurs, brand
   • Promotions
     • price

3. Sustaining Value

   • Cusomer Acquisition
     • the learning or developing of a skill, habit, or quality
   • Customer Retention
     • the continued possession, use, or control of something
     • Profits

4. Common Story

   • Some missing Only two written
   • Consumer/customer needs are key
   • Exchange between buyer/seller

5. Readings

   • Debeers Case
     • Hundred years old company
     • What needs addressed by DeBeer's Product
       • Belonging
       • Self Esteem
         • Ads of women diamond on the right hand "left hand says we, right hand says me?"
       • Commitment
       • Status
       • Mainstream
     • Marketing Strtegy
       • To push the idea that diamonds are eternal
         • Strengthen the tradition, "Lasting" product  
   • San Francisco Sues Monster Beverage
     • why is it bad
       • Mislabeled drinks as edible
       • Fails to identify the negative effects of the drink
       • Responsible for the death of young athletes
     • Business
       • focused toward adolescents
       • Marketed towards certain life style
         • Extreme Sports
       • Robert Reich would say that the government has to fix it
   • NY Times on Junk Food
     • Business/taken place during meeting
       • People won't buy it if there is no sugar or salt
         • Companies believe that the junk food companies have no options but to sell products with sugar
       • Obesity in United States is growing
       • General Mills People choose what they want because they taste good
       • Oscar Meyers created the lunchable in response to moms having not enough time to make lunch
         • used crackers because have a long expiration date
       • Coca Cola's drinks and drinkers theory
         • How many people that were casual needed to equal heavy drinkers
         • More markets and more customer retention
     • Maskowitz
       • Food engineer
       • Mathmetician and a psychologist
   • TED Talk and Wall Street Journal Reading
     • The Appareal Industry
       • Should companies be responsible for the welfare of the workers
       • Low Cost/Save Money
         • Off Shore Countries
         • New England
         • Southern US
       • Alta Gracia and Knights Apparel
         • Not making profit/struggling to make money BU sells Alta Gracia but discounted  NHL is about to highlight Alta Gracia
         • Wanted to give working wage
         • Raise the price of the clothing is one way to increase his profit
         • More volume and lower margins
     • Auret Van Heerden
       • Said companies used indirect blindness (companies ignored their unethical behavior) for example; NIke Concept very similar to Andrew Lou who believed the private sectors can provide things that government lack in No global infrastructure
       • The government failed in regulating the working conditions
       • Difficulty regulating products from offshore
       • Instead of using the government but use the businesses to set the standards for the working conditions
         • establish code of conduct (sign code of conduct) Hold the businesses accountable Most of the businesses are doing international deals are developing companies so their code of conduct is essential in their relationship with larger corporations like Walmart, etc. 
     • Leslie Chang
       • The people working in the asian factories have different standards than other workers in different cultures
         • The Chinese workers can be fine with low pay and long working hours which is not ethical in American businesses
       • Opposite of the views from Van Heerden who had a similar view with Reich
     • Walmart and its self interest
       • Manufacture in China but also has retail in China
       • Uprising, people are being fired
       • Known for giving very low salaries to it's employees
       • Sell at the lowest price whi isn't legal but it is hard to pin point
       • Made in America push
         • Products in America costed more but people were skeptical so bought kept on buying imported goods
           • ex: made in China
       • As the wage gap closes, then you add in the cost of shipping, inventory and so on

6. Marketing General Idea

   • Creates Value
   • Uncovers latent consumer needs
   • Develops consumer wants that are satisfied by the marketing Mix
   • Requires deep understanding of consumer values and movives
   • Changes over time

7. Brand Funnel

   • Is awareness associated with likelihood to purchase? reverse Mazlows hierarlchy 

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