...Abstract Brands rushed into social media, viewing social networks, video sharing, online communities, and microblogging sites as the panacea to diminishing returns for traditional brand building routes. But as more branding activity moves to the Web, marketers are confronted with the stark realization that social media was made for people, not for brands. In this article, we explore the emergent cultural landscape of open source branding, and identify marketing strategies directed at the hunt for consumer engagement on the People’s Web. These strategies present a paradox, for to gain coveted resonance, the brand must relinquish control. We discuss how Webbased power struggles between marketers and consumer brand authors challenge accepted branding truths and paradigms: where short-term brands can trump longterm icons; where marketing looks more like public relations; where brand building gives way to brand protection; and brand value is driven by risk, not returns. # 2011 Kelley School of Business, Indiana University. All rights reserved. 1. The party crashers: Marketers and the Social Web Brands today claim hundreds of thousands of Facebook friends, Twitter followers, online community members, and YouTube fans; yet, it is a lonely, scary time to be a brand manager. Despite marketers’ desires to leverage Web 2.0 technologies to their advantage, a stark truth presents itself: the Web was created not to sell branded products, but to link people together in collective conversational...
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...Chapter 1: Creating and Capturing Customer Value Marketing: creating value for customers and building strong relationships to capture from customers in return - All about managing profitable customer relationships (satisfying customer needs) Core Customer and Marketplace Concepts 1. Needs wants and demands * Needs: states of felt deprivation * Wants: the form human needs take as shaped by culture and individual personality * Demands: human wants that are backed by buying power 2. Market offerings – products, services, info or experiences offered to satisfy a market need * Marketing myopia: mistake of paying more attention to the products itself than to the benefits and experiences produced by these products (brand experience) 3. Value and satisfaction – must set smart and realistic product expectations for customers 4. Exchanges and relationships – the act of obtaining a desired object from someone by offering something in return 5. Markets – the set of all actual and potential buyers of a product or service Marketing Process 1. Understand the marketplace and customer needs and wants 2. Design a customer-driven marketing strategy 3. Construct an integrated marketing program that delivers superior value 4. Build profitable relationships and create customer delight 5. Capture value from customers to create profits and customer equity Marketing Management: choosing target markets and building relationships with them ...
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...MARKETING: CREATING AND CAPTURING CUSTOMER VALUE Marketing – the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for consumers, clients, partners, and society at large Understanding the Marketplace and Customer Needs Customer Needs, Wants, and Demands – – – needs: states of self-deprivation physical needs for food, clothing, warmth, and safety social needs for belonging and affection individual needs for knowledge and self-expression wants: form of human needs take as shaped by culture and individual personality demands: human wants that are backed by buying power Market Offerings—Products, Services, and Experiences – – market offerings: some combination of products, services, information, or experiences offered to a market to satisfy a need or want include products and services includes other entities, such as people, places, organizations, information, and ideas marketing myopia: mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products failure by management to properly define their business in terms of customers’ needs and wants the tendency of management to view its business too narrowly by focusing...
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...purchaseing patterns of customers with similar profiles to come up with personalized site content. amazon began allowing competing retailers from mom and pop operations to mark and spencer depart stores to offer their products on amazon.com[->0] today's marketers want to become a part of your life and enrich your experiences with their brands--to help you live their brands. **5 core customer and marketplace concepts: needs wants and demands market offerings (products, services, and experiences) value and satisfaction exchanges and relationships markets Wants are shaped by one's society and are described in terms of objects that will satisfy those needs. When backed by buying power, wants become demands. Given their wants and resources, people demand products with benefits that add up to the most value and satisfaction. Marketing myopia- the mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products smart marketers look beyond the attributes of the products and services they sell. by orchestrating several services and products, they create brand experiences for customers. Marketing management- The art and science of choosing...
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...Cigar Beetles: Tutorial Could Save your Cigar's Life When you first take up the cigar hobby, there may come a time when you open your humidor, anticipating a lovely smoke and panic. Something has poked mini-holes in one of your little treasures. Before you yell at your kids – if you've got some – chances are cigar beetles are responsible. You probably won't see any tobacco beetles, unless they are crawling around inside your humidor. It doesn't mean the revolting creatures aren't wrecking your expensive smokes. You are entitled to be furious, especially if you've started investing in premium brands. Let's learn about humidor invasion and how to prevent it in the future. Where do Cigar Beetles come from? That's a puzzler isn't it? Your...
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...Marketing communication is a set of means executed by companies to give notice, convince and remind potential and actual customers directly or indirectly about the products, service and brands they market to lead to a higher level of trust in the provider and to guarantee the service will be delivered sound enough as promised, thereby encouraging the benefits of both customers and service providers (Kotler et al, 2009). Successful marketing communication relies on a combination of options called the promotional mix. These options include advertising, sales promotion, public relations, direct marketing, and personal selling. (Encyclopaedia of Business, 2nd ed. ). Along with the rise in the uses of the Internet, sponsorship and celebrities, the traditional five elements were significantly impacted. Whether the traditional five are still relevant or not, the judgement should depend on the features and functions of both of the traditional and fresh elements. The functions of Advertising is to transmit information to customers and help them to develop positive attitudes of the provider and products. The main carriers of Advertising are paper advertising and public media advertising (non paper). The paper advertisings, such as newspapers and magazines are more widely spread and easy to form a fixed group of information recipients. Advertising on public media can appeal people from both visual and hearing effects. It is very effective but the cost is much higher, like TV commercials...
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...WHAT IS MARKETING? Marketing deals with customers. Marketing is the managing profitable customer relationshis. 2 fold goal of marketing - to attract new customers by promising superior value; -keep and grow current customers by delivering satisfaction Today, marketing must be understoodnot in the old sense of making a sale -"telling and selling"- but in the new sense of satisfying customer needs. If the market understands consumer needs; develops products that provide superior customer value; and prics, distribuites, and promote them effectively, there products will sell easily. Marketing: the process by which companies create value for customers and build strong customers relationships in order to capture value from customer relationships. 5 steps of marketing process: companies work to undersand consumer, create value and build trong relationships---> 1. understend the market place and customer need and wants. 2. design a customer-driven marketing strategy. 3. construct an integrated marketing program that delivers superiors value. 4. build profitable relationships and create custumer delight. capture value from customers in return---> 5. capture value from custumers to create profits and customer equity. 1. Understanding the marketplace and Customer needs. Custumer Needs, Wants and Demands. Needs: states of felt deprovation; 1. physical (food, clothing, warmth, safety); 2. social (belonging and affection); 3. individual (knowledge and selfespression) Wants: the form of human...
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...Chapter One: text notes Amazon- “obsessed over customer” * creating genuine value for customer: every decision is made with an eye toward improving Amazon.com cutomer experience. * Analyst predict by 2015 Amazon will become the youngest company in history to hit $100 billion in revenue ( walmart:34years). Nation’s second largest retailer. * customer experience bar raiser: representing customer’s voice * Kindle: first original product-> no.1 selling product * First company to use “ collaborative filtering” which sifts through each customer’s past purchase to make personalized content * Customer feel compelled to stay for a while- leaning, looking, discovering What is marketing * marketing is managing profitable customer relationship * “ the aim of marketing is to make selling unnecessary” * marketing is the process by which companies create value for customer and build strong customer relationships in order to capture value from customers in return understand the needs and want | design a customer driven marketing strategy | marketing program that deliver superior value | build profitable relationship and create customer delight | capture value from customers in return | Understanding market place and customer needs 5 core concepts 1. needs, want, and demands- an American needs food but wants a big Mac ( shaped by one’s society), when backed by buying power wants become demands a. Alan Mulally, CEO of...
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...Marketing management orientation * Marketing management wants to design strategies that will build profitable relationships with target consumers. * There are 5 alternative concepts under which organizations design and carry out their marketing strategies: Production, product, selling, marketing, and societal marketing concept. Five alternative concepts * 1. Production concept – The idea that the consumer will favor products that are available and highly affordable and that the organization should therefore focus on improving production and distribution efficiency. * 2. Product Concept- the idea that consumers will favor products that offer the most quality, performance, and features and that the organization should therefore devote its energy to making continuous product improvement. * 3. Selling Concept – The idea that consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. * 4. Marketing Concept- A philosophy that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do. A customer-centered “sense and respond” philosophy. The job is not to find the right customers for your product but to find the right products for you customers. * 5. Societal marketing concept- the idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements,...
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...|Marketing |[pic]process by which companies create value for customers and build strong customer | | |relationships to capture value from customers in return | |[pic]Market offerings |[pic] | | |some combination of products, services, information, or experiences offered to a market to| | |satisfy a need or want | |[pic]Marketing myopia |[pic] | | |mistake of paying more attention to the specific products a company offers that to the | | |benefits and experiences produced by these products | |[pic]Exchange |[pic] | | |act of obtaining a desired object from someone by offering something in return | |[pic]Markets |[pic]set of actual and potential buyers of a product or service | |[pic]Marketing management |[pic] ...
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...Business Legal LAW: 1. The sum total of all the rules to live by. 2. Consistant enforcement; avoids chaos. SOURCES OF THE LAW 1. Constitution: creates rights, express rights (written in the document), implied (assumed, suggested) 2. Statetory: law passed by our elected legislators (can be modified to be updated) 3. Common Law: judge made law (Stare Decisis “stand on the decision”) Precedent (something from your past that you’ve done to use to make a decision in the present) * gives us consistency and predictability * there may not be a precedent (a case of first impression. Ex: surragott mother case) * the precedent can be changed, flexability (Ex: Brown vs Board of Education – society changed) DUE PROCESS: “fairness” 1. You and I are entitled to notice of legal proceedings against us 2. Everyone is entitled to their day in court, and opportunity to tell their side of the story. 3. The defendant must have minimum contacts with the forum state before you can sue him there. FORUM STATE: The state in which you have been sued. PLANTIFF: Starts the process by filing a lawsuit DEFENDANT: allegedly has done something wrong CONNECTIONS TO THE FORUM STATE: 1. Residency – where you live with the intent to remain permenantly (domicile- where you live temporarily) 2. You own land in the forum state. 3. You are doing business in the forum state. 4. You commit a tort (civil wrong) 5. Opperating a motor vehicle in the forum state. ...
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...Southwest Airlines SWOT Analysis Beresford Doherty February 16, 2009 The Mission Statement 1 The mission statement of Southwest Airlines declares that it is "dedicated to the highest quality of Customer Service delivered with a sense of warmth, friendliness, individual pride, and Company Spirit." And to its employees, Southwest Airlines pledges a commitment "to provide our Employees a stable work environment with equal opportunity to learn and for personal growth. Creativity and innovation are encouraged for improving the effectiveness of Southwest Airlines. Above all, Employees will be provided the same concern, respect, and caring attitude with the organization that they are expected to share externally with every Southwest Customer" [1]. Southwest Airlines is a principal supplier of air transportation in the United States for the conveyance of passengers for business and leisure purposes. In accordance with its mission statement, Southwest Airlines has recognized the importance of customer service and has trained its employees to conform, in accordance with responsible awareness of their customers and their needs. Southwest Airlines Co is arguable the most efficient, best performing domestic airline in the United States today. Based on 3 criteria’s from the Federal Aviation Administration (FAA) they are the enforcement of regulations and standards related to the manufacture, operation, certification and maintenance of aircraft. Southwest...
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...(2016) (2016) STRATEGIC MARKETING PLAN FOR LG ELECTRONICS NIGERIA STRATEGIC MARKETING PLAN FOR LG ELECTRONICS NIGERIA Omoruyi Okekumata Omoruyi Okekumata TABLE OF CONTENT table of contents i EXECUTIVE SUMMARY ii II Introduction 4 III Situation Analysis 5 1.1 competition analysis 5 2.1 pest factors in lg 5 2.1.1 political factors 5 2.1.2 economic factors 5 2.1.3 social-cultural factors 5 2.1.4 technological factors 5 3.0 PORTER’S FIVE FORCES ANALYSIS OF LG ELECTRONICS 6 3.1 Rivalry among Competitive Firms 6 3.2 POTENTIAL Entrants 6 3.3 Threat of substitute products or services 7 3.4 The Bargaining power of customers (buyers) 7 3.5 The Bargaining Power of Suppliers 7 4.0 SWOT Analysis 8 4.1 Strengths: 8 4.2 weakness 8 4.3 opportunities 8 4.4 threats 9 5.0 Aims, Objectives and strategies 9 5.1 Mission/Aim 9 5.2 Marketing Objective 9 5.3 Financial Objective 10 5.4 Strategy 10 5.5 core value 10 5.6 tactics 10 5.7 control 10 6.0 segmentation, targeting and positioning strategies 11 6.1 target market 11 6.2 segmentation 11 6.2.1 segmentation from geographic 11 6.2.2 segmentation from demographic 12 6.2.3 segmentation from behaviouralistic approach 12 6.3 positioning 12 7.0 implementation 13 7.1 Product in the Marketing mix of LG 13 7.2 Price in the Marketing mix of LG 14 7.3 Price in the Marketing mix of LG 15 7.3.1 Marginal cost pricing 15 7.3.2 Geographical Pricing 16 7.4 Promotion in the Marketing mix...
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...Theories of Marketing Week 1 – lecture 1 History of marketing 1. Production : supplying markets 2. Selling: convince people that what the organization happen to have is what they need. 3. marketing : let’s ask people what they want and then produce it. What can I make that will serve my customers better? It needs to be something relevant, innovative or unique MKG definition it’s all about sales and market share : it doesn’t say anything about relationship NOW : how can I create value so I will be able to sale more, it’s the only way to survive. To stay alive you need to have a lot of capabilities and tools to survive What is marketing? Marketing includes more than just needs, it’s concerned with providing the right product to the right person at the right moment. That way it creates value. This way it also incorporates innovation. Functions & processes/activities are the things we do to deliver customer value. These can be strategic and tactical. History of marketing thought - philosophy * Production orientation, huge production lines trying to find bigger markets. Its all about efficient distribution. Demand is huge, supply was very small, they didn’t care about colour for example. Marketing was all about getting your product efficiently to the consumer. Marketing is a very contextual science, how do we deal with circumstances, and how do we become successful in these circumstances. * Selling orientation, extra activities...
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...With The Great Gatsby, Fitzgerald made a conscious departure from the writing process of his previous novels. He started planning it in June 1922,[citation needed] after completing his play The Vegetable and began composing The Great Gatsby in 1923.[2] He ended up discarding most of it as a false start, some of which resurfaced in the story "Absolution".[3] Unlike his previous works, Fitzgerald intended to edit and reshape Gatsby thoroughly, believing that it held the potential to launch him toward literary acclaim. He told his editor Maxwell Perkins that the novel was a "consciously artistic achievement" and a "purely creative work — not trashy imaginings as in my stories but the sustained imagination of a sincere and yet radiant world". He added later, during editing, that he felt "an enormous power in me now, more than I've ever had".[4] Oheka Castle on the Gold Coast of Long Island was a partial inspiration for Gatsby's estate.[5] After the birth of their child, the Fitzgeralds moved to Great Neck, Long Island in October 1922, a setting used as the scene for The Great Gatsby.[6] Fitzgerald's neighbors in Great Neck included such prominent and newly wealthy New Yorkers as writer Ring Lardner, actor Lew Fields and comedian Ed Wynn.[3] These figures were all considered to be 'new money', unlike those who came from Manhasset Neck or Cow Neck Peninsula, places which were home to many of New York's wealthiest established families, and which sat across a bay from Great Neck...
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