...1 Marketing & Sales Practice The consumer decision journey Consumers are moving outside the purchasing funnel—changing the way they research and buy your products. If your marketing hasn’t changed in response, it should. David Court, Dave Elzinga, Susan Mulder, and Ole Jørgen Vetvik If marketing has one goal, it’s to reach consumers at the moments that most influence their decisions. That’s why consumer electronics companies make sure not only that customers see their televisions in stores but also that those televisions display vivid high-definition pictures. It’s why Amazon.com, a decade ago, began offering targeted product recommendations to consumers already logged in and ready to buy. And it explains P&G’s decision, long ago, to produce radio and then TV programs to reach the audiences most likely to buy its products—hence, the term “soap opera.” David Court is a director in McKinsey’s Dallas office, Dave Elzinga is a principal in the Chicago office, Susie Mulder is a principal in the Boston office, and Ole Jørgen Vetvik is a principal in the Oslo office. Marketing has always sought those moments, or touch points, when consumers are open to influence. For years, touch points have been understood through the metaphor of a “funnel”—consumers start with a number of potential brands in mind (the wide end of the funnel), marketing is then directed at them as they methodically reduce that number and move through the funnel, and at the end they emerge with the one...
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...Article|McKinsey Quarterly The dawn of marketing’s new golden age Marketers are boosting their precision, broadening their scope, moving more quickly, and telling better stories. February 2015| byJonathan Gordon and Jesko Perrey Science has permeated marketing for decades. Fans of the television drama Mad Men saw a fictionalized encounter when an IBM System/360 mainframe computer physically displaced the creative department of a late-1960s advertising agency. In reality, though, the 1960s through the early 1990s witnessed a happy marriage of advertising and technology as marketers mastered both the medium of television and the science of Nielsen ratings. These years gave birth to iconic advertising messages in categories ranging from sparkling beverages (“I’d like to buy the world a Coke”) to credit cards (“American Express. Don’t leave home without it”) to air travel (“British Airways: the world’s favourite airline”). Until recently, marketers could be forgiven for looking back wistfully at this golden age as new forces reshaped their world into something completely different. These new trends include a massive proliferation of television and online channels, the transformation of the home PC into a retail channel, the unrelenting rise of mobile social media and gaming, and—with all these trends—a constant battle for the consumer’s attention. The resulting expansion of platforms has propelled consistent growth in marketing expenditures, which now total as much as $1 trillion...
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...1-3 What is Social Media Marketing………………………………………………..4-5 Social Media Success story……………………………………………………..5-7 Interview………………………………………………………………….……7-10 Social Media Do’s………………………………………………………….….7-10 Social Media Don’ts………………………………………………………….11-12 Why the principles are central to good social media………………………...12-13 Summary……………………………………….………………………………..13 References………………………………………………………………………..14 Social media is a popularity tool for individuals and business. As an experiment in the infancy of globalization it has outgrown its original hypothesis’. If sites such as Facebook were their own countries, they would be placed in the podium of power internationally. (Divol. 2012) So, it would be safe to assume that star power is worth its, time spent creating. By publishing high quality work and building a massive amount of followers; your audience will share your information with their audience. (Gunelius, 2013) However, from a marketing stand point business can’t rely on social media alone. “If you spend all your time on the social Web directly promoting your products and services, people will stop listening. You must add value to the conversation. Focus less on conversions and more on creating amazing content and developing relationships with online influencers. In time, those people will become a powerful catalyst for word-of-mouth marketing for your business.” (Gunelius...
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...CONSUMER DIGITAL JOURNEY Name of Student Course title Date of Submission Introduction Mercedes Benz is a subsidiary company that manufactures automobiles with its headquarters based in Germany. Its main manufacturer is the Daimler AG located in Germany while other sales/assemblage divisions are in various parts of the world. The firm manufactures vehicles that go by the same name, “Mercedes-Benz.” They are mainly luxury vehicles and they include: “Sedans, Coupes, SUVs & Wagons, Convertibles & Roadsters, Hybrid & Electric cars, trucks, coaches and buses”[1]. Mercedes-Benz has a strong presence in the motor industry based on its diversity of production. Its vehicles have state-of-the-art luxury gear with impeccable customer service. The targeted customer base for this brand includes the middle and the high class due to the vehicles’ luxurious nature. 1. Purchase Process: The following are the steps for purchasing a new Mercedes Benz type of vehicle a. Research on model Mercedes-Benz always encourages its customers to research about the car models before they make the purchase. This can be done in person, by visiting the car outlets or doing it online. In order to purchase a Mercedes-Benz car model, a customer is required to select the model of choice from a preferred dealer-outlet after agreeing on the qualities. Dealers are found in various collision centers that are certified by the brand. Alternatively, they...
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...HBR BOOK REVIEW Marketing Myopia, by Theodore Levitt, September – October 1975. 14 pages. Reviewed by Gourab Dasgupta. Theodore Levitt observed that almost all major industries were once a growth industry but after a substantial spurt of growth, the growth rate goes on a decline or becomes almost stagnant. For example, Railroads declined because they “were railroad oriented instead of transportation oriented; they were product oriented instead of customer oriented.” They declined not because of cars, trucks, airplanes, and even telephones, but because of their own myopia. There are no such bad ideas for a growing industry that growth is assured by an expanding and more affluent population and that there is no competitive substitute for the industry’s major product or that too much faith in mass production and in the advantages of rapidly declining unit costs as output rises or even preoccupation with a product that lends itself to carefully controlled scientific experimentation, improvement, and manufacturing cost reduction. Levitt argued that many companies incorrectly take a shortsighted approach to marketing, viewing it as merely a tool for selling products. Instead, he argued that companies should look at marketing from the consumer's point of view and the vision of most organizations is too constricted by a narrow understanding of what business they are in. An industry is a customer-satisfying process, not a goods-producing process. Businesses will do better in the...
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...In the role of a marketing consultant provide a marketing plan, and marketing research proposal for East Midlands Trains The purpose of this document is to present a study of the opportunities East Midland Trains have and recommend an initial marketing research proposal which addresses a particular problem to improve the company’s competitive position. East Midlands Trains is a British train operating company owned by Stagecoach group it was formed on 11th November 2007 in Derby. The company provides service to passengers mainly travelling to and from London and the east Midlands such as Lincolnshire, South Yorkshire, Nottinghamshire, Leicestershire, Derbyshire and Northamptonshire. The current franchise which lasted 7 years runs until April 2015 with the possibility of an extension until 2017 but nothing has been confirmed as if yet. The report will cover a variety of issues that East Midlands Trains currently face. The report critically analysis the external environment which the company operates in and how it affects them, analysis of the organisation internal capabilities, evaluation of their marketing strategies and tactical response, discussion on possible implementation, control and monitoring issues and recommendations for future marketing planning. The analysis carried out consists primarily of secondary research collected from the internet, books and journals. A limitation that affected the report was that we were not able to carry out primary research as we...
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...INTRODUCTION: Digital marketing is a process of building and maintaining customer relationships through online activities to facilitate the exchange of ideas, products and services that satisfy the goals of both parties. Digital marketing increases and improves the interactions and relationships with current and prospective customers through various platforms like social networking sites, instant messaging systems and mobile applications. First of all, this is a type of direct marketing, with all of the advantages that comes tagged along with it. It gives personal attention to the customers, motivates to action and more. Second, it's possible to create uniform messages which are personally formatted for each recipient with great ease. For...
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...Overseas sourcing, without risk Here are some rules to keep your supply chain problem-free and avoid negative publicity at home and abroad Zero tolerance Shut the door firmly on illegal activity johnkworks/Shutterstock.com Managing fraud and corruption risk and protecting brand reputation is becoming increasingly important when sourcing from overseas destinations. With the changing enforcement milieu, extra-territorial statutes and zero tolerance around acts of bribery and corruption, brands need to constantly monitor their supply chains. These supply chains transcend international boundaries, with business partners (suppliers, vendors, service providers and such) being located across geographies, having different cultures and work ethics. Therefore, it is a challenge for any company to know and curb supply chain risks. To implement the code of conduct uniformly throughout the supply chain, companies have to change the mindsets of employees and business partners overseas through continuous learning and development. Winning and expanding business overseas could be a time-consuming and arduous task in some cases. Facilitation payments and kickbacks are easy quick fixes. Many sourcing destinations are countries that rate low on the Transparency International index, where vulnerabilities around vendor kickbacks and bribery of officials are prevalent. Mounting business pressures, aggressive timelines to complete projects and high costs involved have the tendency to spur unethical...
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...campaign for Cadbury, a brand owned and sold by Mondelez International. This gives out a range of means for Mondelez to meet below mentioned objectives with promotions running from 1st July 2016 to 30th June 2017, with a budget constraint to £2 Million. This report discusses a collaborative marketing strategy which can be employed by Cadbury, where the company can collaborate with Virgin Galactic LLC, who delivers commercial spaceline services. It serves a carrier craft; a spaceship (WhiteKnightTwo); Satellite launcher vehicle (LauncherOne) (Bloomberg, 2016). The motive of the company is to promote space tourism by commercially making wealthy people go 100 kilometres from earth to outer space and back for a whooping price of £175,000 (Howell, 2016). This report also would discuss matters regarding how to effectively put forth this collaborative strategy for the benefit of Cadbury as a whole. The promotion runs for a year, where the customers will have to participate in a lucky draw contest, which would require them to purchase any 5 Cadbury bar chocolates. The wrappers of these chocolates and contact details of the customers can be either to Cadbury directly via post or dropped in Cadbury Kiosks strategically placed in malls across London. One lucky winner will get two tickets to board Virgin Galactic and tour the outer space and be a part of an enriching new experience. This event marks the beginning of a partnership between the two iconic brands that goes beyond solely sharing...
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...shoppers often follow a relatively common shopping behavior for product purchase. In theory, a shopper is said to go through the following five stages as a process. In reality, sometimes the steps may be switched around or even left out, as not all consumers are by rule, always alike. The decision-making process (DMP) for Metabical, Cambridge Sciences Pharmaceuticals‘ (CSP) new weight-loss drug involves several people. The product end-user is the main subject of the decision-making process, but other external parties interject at different stages, influencing the consumer’s ultimate decision. Below is the flow Metabical’s consumers would go through as part of their shopping behaviors. Stage 1: Need Recognition & Problem Awareness A recognition occurs that consumers are unhappy with their current body image, their weight or their unhealthy lifestyle. This can come from consumers’ existing, continuous dissatisfaction in terms of their weight physical appearance. It can also be triggered by external media sources such as TV, Outdoor, Radio or Magazine advertisements whereby a variety different visuals, articles, messages can lead to consumer awareness that there is a problem, and a need, that must be satisfied. At this point, both the consumer and the respective media agents are involved in process. Stage 2: Information Search In order to find a means to solve their problem and satisfy their 'recognized' need, consumers engage in the search for a solution through information...
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...order to replicate its success and achievements in management education in the global arena, S P Jain decided to established centers of excellence in different parts of the world. The first international campus of S P Jain was established at the prestigious Knowledge Village in Dubai in the year 2004. and the 2nd international campus in the city of Singapore. Global MBA program of the S P Jain Center of Management is designed to train individuals to work in the new global economy. With over 900 teaching hours, the course is equal to most two-year MBA programs. The program is conducted jointly at S P Jain’s Dubai and Singapore campuses. As a part of the curriculum, students are required to do a “Special Group Project” based mainly on the Industry Research. We, for this, have taken up a project on Singapore Press Holdings. The project is a case study which looks into: a). History of SPH b). SPH foray into internet - AsiaOne c). AsiaOne, Journey d). ST.com e). Print to Online Journey of various Media Houses Acknowledgement We would like to acknowledge the opportunity provided to us by the Management of SPCM. We appreciate the fact that Dr.Vijay Sethi, Dean SPJCM, trusted us and encouraged us to study comprehensively Singapore Press Holding and its internet arm AsiaOne. We are grateful to him for mentoring us all the way and also...
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...DIGITAL & SOCIAL MEDIA MARKETING FINANCIAL TIMES SPECIAL REPORT | Wednesday March 7 2012 www.ft.com/digitalsocialmediamarketing2012 | twitter.com/ftreports Advertisers rush to master fresh set of skills There are great opportunities, says David Gelles, but companies are still largely feeling their way Inside this issue Cautionary tales David Gelles finds reasons to be careful when companies take advertising online Page 2 B2B Paul Taylor sees a chance for business to gain traction with customers Page 2 Ownership Ajay Makan looks at the wide variety of corporate responses Page 2 Viral campaigns April Dembosky looks behind the success of internet sensations Page 3 Marketing budgets Tim Bradshaw says campaigns via social media are still often unpredictable Page 3 A life in the day David Gelles follows the chief marketing officer of Gannett Page 3 Advertising Predictions of the display ad’s demise are premature, writes Jane Bird Page 3 Mobile Tim Bradshaw explains why the promised land is not quite with us Page 4 On FT.com April Dembovsky explains everything you need to know about Pinterest O nly a few years ago digital marketers might have thought all was plain-sailing. After a decade of disruption wreaked by the emergence of the popular web, companies and advertising agencies had finally understood the intricacies of placing online display and search ads. Yet in the past few years, a new generation of technologies has come along to disrupt once again the way advertisers...
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...Venture Initiation Program by four students from the University of Pennsylvania. The company’s initiative was to sell cheap eyewear online combined with a good cause. Warby Parker believes that “everyone has the right to see” this idea lead to forming partnership with renowned non-profits – e.g. RestoringVision.org – to give a pair away to someone in need for every pair sold. However, it was not just the company’s generous intentions that made Warby Parker so successful for a start-up firm. Warby Parker’s brand is both trendy and classic providing high quality frames with best in class polarized lenses. As a way of cutting costs, Warby Parker decided to avoid middlemen and go directly to the manufacturers in China, circumventing traditional channels. The company is considered a made-on-the-internet brand: it has a huge presence of the internet and most of its advertising campaigns take place there, which constitutes an advantage, given the growing popularity of e-commerce and social network advertising. They started off as an online company however, in the past years they have also opened stores and showrooms in 15 location across the US with their headquarter in New York. BUSINESS MODEL CANVAS ARCHETYPE Warby Parker’s business is based on the low price and high quality of the products, the solidarity branch of their program and also on their online shop. To provide glasses at such a cheap price, the company decided to avoid licensing fees by designing their frame in-house and...
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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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...to college credits from Hamburger U and much more. It’s been quite the journey, and we promise this is just the beginning-we’ve got our hearts set on making more history” (McDonald’s Corporation, 2011). Almost 60 years have passed since Raymond Kroc envisioned a nationwide fast food chain, which needless to say went on to revolutionise the American restaurant industry and become the world’s number #1 fast food restaurant. Today McDonald’s serves 52 million people a day from one of its 31,000 restaurants dotted around the world (Ritabrata Giiosii, R.G. 2009). The golden arches along with Ronald McDonald and the catch phrase “I’m lovin’ it” have assisted McDonald’s in becoming one of the most globally recognised brands, allowing them to become McDonald’s most valuable intangible assets, but how did they do it? Countless elements threaten McDonald’s reputation; health issues, legal and technological changes, social factors, environmentalists and obviously competitors especially those who offer similar services and products such as KFC. They too have become a national brand recognized all around the world however to understand how McDonalds have achieved such success we must first understand what they do differently and what objectives have allowed them to achieve such aims which have assisted them in becoming the best (McDonalds Corporation. 2008). Constantly changing and bettering the marketing strategy has allowed McDonald’s to remain the best, however their main...
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