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Marketing

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MARKETING MANAGEMENT (MK101)
Term 1: Section D Week 2

4 July, 2012

2

Agenda

• Session Contents • Levitt and Marketing Myopia

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MARKETING MYOPIA
By Theodore Levitt, HBR, 1960, 1975, 2002, 2004

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Marketing Myopia

• Few observations: • The Railroads are in trouble today not because that need was filled by others….. But because it was not filled up by the railroads themselves. • The history of every dead and dying ‘growth’ industry shows a selfdeceiving cycle of bountiful expansion and undetected decay • … then the absence of a problem leads to the absence of thinking. • Mass production does indeed generate great pressure to ‘move’ the product. But what usually gets emphasized, is selling, not Marketing.

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Marketing Myopia

• Few observations: • The marketing effort is still viewed as a necessary consequence of the product- not vice versa, as it should be. • This is not what the engineer managers say, ……. and this accounts for their concentration on what they know and what they can controlnamely product research… • …. Organization must learn to think of itself not as producing goods or services but as buying customers … ..

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Marketing Myopia

• So, where do successful businesses like American Railroads

go wrong?
• Narrow definition of their business
• Self Serving interests?

• Audacity of indispensability • Product Development (R & D) with firm in focus
• Customers’ needs are often ignored or not well understood

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Marketing Myopia

• Emergence of Shopping Malls • Any comments pertaining to Marketing Myopia? • Why have they included a ‘Food-court’ • Why a Cineplex/ Multiplex • Are they in the business of retailing? Or, • Are they part of entertainment and leisure industry?

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Re-defining Markets

• Suppose you are the seller of Bottled Drinking Water: then

what would be your market? Who are your competitors?
• (1) Thirst Quenching • (2) Need for Safe Drinking water for a household, an office, etc.

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Market definitions
• For 1st case, the possible alternatives are: • Tap Water • Carbonated Soft Drinks • Tender Coconut • Tea or Coffee • Fruit juices (packaged or unpacked) • Whereas, if the need belongs to the 2nd category, the

alternatives are less:
• Tap water fitted with a gadget like Zero-B/ Filter, • Standing Water filter (with filter candles), and • A water purifier, e.g. from Eureka Forbes, Lexus, Kent, or, Phillips.

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Firms & Brands who looked beyond

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VALUE, SATISFACTION & LOYALTY

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Value
• Customers only opt for products, which offer non-negative

value! • Value= Sum of Benefits (B1)- Sum of Costs (C1)
• Price is often a negligible cost

• When choosing between alternatives • Choose 1, if V1>V2, or, B1-C1=B2-C2 • Customers face a range of costs: • Non-monetary: Switching Costs, Psychological Costs, Search costs • Monetary: Installation, Switching (transaction) costs, lifetime costs • E.g. DOCOMO

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Value-sustaining value delivery

• Identify what is important and ‘valuable’ to customer • Not what you intend to highlight as a seller • Or, you are strong • Create unmatched value on those attributes/ variables • Vis-à-vis competition • Check Sustainability of such value proposition

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Satisfaction
• Satisfaction=f(expected service ~ perceived quality/service) • To improve satisfaction, improve quality • Communicate clearly- positioning • Monitoring satisfaction • Tracking satisfaction regularly (feedback system) • Track changes in satisfaction over time- alert for alarms • Measure satisfaction • Variables/ attributes which matter to customer

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Customer Complaints
• Great way to know what customers value • Customers usually do not complain • They feel firms/sellers would retaliate • They feel ‘such is life’ • They feel there are other alternatives- why waste time! • They feel that company would not take care of the problem-apathy • Complaints are good! • Because it shows that customers feel that firm would listen • It also provides you with a second chance to impress!

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CLV

• Focus on retaining customers • Profitable customers • Important to create a portfolio of customers • Check CLV of each customer group to optimise resources • Cost of acquisition can be very high for some groups
• Which would lower profits • Key is in finding out profitable segments

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SCANNING THE ENVIRONMENT

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Factors impacting M-Mix
• Often Marketing plans are developed • Which do not consider an external environment • Too inward focussed
• Limited view of Customers • Limited/no view of Competition • Limited/no view of the environment

• E.g. The statement• If we launch the product at Rs200, we can easily capture 10% of the

market.

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Relevance of the ‘External’ environment

• Frequently, it has come to the fore, that even good products

may not be successful
• Impact of the ‘external’ environment
• External to the firm

• Marketing Plans need to be modified according to the

‘situation’

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Understanding the ‘Situation’

• Step 1: Sales Monitoring • Quarter wise- region wise- analysing trends
• Most firms may not have the sales data available with them for previous

months!
• Analysis of Data • Modern Retail has enabled capture of this information
• Point-of-Sale (PoS) scanners • Point-of-Purchase (PoP) sensors are also adopted

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Understanding the ‘Situation’

• Step 2: Reading between the lines • Sales data is only data, not customer data!
• Analysis is half baked- preferences are rarely informed!

• Stock-outs are highlighted from field team

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Understanding the ‘Situation’

• Step 3: Using databases • Marketing Databases are often over-emphasized
• They often fail to capture the ‘appropriate’ information • They need to be customised to the problem context • Research in understanding customers cannot be ignored!

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Co-development
• Involve customers in development • Alpha & Beta versions for customers to use and provide feedback • Sellers are logging into Customer feedback • Customer activism websites • Addressing issues • Gathering competitors’ feedback • Creating product advocates • Blogs, websites from customers

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IMPORTANT ‘STRATEGIC’ FRAMEWORKS

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Porter’s 5-force framework

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The 4-C / 5-C Framework
Context
Context

Customer

Marketing Plan M-Mix

Collaborators

Competition

Competition

Marketing Plan M-Mix

Company

Customer

Company

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Marketing Plan
• 3 essential Steps • Value Exploration • Value Creation • Value Delivery • Under the 3-C framework • Customer • Company • Collaborator

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Developing the Marketing Plan: Ansoff Matrix
Existing Product New Product

New Market

Market Development

Diversification

Existing Market

Market Penetration

Product Development

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CALLAWAY GOLF COMPANY
Case Discussion!

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Callaway Golf Company (CGC)
• Membership figures are up:
Golf Course Memberships 20,000,000.00 13,353.00 1,498.00 26,000,000.00 28,000,000.00 16365 16,715.00 1,589.00 1,675.00

• However, problems are appearing on the horizon • High Inventory Costs • Stocks’ liquidation at lower prices • Emergence of stronger, nimble competitors • “Innovation Fatigue” from users? • Where is the market headed?

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Callaway Golf Company (CGC)
Average Sale prices Biggest Big Bertha Great Big Bertha Great Big Bertha Hawkeye Wholesale Prices Biggest Big Bertha Great Big Bertha Great Big Bertha Hawkeye Distribution Margins Biggest Big Bertha Great Big Bertha Great Big Bertha Hawkeye 1997 27% 21% 1998 26% 25% 1999 37% 42% 23% $ $ 1997 340.00 $ 290.00 $ 1998 1999 295.00 $ 190.00 245.00 $ 140.00 $ 290.00 $ $ 1997 467.64 $ 368.68 $ 1998 1999 396.36 $ 302.67 326.66 $ 241.14 $ 377.86

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Callaway Golf Company (CGC)
Dollar Share Callaway Cobra Taylor Made Titleist Unit Share Callaway Cobra Taylor Made Titleist Ratios Callaway Cobra Taylor Made Titleist Q1 45.7% 9.9% 21.4% 1.2% 37.4% 10.0% 20.3% 1.7% 1.222 0.990 1.054 0.706 1997 Q2 47.6% 9.6% 24.2% 0.7% 37.9% 10.3% 22.2% 1.0% 1.256 0.932 1.090 0.700 1998 1999 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 48.8% 46.9% 42.6% 36.8% 32.9% 36.3% 38.7% 38.6% 39.7% 9.2% 8.1% 7.2% 7.7% 7.4% 6.8% 5.5% 4.5% 4.1% 25.0% 24.8% 25.6% 22.9% 21.8% 19.1% 17.2% 18.4% 18.7% 0.5% 1.6% 2.7% 3.9% 3.7% 3.8% 4.1% 7.0% 8.1% 38.6% 9.8% 22.4% 0.8% 1.264 0.939 1.116 0.625 36.3% 8.8% 23.3% 1.3% 1.292 0.920 1.064 1.231 31.7% 7.3% 25.0% 1.8% 1.344 0.986 1.024 1.500 27.8% 7.6% 21.6% 2.4% 1.324 1.013 1.060 1.625 26.7% 7.4% 20.4% 2.3% 1.232 1.000 1.069 1.609 29.4% 6.8% 17.2% 2.2% 1.235 1.000 1.110 1.727 30.1% 6.1% 16.0% 2.4% 1.286 0.902 1.075 1.708 30.3% 5.2% 16.6% 4.8% 1.274 0.865 1.108 1.458 31.8% 4.4% 17.2% 5.4% 1.248 0.932 1.087 1.500

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Callaway Golf Company (CGC)
Currently “weak”, but Technology fatigue is setting in Quite strong!! Technology Push is significant, which is driving the market upward! Slowly Titleist/ Ping are encroaching the space / Also CGC’s success encourages many to enter!

Not much information

Low Threat

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Callaway Golf Company (CGC)
Inventory Share Callaway Cobra Taylor Made Titleist Inventory "Index" Callaway Cobra Taylor Made Titleist 0.80 1.22 0.93 1.12 0.86 1.28 0.98 1.70 0.82 1.14 0.99 1.63 0.82 1.03 1.04 1.23 0.82 1.27 0.95 1.17 0.87 1.46 0.95 0.96 0.78 1.26 0.99 0.78 0.79 1.38 1.08 1.00 0.89 1.25 1.07 0.96 0.89 1.37 1.05 0.85 0.81 1.50 0.98 0.70 29.9% 12.2% 18.8% 1.9% 32.7% 13.2% 21.7% 1.7% 31.6% 11.2% 22.1% 1.3% 29.8% 9.1% 24.2% 1.6% 25.9% 9.3% 23.7% 2.1% 24.2% 11.1% 20.6% 2.3% 20.7% 9.3% 20.1% 1.8% 23.3% 9.4% 18.5% 2.2% 26.8% 7.6% 17.1% 2.3% 27.1% 7.1% 17.4% 4.1% 25.7% 6.6% 16.9% 3.8%

1997 Q1 Herfindahl's Index** 0.26 Q2 0.29 Q3 0.31 Q4 0.29 Q1 0.25

1998 Q2 0.20 Q3 0.16 Q4 0.17 Q1 0.18

1999 Q2 0.19 Q3 0.20 Q4

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Callaway Golf Company (CGC)

• Way Ahead?

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THANK YOU
For queries: krishanu@iimcal.ac.in

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...qwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmqwertyuiopasdfghjklzxcvbnmrtyuiopasdfghjklzxcvbnmqwer...

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Premium Essay

Marketing

...Assessment: MKC1 Market Environmental Variables Reading: Contemporary Marketing: Chapter 3 Questions: 1. How would you categorize Generation X using the five segments of the marketing environment? A: Competitive Environment B: Political-legal environment C: Economic environment D: Technological environment E: Social-cultural environment 2. Joe and Ryan both have storefronts in the local mall. Joe sells candies and Ryan sells pretzels. Are Joe and Ryan in direct competition with each other? A: Yes B: No Consumer Behavior and Marketing Reading: Contemporary Marketing: Chapter 5 Questions: 1. Rachel and Sarah’s parents always purchased groceries from the local Aldi marketplace. What is this type of behavior an example of? A: Cultural influences B: Social Influences C: Personal factors 2. Maryanne purchases Maxwell House coffee every two weeks from the grocery. What is this type of behavior an example of? A: Routinized Problem Solving B: Limited problem solving C: Extended problem solving 3. Aaron does research on several local colleges before applying to his first three choices. This is an example of: A: High – involvement purchase decision B: Low – involvement purchase decision Marketing Plans Reading: Contemporary Marketing: Chapter 2 + Ch. 2 Appendix Web sites: http://www.jpec.org/handouts/jpec33.pdf http://www.netmba.com/marketing/process/ Questions: 1. Strategies are designed to meet objectives...

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