Marketing 1. Product Life Cycles: What are the life cycles, and why do marketers care? 2. The Customer Funnel: How customers decide to buy your product/service.

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Presentation transcript:

Marketing 1. Product Life Cycles: What are the life cycles, and why do marketers care? 2. The Customer Funnel: How customers decide to buy your product/service.

Marketing 3. Spider graphs: Product and market segment characteristics. 4. Product & Communication Channels: How to get your stuff and your message to your customers.

Profit is NEGATIVE at first Gap gets bigger because of MARKETING expenses

“Henry Ford is supposed to have said, ‘If I had asked people what they really wanted, I would have made faster horses’ or something like that.” Quoted from Electrolux CEO Hans Straberg in Kolter p INTRODUCTION

"People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying no to 1,000 things." Steve Jobs (Apple Worldwide Developers' Conference, 1997) Management/ Operations Finance Marketing

First Mover VS Fast Follower

GROWTH Improved quality New models New market segments Improved distribution Loyalty Competition lowers price

MATURITY “Most products are in this stage of the life cycle, which normally lasts longer than the preceding ones.” p. 314

Back to Porter…

DECLINE

Let’s turn to CUSTOMERS….

Chicago Man K-T Man Complete, transitive and convex set of preferences on bundles of commodities that stay constant, and the ability to accurately compute the probability and thereby the expected utility of uncertain events. Reference dependent (preferences aren’t constant), loss averse with a systematic tendency to overweight small probabilities and underweight large ones. Makes decisions by “rules of thumb” or “heuristics” that are not necessarily optimal. Rational Actor Imperfectly Rational Actor Behavioral Economics

Match the product to the people…

Distribution Channels

Communication Channels

Conclusion: Marketing is where products meet people