Pdf completo

• Marketing


  The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners, and society at large
• Needs


  • Physical
  • Social
  • Individual
• Wants


  Shaped by culture and experience
• Demand


  Desire and buying power
• Value


  All benefits - All costs
• Value is the difference between all perceived benefits and all perceived costs (not actual benefits and costs)
• Perceptions are shaped by external and internal factors. Perceptions are subjective and not all customers see the same value
• Because perceptions are subjective and not all customers see the same value and react the same way to a brand's marketing mix, need to segment the market based on how customers react to marketing mix
• Marketing manager


  Responsible for managing (identify/generate) the demand - needs to influence its intensity, times and composition in order to achieve all company objectives
• The main objective of the marketing manager is to make the sales process easy and smooth, not to sell more (marketing is not about sales, that is responsibility of salespeople)
• In luxury, 30% goods and 70% services
• By definition, the main selling point of each luxury brand is about the hedonic experience
• How marketing has been changing

  • 98% of what marketers do today is Data Science
  • Creativity, vision etc… still play a role but are losing ground to data, AI, metaverse etc…
• Drivers of change


  • In 2005 no digital tools, while in 2024 everyone is focused on digital elements
• New competences required


  • Use of technology
  • Data analysis
  • Experience
• Market forces that have reshaped the way we do marketing in all luxury industries

  • Network technologies (access to secondary information)
  • Globalization
  • Privatization (not government ownership anymore, all in hands of private companies)
  • Deregulation
  • Retail trade transformation
  • Disintermediation (connect directly to final customer)
  • More competition (ex. Armani - entering real estate - moving away from tangible to less tangible)
  • Convergence between sectors
  • Consumer participation (don't want to be a passive receiver of actions)
  • Purchasing power of customers (growing especially in Asia)
  • Information (the more information you get, the less rational you are)
  • Consumer resistance to traditional advertising
  • Social responsibility (what companies do in terms of communication, distribution, product characteristics to make the brand be perceived as more sustainable)
  • Sharing economy
• Today the consumer is considered as an active part of a social dimension within which he acts and influences its behavior. The consumer is no longer rational, but is driven by unconscious processes which lead to highly illogical behavior
• Human decision-making deviates from a rational, deliberate and conscious process
• Marketing orientation


  • Production (1950s - focus on production, efficiency, economies of scale)
  • Product (1970/80s - differentiate, improve quality and performance, work on the image)
  • Sales (1990/2000s - hard selling: a sales strategy that uses direct and insistent arguments to get a buyer to purchase in a short amount of time - no improvisation, it's all about framing and how you say things, give a benchmark to people)
  • Customer (today - data driven, customer oriented marketing - we don't start from our experience or vision, we start from the customer. We learn about the customer through primary and secondary data)

  
• Updating the 4 Ps in luxury
• Going global is a 4 step process

  1. Whether to go global

  2. Which market(s) to enter

  3. Level of commitment

  4. How to adapt marketing mix strategies
• Whether to go global

  • Consider your competitive advantage
  • Home-court advantage? Is this something that can be replicated abroad? Will the resources and capabilities that made the firm successful domestically translate into a new foreign market?
• Factors to consider when going global

  • Presence of high-quality specialized inputs
  • Physical infrastructure
  • Natural and human and capital resources
  • Information infrastructure
  • Technological infrastructure
• Demand conditions


  • Customers that create pressure for quality and innovation
  • Domestic market needs that anticipate the needs of other markets
  • Unusual local demand in specialized segments that can be served regionally and globally
• Competitive intensity in focal industry

  • Presence of domestic rivalry improves a company's competitiveness
  • Encourages investments and upgrading
  • Pressures companies to develop and sustain a competitive advantage
  • Keeps your attention high
  • Strong signal of a healthy market
• Related and supporting industries

  • Benefits of investments in advance factors by suppliers
  • Cluster of firms instead of isolated industries
  • Is there a number of firms to deliver the basics?
• Elements of the external environment

  • Population Growth
  • Resource depletion and pollution
  • New rules and laws
  • New technological solutions (if convenient)
  • Otherwise changing consumer behaviour
• Aspects of the economic environment

  • Overall economic health (example: GDP, Forex Rate)
  • Current stage of the business cycle of each industry (Prosperity, recession, recovery, depression)
  • Economic infrastructure
  • Purchasing power parity (example: Big Mac Index)
  • Consumer Confidence Index (CCI) → GDP of country (where to invest, how to invest, which marketing opportunities to pursue/invest)
  • Environmental threats → COVID
  • Lipstick effect → The lipstick effect is a theory that spending on small indulgences such as premium lipstick increases during periods of recession
• Aspects of the sociocultural environment

  • Demographic trends
  • Ethnicity
  • Changing Family and Household Makeup
• Competitive macroenvironment


  • Consider competition: are you operating in a monopolistic, oligopolistic, monopolistic competition or perfect competition market?
• Market-Entry Strategies


  • Exporting
  • Strategic alliances → licensing, JV and Franchising
  • Subsidiary → acquisition, greenfield
• Exporting


  Need low investment and have low control (of marketing mix and customer data)
• Subsidiary


  Need high investment and have high control (of marketing mix and customer data)
• Standardization vs Localization


  • To what extent will company need to adapt marketing communications to local market?
  • Will the same product appeal to people there?
  • Will it have to be priced differently?
  • How will the company get the product into people's hands?
• Product Strategies


  • Straight extensions
  • Product adaptation
  • Product invention
  • Backward invention
• Pricing decisions


  • Free trade zones
  • Gray markets
  • Dumping
• In order to be successful in today's hypercompetitive economic environment a company needs to carefully design a marketing strategy that creates and delivers value to its customers (objective as marketers is to create value)
• The three levels of business planning

  • Strategic Planning
  • Functional (market) planning
  • Operational Planning
• Strategic Planning Steps


  • Define the mission statement
  • Evaluate the internal and external environment (SWOT analysis)
  • Set organizational or SBU (strategic business unit) objectives
  • Establish the business portfolio (if applicable)
  • Develop growth strategies
• Mission statement


  Brief description of the overall purpose of the organization: aims and values of a company