INFS588 Market Analysis and Marketing Strategies
Market Analysis and Marketing Strategies
Hello, dear friend, you can consult us at any time if you have any questions, add WeChat: THEend8_
INFS5885 E
Week 5 Lecture
EB Market Analysis and Marketing Strategies
• Please change your profile name to UNSW registered name
• Please switch your microphone to mute to avoid disruption to the class
• Use the chat channel to ask questions or make a comment, or raise your 'virtual' hand
• If you have poor internet, turn off your video
• Wait for your lecturer to start
2Week 5
Learning
Objectives
L1
Understand the fundamental concepts of marketing concepts
including the 4P’s and 4C’s of marketing, product- and customer-
based marketing strategies as well as mass marketing.
L2
Why Market Segmentation is Important
L3
Understand key components of EC marketing, and use digital
marketing framework to understand customer decision making
journey
L4
Application of Means-End-Chain Theory and laddering interview
technique for marketing strategy development
3Week 5 Lecture Milestone
• 4P’s and 4C’s
• Product-based, customer-based and mass-marketing
• Market segmentation
Key marketing
concepts
• Why EC marketing?
• Digital marketing framework
• The marketing funnel and consumer decision journey
• Trust and loyalty in EC
• eWOM
Marketing in EC
• Means-End-Chain (MEC) Theory
• Laddering Analysis Technique
• Developing Marketing Strategies based on Laddering Analysis
Findings
Market analysis
framework
4❖ Readings for Week 5
– Textbook Chapter 4
– Digital Marketing: Social Media and Mobile
Marketing Online Tutorial (HBP online tutorial)
– Dollar Shave Club case (Week 2 provided)
commerce segmentation: a means-end chain
approach. Electron Commerce Research, 19, 409–
449 (2019)
Reading
List Week 5
2-5
• 4P’s and 4C’s
• Product-based, customer-based and mass-marketing
• Market segmentation
Key marketing
concepts
• Why EC marketing?
• Digital marketing framework
• The marketing funnel and consumer decision journey
• Trust and loyalty in EC
• eWOM
Marketing in EC
• Means-End-Chain (MEC) Theory
• Laddering Analysis Technique
• Developing Marketing Strategies based on Laddering Analysis
Findings
Market analysis
framework
Week 5 Lecture Milestone
Figure 1.1 A simple model of the marketing
process
Self-actualisation
Esteem
Emotional
Safety
Physiological
Deficiency
Growth
Adapted from Maslow, A. H. (1943). A theory of human motivation. Psychological Review, 50, 370.
Hierarchy of Needs
9Marketing Mix is one of the most commonly
used marketing strategies: 4Ps and 4Cs
If you don’t know how to market your products, then your products have no market.
Product-Based
Marketing
Strategies
❖ Firms often think in terms of products and services
sold
• This is a useful Web site design when
customers use product categories
• Web site examples: Kmart, Woolworths
• This may not be a useful Web site design when
customers look to fulfill a specific need
• For instance, Hellofresh
• Customers' "job to be done" is the key for
identifying value proposition
❖ Design online websites(online platforms) to meet
individual customer needs, for instance, IKEA
• Offer alternative shopping paths
12
The Four C’s of Marketing
CUSTOMERS
Find what customer wants and
needs. Then create the product,
service and solution. (customer
needs)
COSTS
Consider all costs involved in
satisfying your clients, including
costs that clients themselves will
have to incur to satisfy their needs.
COMMUNICATIONS
All interactions between your
organization and clients.
CONVENIENCE
How and where does the customer
want to purchase? (product and
service distribution)
Target Market
To delight your
customers
through
interactive
communication
at their
convenience that
will enable you
to increase
customer value
at a lower cost.
Customer-Based
Marketing Strategies
• Web sites to meet various types of customers’ specific
needs
– Initial step: identify customer groups sharing common
characteristics (customer segmentation)
– Make site more accessible and useful for each group to
meet their specific needs
• Companies need to take view beyond internal perspective
– e.g., UNSW website for the needs of different stakeholders
(current students, prospective students, parents of students,
potential donors, faculty)
• Products/service (Pipeline) to Platform:
– Amazon: retailer to Amazon Marketplace
– Google: search engine to search advertising
– Apple: iPod to iTunes Store in 2003 and the App Store in
2008.
14
Marketing’s 4Ps to 4Cs
? ? ? ?
15
Mass Marketing and
Market
Segmentation
• From mass marketing to personalised marketing
– Mass Marketing and Advertising
• Targeting at everyone
• Outbound marketing
– The ways that firms reach out to target consumers
– Benefits and challenges
– Market Segmentation
• Targeting at a subset of customers or prospects
• Three categories to identify market segments
– Geographic segmentation
– Demographic segmentation
– Psychographic segmentation
• Other segmentation methods
– Behavioral-based segmentation
» Based on consumer behavior to segment
» E.g., usage timing/occasion and usage rate etc.
– Attribute-based segmentation
» Based on product/services attributes to segment
» E.g., segment consumers based on e-retail store
design feature
16
Motivation-Based
Segmentation
• What are the problems with above market segmentation
methods?
– They only explain what they prefer
– But not why they behave like that, i.e., no casual relationship is identified
• Motivation-based (benefit-based) segmentation
– Motivation is defined as a desire, need, or process that influences an
individual’s goal-directed behavior (Smith et al. 1982)
– A benefit refers to the total advantage or satisfaction offered by business
that meet the consumers' needs or wants (Part and Choi 2009)
– It is benefits, needs, desires, values, and goals that determine individual
behavior (McCarthy and Wright 2004)
– Why you shop online, what are your shopping needs to be fulfilled, what
are benefits you seek when you shop online.
– This explains not only what they do, but also why they do online, then e-
business owners know how they should design their e-business to fulfil
consumers’ needs
Personalised
Marketing
Personalized marketing/Relationship
marketing/one to one marketing
• Focusing on cultivating deeper, more meaningful
relationships with customers to ensure long-term
satisfaction and brad loyalty.
• One-to-one marketing
– Marketing that treats each customer in a unique way
• How to achieve?
Week 7 Lecture Milestone
• 4P’s and 4C’s
• Product-based, customer-based and mass-marketing
• Market segmentation
Key marketing
concepts
• Why EC marketing?
• Digital Marketing Framework
• The marketing funnel and consumer decision journey
• Trust and loyalty in EC
• eWOM
Marketing in EC
• Means-End-Chain (MEC) Theory
• Laddering Analysis Technique
• Developing Marketing Strategies based on Laddering Analysis
Findings
Market analysis
framework
Traditional vs Digital Marketing
Digital
Marketing
Framework
Gupta, Sunil, and Joseph Davin. "Marketing Reading: Digital Marketing." Core Curriculum
Readings Series. Boston: Harvard Business Publishing 8224, 2015.
Company Consumers
Outbound Marketing
Inbound Marketing
Mobile
Technology
Social
Media
Three different types of channels
Media
Paid Earned Owned
21
Digital
Marketing
Framework
• Outbound Marketing: the ways that firms reach out to
target customers
– Search Ads
– Display Ads
– Video Ads
• Inbound Marketing: the ways company ensure they can be
found when customers search for a service or product
– Position company as a target customers search for.
– Two drive forces:
• The diminished influence of advertising
• The rise of consumer search.
– Search engine optimisation (SEO)
• Getting found
• Creating content
• Optimising landing pages
• Social Media and Mobile Technologies (Week 8)
Gupta, Sunil, and Joseph Davin. "Marketing Reading: Digital Marketing." Core Curriculum
Readings Series. Boston: Harvard Business Publishing 8224, 2015.