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Marketing Strategy and Customer Values 연세대학교 경영대학 김영찬 교수...
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Transcript of Marketing Strategy and Customer Values 연세대학교 경영대학 김영찬 교수...
Marketing Strategy and Customer Values
연세대학교 경영대학김영찬 교수 ([email protected])
Dr. Youngchan Kim 2
Competition is becoming increasingly global and intense, which has expanded the choices available to customers
Customers, in turn, are becoming more sophisticated in choosing among a larger variety of offerings.
Both competitors and customers are having to cope with slower growth economies
Therefore.. In many areas of the world, these forces combine to
make customers ever more demanding as they seek higher value in satisfying their needs
현재 시장에서는…
Dr. Youngchan Kim 3
“There is no resting place for an enterprise in a competitive society.” – ALFRED SLOAN, JR.
Strategy is…• A fundamental pattern of present and planned objectives, resource deploymen
ts, and interactions of an organization with markets, competitors, and other environmental factors
• Directional statements that serve as a central theme guiding and coordinating functional actions
• It is about • (1) What : Objectives to be accomplished• (2) Where : Which industries and markets to focus• (3) How : Resources and activities allocation to gain• competitive advantage
• Strategy is NOT about Operational Efficiency
Market-Oriented Management
What is strategy?
Dr. Youngchan Kim 4
Refocus on their core competencies;
Success will be defined by the quality of such decisions as which
customers should be targeted;
How these customers should be served, and what is superior
performance relative to competitors.
How will these decisions be made?
There is no simple answer to this question, but one thing is clear.
Market strategy and tactics decisions are inevitably based on what
managers “know” about customers, markets, and opportunity. “Knowing”
is an information activity, and so information drives decisions.
Why we need the Market-oriented management?
Dr. Youngchan Kim 5
The Nature of Marketing Research
The emphasis in marketing is on the identification and satisfaction of customer needs.
In order to determine customer needs and to implement marketing strategies and programs aimed at satisfying those needs, marketing managers need information.
Dr. Youngchan Kim 6
The Nature of Marketing Research(MR)
The task of marketing research is to assess the information needs and provide management with relevant, accurate, reliable, valid, and current information.
However, in High-Tech environment, gathering customer needs information is NOT as usual.
Dr. Youngchan Kim 7
Example: Hotel Business
One of the chief determinants of satisfaction for customers of service organizations is length of waiting time.
How service suppliers respond to this problem depends very much on how they define it: “the lines are too long at our registration desk”.
A broader goal: to reduce (or even eliminate) the time between the guests’ arrival and when they get to their rooms.
Dr. Youngchan Kim 8
Example: What Went Wrong with Iridium?
Dr. Youngchan Kim
MR for High-Tech: A Paradox?
Ignore your customer! (Fortune)
“It is time to start ignoring the customer. That’s the only way to create the kind of breakthrough products and services that can catapult you far ahead of the competition.”
Dr. Youngchan Kim 10
Lessons Learned
Customer research is critical in developing a really new product.
“The degree to which a product is innovative and the effect of discontinuities on customer evaluation should be examined early in the development process.” (Veryzer, JPIM 1998)
Most entrepreneurial failures are those of marketing.
“Marketing decisions are the most important.” (Lodish in Entrepreneurial Marketing)
But still, few people ask the consumers. Why?
Dr. Youngchan Kim 11
Because of inappropriate information..
This is an example of what can happen when a business stops organizing its efforts around improving attributes or features of its existing offering and instead defines its mission as determining and delivering customer value.
Dr. Youngchan Kim 12
What is Customer Value, anyway….?
What is customer value? What is it that our particular customers (group)
value? How do I know if we are delivering value to our
customers? These questions are fundamental to any form of
organizations. However, the problems are…. (1) failing to ask customers the right questions and/or (2) failing to disseminate and use customer
information effectively across the organization.
Dr. Youngchan Kim 13
Reasons…. (1)
Many managers never ask the right questions to begin with
The existing process fails to provide actionable data or because the managers feel that it is impossible to keep up with rapid marketplace change, including mercurial customer attitudes.
More arrogant managers are those who feel that they know the answers better than their customers, who can be “coached” into correct mindset .
Customer satisfaction measurement(CSM)
Dr. Youngchan Kim 14
Reasons…. (2)
The data may not be updated often enough, leading to information that is outdated and static
Information systems may not effectively integrate customer information from different organizational sources.
The information may not get into the hands of the managers who need it to make strategic decisions.
If the information gets into the right hands, the users may not know what to do with it.
Organizations may not encourage appropriate managerial use of customer information because they fail to tie responsibilities, performance evaluation, and rewards to it.
Dr. Youngchan Kim 15
Defining Customer Value
Customer value is the customers’ perception of what they want to have happen (i.e., the consequences) in a specific use situation, with the help of a product or service offering, in order to accomplish a desired purpose or goal
Outcomes that are experienced bythe customer as a result of product
Use(e.g., stress relief, self-confidence,efficiency, good looking, shining;
price, difficult to use, harm to hair)
Dr. Youngchan Kim 16
Value as a trade-off in consequences
Perceived positive consequences(benefits or desired outcomes)
Perceived negative consequences(sacrifices or costs)
Value
Dr. Youngchan Kim 17
Customer Value Hierarchy
Desired End-StatesDescribes the goals of the person or organization
ConsequencesDescribes the user/product interaction
AttributesDescribes the product/service
Dr. Youngchan Kim 18
Peace of mindPeace of mind
Extent of Extent of
hassleshasslesDriving easeDriving ease
Treat me Treat me
intelligentlyintelligently
CRCR
recommendedrecommended Fuel Fuel
indicatorindicator
Comfortable Comfortable
seatsseats
No pressureNo pressure
tacticstactics
Doesn’t breakDoesn’t break
downdown
Service Service
responseresponse
Don’t abandon youDon’t abandon you
after saleafter sale
Mechanics know Mechanics know
their stufftheir stuff
Comparable service Comparable service
across dealersacross dealers
ReliableReliable
Frequency ofFrequency of
repairrepairSizeSize
PlushPlush
Inside lightInside light
switchswitch
ComfortableComfortable
rideride
Smooth Smooth
shiftshift
Desired end states
Consequences
AttributesLayout ofLayout of
instrumentsinstruments
Automobile Customer’s Value Hierarchy
Dr. Youngchan Kim 19
Its Meaning….
When an organization’s focus stops at an attribute perspective and fails to consider the upper levels of the value hierarchy, that is where difficulties (and failures) lie.
While attributes describe the product, consequences are the results and experience that accrue to the customer as a result of product consumption and possession.
“How do you use this product?”, “What happens when you use this product?”, “What does this product do for you?”
At the top of the hierarchy are desired end states: the users’ core values, purposes, and goals
Dr. Youngchan Kim 20
The Important Characteristics of the Hierarchy
The three levels of the hierarchy are interconnected in the sense that the lower levels are the means by which the higher level ends are achieved.
The levels of abstraction increases at higher levels in the hierarchy.
There is a tendency for stability to increase at higher levels of the hierarchy.
Remember that there is no such thing as “the” value hierarchy for a product or service.
Dr. Youngchan Kim 21
Applying Customer Value Hierarchies in Practice
Managers should not define their product or service offerings strictly in terms of attributes.
Rather than a bottom-up approach to decision making, the hierarchy suggests a top-down approach.
Managers who concentrate their attention on changing, unstable attributes will find themselves chasing a moving target, whereas consequences and desired end states provide a more stable bases for decision making.
The upper levels of the hierarchy are inherently oriented toward some future state, while the attribute levels focus on historical or current offerings.
The values provide more opportunity for significant and creative changes in the product or service.
Dr. Youngchan Kim 22
Aligning MR with Type of Innovation
Market Intuition Market Intuition
Market Intuition Market Intuition
TraditionalTraditionalMarket ResearchMarket Research
TraditionalTraditionalMarket ResearchMarket Research
IncrementalInnovation
BreakthroughInnovation
Fine-tuning Ideation
Dr. Youngchan Kim
MR for High-Tech Products
Roles of Market Research Resolve market uncertainty Make a match between what customers want
and what company can provide Gather competitive intelligence
Two Major Uses “Discovering” market opportunities “Sizing” market opportunities
Dr. Youngchan Kim
“Discovering” Opportunities
Role of luck and creativity in innovation
Systematic approaches Market-driven or Research-based
Observational research Empathic design Lead user process
Market-driving or Intuition-based Finding new markets for new (esp. disruptive)
technologies: shifting basis of competition
Dr. Youngchan Kim
“Sizing” Opportunities:
Demand Forecasting
Market Potential and Market Penetration Key market factors
population base, technology, awareness, availability, purchase intention
Forecasting methods Delphi method Analogical inference Information Acceleration (IA) – enhanced scenarios Quantitative tools (time series, regression, etc.)
Key parameters and sensitivity analysis: “What-if ?”