Marketing Myopia
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၂၀၁၅ခုႏွစ္၊ ေအာက္တိုဘာလ (၄)ရက္ေန႔၊ တနဂၤေႏြေန႔ ၊ UMFCCI မွာ "Marketing Myopia" ေခါင္းစဥ္ျဖင့္ က်င္းပျပဳလုပ္ခဲ့တဲ့ Better Future Better Myanmar 2015 စီးပြားေရးဆိုင္ရာ အခမဲ့ေဟာေျပာပြဲမ်ားရဲ႕ (၁၁)ၾကိမ္ေျမာက္ေဟာေျပာပြဲမွာ ပါေမာကၡေဒါက္တာ ေအာင္ထြန္းသက္ ေဟာေျပာခဲ့တဲ့ PowerPoint Slide
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Marketing Myopia
- 2. Marketing
- 3. Society Fast paced Evolving Consumers seek instant gratification Competition rife Companies EVOLVE and ACCOMMODATE consumers’ needs or DIE
- 4. Marketing Organizational function Processes Creating, communicating and delivering value Managing customer relationships Benefit organization and stakeholders
- 5. Marketing Activity Set of institutions Processes for creating, communicating, delivering, and exchanging offerings Value for customers, clients, partners, and society at large
- 8. Marketing Changed Product Experience Place Access Price Value Promotion Education
- 9. Product & Commodity Product: Feel good thirst quencher Commodity: soft drink Product: Capturing moments Commodity: Film Product: Customer feelings about business Commodity: Supplied without qualitative differentiation
- 10. Defining Market Too narrow prevents from seeing threats from substitution Direct and indirect substitution
- 11. Solution Focus on customer not product From product-oriented business To customer-oriented business
- 12. Customer- oriented Firm Company creating customer value and satisfaction Path not important Only destination SMART
- 13. Misunderstanding Customer- orientation Marketing mania: chasing customer needs, disregarding costs Bigger Marketing Departments Expand into new segments Not considering company’s culture Not educating customer
- 15. MarketingMyopia
- 20. Marketing Myopia July-August 1960 issue of Harvard Business Review by Theodore C. Levitt (1925-2006) Companies do not ask "What business are we in?“ Businesses concentrate on meeting customers’ needs rather than selling products
- 21. Marketing Myopia Short-sighted and inward looking approach Focuses on needs of company Not on customers' needs and wants Failure to see and adjust to rapid changes in markets
- 22. Marketing Myopia
- 23. Marketing Myopia “ … history of every dead and dying ‘growth’ industry self-deceiving cycle of bountiful expansion and undetected decay” Railroads - limited market view Railroad oriented instead of transportation oriented Product oriented instead of customer oriented
- 24. Companies Define industries broadly Take advantage of growth opportunities Ascertain and act on customers’ needs and desires Not on longevity of products To be lucky make own luck!
- 25. Companies Not producing goods or services Make people want to do business with it
- 26. Myopic Culture Short-sighted mindset Illusion 'growth industry‘ Complacency
- 27. Companies Re-examine corporate vision Redefine markets in terms of wider perspectives Oil companies redefined as energy rather petroleum
- 28. Growth
- 29. Self- deceiving Cycle 1. Growth assured by expanding and more affluent population 2. No competitive substitute for major product 3. Faith in mass production and in advantages of rapidly declining unit costs as output rises 1. Preoccupation with product that lends itself to scientific experimentation, improvement, and manufacturing cost reduction
- 30. Growth Companies organized and operated to Create and capitalize on opportunities
- 31. Practical usage Look beyond current business activities Think "outside the box“ Customer's lifetime value
- 33. New Marketing Myopia Marketers fail to see broader societal context Three related phenomena: 1. Single-minded focus on customers at exclusion of other stakeholders 2. Narrow definition of customers and needs 3. Failure to recognize changed societal context that necessitates addressing multiple stakeholders
- 34. New Marketing Myopia Customers remain central consideration Recognize other stakeholders require marketing attention
- 35. Today Marketers Focus on customer needs Learned lesson of customer orientation New form of marketing myopia
- 36. New form of Marketing Myopia Serious distortions of strategic vision Possibility of business failure Exacerbate marginalization of marketing function
- 37. Vision for Marketing Management Engage multiple stakeholders in value creation Propositions to help marketers overcome myopia
- 39. New Marketing Myopia Customer as “consumer” Commercial entity - satisfy short-term, material needs via consumption behaviors Customer not viewed as citizen, parent, employee, community member, or member of global village
- 40. More sophisticated understanding of consumption Wider set of stakeholders concerned with company’s social and environmental impacts Customers wear other stakeholder hats Stakeholders and societal forces changed business context and business decision-making
- 41. Marketers Understand firm’s embedded position in society Service shift from narrow focus on customers to stakeholder orientation Engaging with groups seen as adversaries - activists, scientists, politicians and local communities
- 42. Marketers Collaborating with stakeholders provides many benefits Develop foresight regarding markets of future Impetus for innovation
- 44. New definitions of Marketing “More attention to stakeholder theory central to marketing scholarship”
- 45. New definitions of Marketing Recognition of role of multiple stakeholders in value creation More effective and socially responsible marketing practice
- 47. Stakeholders Affected by or can affect what company does
- 48. Marketing Boundary-spanning role Five propositions
- 49. Proposition 1: Map Stakeholders Primary Customers Investors Employees Suppliers Shareholders Communities
- 50. Proposition 1: Map Stakeholders Secondary Media Government Consumer advocacy groups Competitors NGOs
- 51. Stakeholder Mapping Difficult Identified beyond generic categories Salient stakeholders - deserving of management’s attention
- 52. Proposition 2: Determine Stakeholder Salience “Who or what really counts” Priority to competing stakeholder claims Reflect stakeholder power, legitimacy, and/or urgency
- 53. Proposition 3: Stakeholder Issues and Expectations and Measure Impact Relevance of marketing’s role in stakeholder management Market Research
- 54. Proposition 3: Stakeholder Issues and Expectations and Measure Impact Social impact measurement Social and environmental performance Evaluate effectiveness of stakeholder management strategy and implementation.
- 55. Proposition 4: EngageWith Stakeholders Engage directly Two-way communications and collaboration Valid and reliable measures of stakeholder orientation
- 56. Proposition 5: Embed Stakeholder Orientation Stakeholder orientation central to day-to-day decision-making Lobby internally on behalf of customers Embed CSR Personal Sustainability Projects
- 57. Conclusions
- 58. Marketing Myopia Company technically sound and product oriented Also customer oriented Know needs of customer Further innovations to maintain customer interest Adapt to changing business market
- 59. Implications Marketers determine whether or not catering right market Adapt products to cater larger market Advertising strategies Synchronize production capabilities of companies and demand
- 60. Companies More customer focused Innovate In control Understand customer desires Conduct marketing research Marketing strategy developed keeping feedback of customers in mind
- 61. Marketing Myopia Focus on customers Failure to give attention to broad range of stakeholders Adverse consequences for marketers, firms, and society
- 62. Marketing Firm’s deeply embedded position in society Shift from narrow focus on customers to stakeholder orientation Businesses prosper and grow in unpredictable business environment of 21st century
- 63. Problems that exist today Cannot be solved by the level of thinking that created them
- 64. “Twenty years from now, you will be more disappointed by the things you did not do, than by the thing you did do. Explore Dream Discover! BFBM
- 66. ThankYou!