The Pretenders

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The Pretenders

• Drew Goldfinger
• Matt Hertzmann
• Heather Kameran
• Derek Luis
• Matthew Riccaboni
• Ian Salmon

Mistakes Marketers Make 10/20/08 In WSJ
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Mistakes Marketers Make

• A lot of money in marketing is wasted
• We did this with our In-Class Activities
• To much focus on Conventional Wisdom
• Ignores advances in understanding
• Consumer Behavior
• Results are two-fold
• Sales drop
• Money is thrown out

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Seven Elements of CW

• The search for Target Market Segments
• CW Find people who want our brand
• NW Identify who needs your product
• Then target them
• 46 said they were brand loyal
• Only 6 were in a study on Gas Brands

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Seven Elements of CW

• CW Loyal Customers are Most Valuable
• NW Studies show only 10 are usually brand
  loyal, and that they buy it less often then those
  who are not loyal.

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Seven Elements of CW

• CW There are several ways to promote long term
  growth
• NW No, only one will be substantial Increasing
  your customer base

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Seven Elements of CW

• CW Differentiation is Key
• NW Sometimes a little standardization is Good.
• The Corolla is not unique at all, yet it is one
  of the most popular cars.

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Seven Elements of CW

• CW Sales Promotion brings in extra, worthwhile
  business
• NW Never really produces loyalty customers once
  prices go back up

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Seven Elements of CW

• CW The Competitor who has the best 4-Ps will win
• NW Good 4-Ps and good brand strength are true
  winners

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Seven Elements of CW

• CW Marketing is about hunting and capturing
  customers
• NW A tide is turning with the Internet. Now some
  customers hunt and search on their own.
• Travel Agencies

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International Marketing Implications

• This advice is helpful when creating a Global
  Segmenting Strategy
• Trying to prevent customers from swapping brands
  and purchase yours more frequently is futile.

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International Marketing Implications

• Repertoire Markets - several brands
• Brand Levels dont normally exist
• Dont Focus on maintaining customer loyalty, and
  product differentiation
• Focus on broadening customer base with new
  customers or by entering new markets

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International Marketing Implications

• After you establish your global potential
  customers base, establish good 4-Ps, and
  recognize potential flaws in your conventional
  thinking
• Then you can focus on marketing your brand and
  creating positive awareness of it

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Questions