Companies are increasingly enhancing the value of their products by creating customer experiences. Some deepen the customer relationship by leveraging what they know about a given customer to personalize offerings. Others focus on the breadth of the relationship by adding touchpoints. Our research shows that high-performing brands do both—providing what we call “total experience.” In fact, we believe that the most important marketing metric will soon change from “share of wallet” or “share of voice” to “share of experience.”
This refers to the process of setting a price for a product, including discounts. The price need not be monetary; it can simply be what is exchanged for the product or services, e.g. time, energy, or attention or any sacrifices consumers make in order to acquire a product or service. The price is the cost that a consumer pays for a product—monetary or not. Methods of setting prices are in the domain of pricing science.
This incredibly moist bundt cake gains its strong apple flavor from shredded Granny smith apples baked into the batter, as well as a concentrated apple liquid that is used to create the cake’s sweet-tart apple and cream cheese glaze. Get the Recipe: Apple Bundt Cake with Apple-Cream Cheese Glaze How to Make Peach Upside-Down Cake How to Make Coconut Cake
This vibrant pink layer cake is pure strawberry-on-strawberry goodness, with fresh strawberries going into the cake batter and frosting. One thing to note about the buttercream frosting—it is absolutely bursting with berry flavor, but is easily over-mixed. If you find you've broken your emulsion when whipping this frosting up, no worries. You can simply mix in a little more powdered sugar to restore it. That said, we love how purely strawberry-forward the flavor of this frosting is, so we'd advise being very light-handed when adding extra powdered sugar, as it will dilute the berry flavor. In our opinion, it's better to have a slightly broken frosting that tastes like strawberries than a perfectly pristine frosting that tastes like sugar.
Special tools are needed for more complex cake decorating, such as piping bags and various piping tips, syringes and embossing mats. To use a piping bag or syringe, a piping tip is attached to the bag or syringe using a coupler. The bag or syringe is partially filled with icing which is sometimes colored. Using different piping tips and various techniques, a cake decorator can make many different designs. Basic decorating tips include open star, closed star, basketweave, round, drop flower, leaf, multi, petal, and specialty tips. An embossing mat is used to create embossed effects. A cake turntable that cakes are spun upon may be used in cake decoration.
A strategic business unit (SBU) is a subsidiary within a firm, which participates within a given market/industry. The SBU would embrace the corporate strategy, and attune it to its own particular industry. For instance, an SBU may partake in the sports goods industry. It thus would ascertain how it would attain additional sales of sports goods, in order to satisfy the overall business strategy.
Chocolate, caramel, and pecans harmonize perfectly in this stunning chocolate layer cake. Devil's food cake mix with pudding plus chocolate morsels result in brownie-like layers filled and frosted with a jazzed up ready-to-spread fudge frosting. Get the Recipe: Chocolate Turtle Cake How to Make Edible Cookie Dough How to Make Chocolate "Chip" Rice Krispy Treats Coffee Liqueur Affogato with Chocolate Whipped Cream
At a minimum the marketing staff needs expertise in traditional marketing and communications functions—market research, competitive intelligence, media planning, and so forth. But we’ve seen that sometimes even those basic capabilities are lacking. Courses to onboard new staff and teach targeted skills are just the price of entry. The best marketing organizations, including those at Coca-Cola, Unilever, and the Japanese beauty company Shiseido, have invested in dedicated internal marketing academies to create a single marketing language and way of doing marketing.
A firm employing a product orientation is mainly concerned with the quality of its own product. A product orientation is based on the assumption that, all things being equal, consumers will purchase products of a superior quality. The approach is most effective when the firm has deep insights into customers and their needs and desires derived from research and (or) intuition and understands consumers' quality expectations and price they are willing to pay. For example, Sony Walkman and Apple iPod were innovative product designs that addressed consumers' unmet needs. Although the product orientation has largely been supplanted by the marketing orientation, firms practising a product orientation can still be found in haute couture and in arts marketing.
On the first day in many Marketing 101 courses, professors often define marketing as, "all the processes involved in getting a product or service from the manufacturer or seller to the ultimate consumer." It includes creating the product or service concept, identifying who is likely to purchase it, promoting it and moving it through the proper selling channels.
Senior managers across the company can benefit from programs for sharing expertise on consumer habits, competitor strategy, and retail dynamics. Virgin, Starbucks, and other corporations have created intensive “immersion” programs for this purpose. Executives at the director level can profit from advanced courses that focus on strategic considerations such as portfolio management and partnering. We find that senior leaders often gain a lot from digital and social media training, as they’re frequently less well versed in those areas than their junior colleagues are. Appreciating this, companies including Unilever and Diageo have taken their senior leaders to Facebook for training. We’ve collaborated with partners at Google, MSN, and AOL to develop similar programs, including “reverse mentoring,” which pairs very senior managers with younger staffers. Even the CMO can benefit from continued, targeted training. Visa’s Antonio Lucio, for instance, hired a digital native to teach him about social media and monitor his progress.
The marketing orientation is perhaps the most common orientation used in contemporary marketing. It is a customer-centric approach that involves a firm basing its marketing program around products that suit new consumer tastes. Firms adopting a marketing orientation typically engage in extensive market research to gauge consumer desires, use R&D to develop a product attuned to the revealed information, and then utilize promotion techniques to ensure consumers are aware of the product's existence and the benefits it can deliver. Scales designed to measure a firm's overall market orientation have been developed and found to be relatively robust in a variety of contexts.
Marc Schroeder, the global marketing head for PepsiCo’s Quaker brand, understood the need for internal cohesiveness when he led a cross-regional “marketing council” to develop and communicate the brand’s first global growth strategy. The council defined a purposeful positioning, nailed down the brand’s global objectives, set a prioritized growth agenda, created clear lines of accountability and incentives, and adopted a performance dashboard that tracked industry measures such as market share and revenue growth. The council communicated the strategy through regional and local team meetings, including those with agencies and retail customers worldwide, and hosted a first-ever global brand stewardship event to educate colleagues. As a result of those efforts, all Quaker marketing plans are now explicitly linked to one overall strategy.
McCormick, the spices and flavorings firm, emphasizes both depth and breadth in delivering on its promise to “push the art, science, and passion of flavor.” It creates a consistent experience for consumers across numerous physical and digital touchpoints, such as product packaging, branded content like cookbooks, retail stores, and even an interactive service, FlavorPrint, that learns each customer’s taste preferences and makes tailored recipe recommendations. FlavorPrint does for recipes what Netflix has done for movies; its algorithm distills each recipe into a unique flavor profile, which can be matched to a consumer’s taste-preference profile. FlavorPrint can then generate customized e-mails, shopping lists, and recipes optimized for tablets and mobile devices.
World War II directly affected bread industries in the UK. Baking schools closed during this time so when the war did eventually end there was an absence of skilled bakers. This resulted in new methods being developed to satisfy the world’s desire for bread. Methods like: adding chemicals to dough, premixes and specialised machinery. These old methods of baking were almost completely eradicated when these new methods were introduced and became industrialised. The old methods were seen as unnecessary and financially unsound, during this period there were not many traditional bakeries left.