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Marketing Term 1
Marketing
| Question | Answer |
|---|---|
| myths/misconceptions | advertising, social media, cool logo, business cards, not accountable, fluff, performed by one silo, not my job |
| 5 C's | Customers, Company, Competitors, Collaborators, context |
| describe customers from 5C's | needs, how do we satisfy, benefits sought, demographics, firmographics, psyhographics, media habits |
| describe company from 5C's | what are our competencies and how do they match customers' needs |
| describe competitors from 5C's | who else can meet needs, how do they create value, what are their core competencies |
| describe collaborators from 5C's | who will help us and how will we motivate them? |
| describe context from 5C's | roadblocks of culture, technology, gov't/legal |
| What's STP? | Segmentation, Targeting, Positioning |
| What are the characteristics of the what and why? | FMUCuS- feasible, meaningful, unique & competitive, sustainable |
| draw the process model | 5c's stp, 4p's, feedback, customer acquisition/retention, profit analysis, strategy, tactics create, capture, sustain value |
| marketing reframed | a strategic, cross-functional, bottom-line oriented function that helps everyone "do" marketing throughout the firm- becoming a powerful engine for growth |
| describe the marketing function- hub of influence | accountable, tactical marketing expertise cross functional leadership strategy, alignment, change mgt. |
| CEO beliefs | revenue growth, innovation, differentiated value proposition, |
| CMO beliefs | new brand ID elements, agency, winning campaign, accolades |
| transactional value | worth of net benefits in exchange for cost |
| segmentation | dividing a market on similarities and differences that are related to needs and preferences |
| targeting | focus on and develop separate tactical marketing programs for one or more subgroups identified during segmentation |
| segmentation advantages/disadvantages | advantages- demand- better match between buyer and seller disadvantages- cost research and production costs go up, potential cannibalism |
| segmentation strategies | aggregation, concentrations, differentiation, one to one marketing |
| segment if.... | can identify and measure, reachable, responsive, groups are stable |
| steps to Who? | determine market boundaries-what's our biz and who competes?what segmenting variables to use?develop profile for each segment-complete pic of subgroups,how do descriptors relate to buying,enough info choose targets-not well served,large enough,growing,res |
| define value | perceived net benefits p(benefits-us)-p(cost-us)>p(benefits-them)-p(cost-them) |
| define customer value strategy | who what why, value proposition, STP gets us there |
| value proposition | how we promise to create value why customers will choose us how we'll deliver creates focus |
| what's the structure of the value proposition? | customer needs, organizational competencies, competitors |
| Who? | benefits/needs sought, detailed demographic, psychographic, habits |
| what/why? | fmucus |
| what? | key benefit promised 1 word |
| why? | facts, proofpoints, 3 categories labeled with 1 word or phrase |
| consumer hierarchy of needs | features>function>social>spiritual |
| B2B hierarchy | price>quantified benefits>value (quant benefits+intangibles) |
| Leadership online | new company with new value prop; can incumbent change value prop to compete; B&N overly relied on branding |
| benefits-reasons to believe | so what points of parity points of difference points of contention |
| where do what and why live? | in memory |
| draw consumer analysis wheel. | draw |
| what is reciprocal determinism | people influence environment environment influences people |
| what are the characteristics of a healthy brand? | high awareness clear compelling image consumer engagement, buzz strong margin strong loyalty |
| what are the 3 questions regarding evaluating brands in memory? | whats in there, hows it organized, hows it changing? |
| memory content | verbal/nonverbal cognitive/affective funtional/symbolic autobiographical |
| how is memory organized | conceptually as associative networks of interrelated meanings |
| network activation theory assumptions- process of retrieval and construction of meanings | nodes, linked, changing activation rate, activation increases with attention, external/internal stimulation, spreads uncontrollably, no stimulation reduces activation |
| what is the value of network activation theory | create brand positioning; process of retrieval and construction of meanings |
| what are the two chromometric techniques used for inventorying memory? | brand name recall, free association |
| tips to determine positiioning | use language and memory use brand hierarchy and generic strategies to guide choices use value prop who what why |
| steps to determine positioning | define brand attributes and functional benefits define emotional benefits piece together with customer input evaluate for today and tomorrow FMUCUS stretch |
| 8 generic position strategies | positioning on- feature, function, emotion, end state benefit positioning by- use, product class, user, competitor |
| BMW takeaway | node strengthening/withering, measure and foster associations, be careful with associations |
| 2x2 growth matrix categories | market penetration, market development, product development, product diversification |
| describe market penetration | old products old market increase frequency of purchase, amount per purchase, sell to non customers, non buyers |
| describe market development | old product new market new user segments, new product uses risk cannibal |
| describe product development | new product old market modify, extend line or category, new name/identity good bad ugly- too many choices |
| describe product diversification | new product new market old product with new feature, brand extension, new product risk- uncertainty |
| describe the cycles in the product life cycle | intro growth maturity decline |
| growth myths | nature of industry, size of firm, geographical economic growth, age of firm, founded by entrepeneur |
| growth success | built for innovation, stable, small bets, active acquirers, manage resource allocations centrally, build innovation throughout value chain |
| design thinking | uses designer's sensibilities and methods to match needs with business strategy abductive reaasoning- new ideas,logical leaps of mind observe data not fitting current models balance between analysis and creativity |
| think like a designer | direct observation, empathy, abstract of "real" needs, make abstract visually concrete, cross-functional collaboration, prototypes/iterations, no early judgment, co created with users |
| Mercer case | house of brands vs branded house; shot first aim second via book- tactic |
| threats from emerging competitors | come from nowhere, in flux due to high tech, globalization, deregulation, customer demands |
| how do we identify competitors | substitutes in kind substitutes in use- perform wider array of functions, make vs. buy, used reconditioned version |
| who do we analyze differences in competitors | behavioral- what customers do perceptual- what customers perceive |
| snake plot | profile analysis, plots brand ratings by attributes, must minimize comparisons |
| perceptual map | brand depicted in attribute space- pictorial, no axes definition |
| 5 forces | direct rivalry among competitors threats from potential competitors customer power supplier power threat of substitutes |
| what are the ways to extend a brand and leverage brand equity | horizontal line within category vertical category co branding |
| whats wrong with too many extensions | brand blindness |
| what are the outcomes of category extensions | good bad ugly |
| whats the best candidate for extension | master brand- high awareness, owns association |
| land rover | value prop should be used for growth; define competitors and customers, how do we differentiate and leverage brand |
| customer centricity | aligning organization resources for effectively responding to the ever-changing needs of customers while building mutually profitable relationships |
| customer relationship trade offs | how much it costs vs. benefits; not all are the same |
| net promoter score | % promotors - % of detractors |
| key considerations in lifetime value of a customer | number of relationship years, customer margin, cost of marketing to customer, retention rate, interest rate, acquisition cost |
Created by:
ranttila
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