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Lecture 1
Empirical Marketing
| Question | Answer |
|---|---|
| What are the 4 marketing principles? | MP1#: All customers differ- customer heterogeneity MP2#: All customers change- customer dynamic MP3#: All competitors react- sustainable competitive advantage MP4#: All resources are limited- resource trade-offs |
| What are the 3 C's for MP1#? | Potential Customers- needs, demographics, size, growth, perceptions Your company- SWOT and OT Your competitor- SWOT and OT |
| Describe MP2#- All customers change | Throughout a lifetime all customers change, -Needs and desires change over time from different events. -Consumers need change -Trigger life events -Market and industry also change -Products change |
| What are the conditions that SCA must meet? | - Company cares about consumers - Company does it better than others - Hard to duplicate |
| Describe MP4#- All resources are limited | Most resources are finite trade offs can benefit the company long term and short term |
| What are the outputs for STP? | Industry segmentation- customer, needs, demographics and opportunity Target segment - Detailed needs, demographics and opportunity of each segment Positioning statement- Who? What? Why? |
| What do you need to balance marketing resources across? | Customer STP AER BOR 4 P's |
| Describe MP1#- All customers differ | For most products and services customers vary widely on needs and desires Firms are targeting smaller and smaller segments Technology enabled |
| Describe MP3#- All competitors react | With enough time and money any strategy can be duplicated Companies need to build a barrier to being copied, giving time to innovate Critical to long term superior financial performance |
| How do you manage customer dynamics? | -Lifecycle approach -Dynamic segmentation approach -AER model -Lost customer approach -CLV -Choice models -Factor+cluster analysis |
| How do you manage sustainable competitive advantage? | -Brand offering and relationship equity stack -AER strategy and BOR equity grids -Innovation process -Field experiments -Conjoint analyses -Multivariate regression -Choice models |
| What are the outputs of managing resource tradeoffs? | -Marketing metrics -Financial metrics -Budget size -Budget allocation -Time horizon |
| How do you manage resource trade offs? | -Heuristic approach -Attribution approach -Response models -Experiments |
| What are sources of SCA? | Building brands and relationships -Awareness, image, status -unconscious psychological barriers Innovative offerings - Products, services and experiences - Patents, trade secrets, habits |
| What are the inputs of MP3#? | -Positioning statements -AER strategies -Future trends |
| What are the outputs of SCA? | -Existing SCA -Future SCA -BOR strategies |
| What are the inputs of MP2#? | -Your customers -Past marketing programs -Lost customers |
| What are the inputs of MP4#? | -Positioning statements -AER strategies -BOR strategies |
| What are the outputs of AER? | Segmentation of customers -Needsand CLV personas - Why and how they migrate AER positioning statements - How to best position the firm in each AER stage AER strategies -What strategies work best for each AER stage |
| How do you manage customer heterogeneity? | -STP -Perceptual maps -Customer centric view -Factor analysis -Cluster analysis -GE matrix |
Created by:
janasultan
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