Marketing

Question 1

What are the two surprising facts about successful new ventures?

Answer 1

1. They have no breakthrough products/services

2. Majority are competing in matured industries

Question 2

How can a new venture be successful?

Answer 2

By meeting the evolving needs of customers better than competitors in ways that cannot be easily replicated.

Question 3

What three questions do we need to ask when determining value proposition?

Answer 3

1. How to design and produce a product? (Product Features)
2. What outcome will the customer get? (Desired outcomes)
3. What jobs need to be done?

Question 4

How can marketing be thought of as a value exchange process?

Answer 4

Companies create, communicate and deliver value to customers

then extract and capture value from customers (price).

Question 5

What are the 4 key questions in Marketing?

Answer 5

1. Who are the customers and what is their need - can we satisfy their need?
2. How to create value for customers? (product innovation and marketing strategy)
3. How to communicate and deliver to the customers?
4. How to capture value from customers? (pricing)

Question 6

What are the stages in the Marketing Strategic Planning Process?

Answer 6

1. 3C’s - Market Opportunity Analysis
2. STP - Marketing Strategy
3. 4P - Marketing Mix
4. Execution and Evaluation

Question 7

What are the 3C’s in Marketing Strategic Planning?

Answer 7

Customers, Competitors, Company

Question 8

What is STP in Marketing Strategic Planning?

Answer 8

Segmentation - how to divide the market into groups of ‘similar’ people
Targeting - which segments should be served with specific products
Positioning (Branding) - customer perception of company

Question 9

What are the 4P’s in Marketing Strategic Planning?

Answer 9

Product, Place, Promotion, Price

Question 10

Why are brands important?

Answer 10

To differentiate and identify products.

Question 11

Why are brands important for customers?

Answer 11

• Identification of source of product
• Provide social and experiential value
• Signal of quality
• Reduced risk (well-known vs unknown)
• Reduced search cost

Question 12

Why is brand-building important for firms?

Answer 12

• Communicating unique values
• Commanding price premium
• Driving sales

Question 13

Define what we mean by a ‘brand’?

Answer 13

Brand is a set of associations in the minds of your audience about the product or experience that your organization delivers

Question 14

Define Brand Equity

Answer 14

Brand Equity = Value of Branded Product - Value of Unbranded Product

Question 15

What factors affect Brand Equity

Answer 15

• High level of awareness and familiarity

- Strong, favourable and unique associations with the brand

Question 16

What are the 4 stages of brand-management

Answer 16

1. Brand identity (Awareness)
2. Brand meaning (Differentiation)
3. Brand response (Customer Reaction)
4. Brand relationships (Brand Loyalty)

Question 17

What are the three factors that make the digital era of marketing different?

Answer 17

1. Data (Creating value from data and analytics)
2. Connectivity (P2P connectivity)
3. Scalability (Product/service digitisation)

Question 18

How has the customer journey changed?

Answer 18

• Connected
• Highly heterogenous
• Multi-channel
• Proxy-dependent

Question 19

What are the key questions in digital marketing?

Answer 19

1. Who are the customers?
2. What are they buying?
3. Why do they buy from us?
4. When, where and how do they buy?

Question 20

What are the two types of media in digital marketing?

Answer 20

• Paid Media (Search Ad or Display Ad)

- Owned Media (Organic Search)

Question 21

What are the data sourced used in Digital Analytics?

Answer 21

• Site Traffic Data
• Click Stream Data
• Transactional Data
• Customer Generated Data
• Behavioural Data
• Sensor Data
• Survey Data