Marketing Flashcards by Janita Henken

Based on First Principles and Data Analytics what is MP?

All Customer Differ
All Customer Change
All Competitor React
All Resources are limited

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Customer Heterogeneity

Variation among customer needs, desire and subsequent behaviours

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3 Key marketing sources of SCA

Brand
Offering
Relationships

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Sales Revenue (Calculation)

Market Demand * Market Share (%) * Selling Price

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4 Principles of marketing strategy and associated marketing decisions

All Customer Differ - Managing customer heterogeneity
All Customer Change - Managing customer dynamics
All Competitors React - Managing SCA
All Resources are limited - Managing resource trade off

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Customer Analytics

Technology-enabled, model supported approach to harnessing customer and market data to understand and serve customers

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Marketing Principle consist of:

First Principle of Marketing Strategy
+
Marketing Decision

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Micro-Macro duality

Micro Level = True customer understanding
Macro Level - Most strategic and resource oriented

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Customer lifecycle approach ignores

Product differences

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Product Lifecycle

Typical user experience
+
Industry development efforts

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Fundamental unit of analysis for MS

Customers

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What improves your relative advantage in the minds of your targeted customers

Positioning

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Niche Marketing

Small but specific and well-defined segment of the population

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Mass Marketing

Focuses on entire market with single message

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Customer-Centric

Philosophy that places customer’s needs at the center of an org strategic process and uses the insights to make decisions

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Analysis Toll designed to help manage visualize & select target segments

GE matrix

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Segmentation focuses on

Unique needs and desire of customers

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Perceptual maps

Depict customer segments, competitors, and a firm’s own position in a multidimensional space, defined by the purchase attributes identified during segments

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Macro Trend Analysis of Market (4)

Demographic Force
Sociocultural Force
Economic Force
Technological Force

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New Demographic Force

Aging of the world’s population
Growing middle class in emerging countries

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New Sociocultural Forces

The values, attitudes, and behaviour of a group or society
New trends
- Corporate social responsibility
- Healthy Living

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New Economic Forces

People’s income rise or fall
- this influences buying patterns

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New Technological Forces

Changes the operation of business (Digital economy)
e.g., Online business of banks, airlines, retail stores

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Customer dynamics - 5 sources

Discrete Life events
Typical lifecycle
Learning Effects
Product Lifecycle (4 stages)
Environmental changes

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Why can the lifecycle approach be problematic

It assumes an avg rate of change of customers, products, and industries

Output of MP#2

All Customer Change - The CLV of customers in each persona - The products and services customers buy at different points in lifecycle - How they feel at different stages in their lifecycle

Acquisition Stage

First contact, typically before the 1ste purchase When prospects and early customers have same needs

What data can help identify triggering events or mechanism underpinning each migration and thereby answer questions about the causes of change.

Qualitative data

AER position statement

Focused on existing customers rather than outwardly focuses on all customers in the market

Using brands as SCA most effective?

in Large, B2C markets

BOR equities are similar to

Tangible assets

Key outputs of creating SCA (3)

- SCA statements - AER strategies - BOR strategies

With BOR, what is normally determined last

Relationship strategy - they involve the delivery and experiential aspects of offerings

Scale from many independent brands to single master brands

House of Brands Endorsed Brands Sub-Brands Branded House

True Loyalty

High Behavioral Loyalty High Attitudinal Loyalty

Latent Loyalty

Low Behavioral Loyalty High Attitudinal Loyalty

Spurious Loyalty

High Behavioral Loyalty Low Attitudinal Loyalty

No Loyalty

Low Behavioral Loyalty Low Attitudinal Loyalty

Network of nodes and links

Associative network memory model

BOR Equity Grid Provides

objectives, relative advantages, and source of sustainability that are requires to use brands as SCA

Early Followers trumps?

First Movers advantage Because they are both quick and better

Gap between early adopters and early majority

Chasm

Laggards & Late Majority

Need the most evidence to persuade hard to persuade

Not important for early adoption

Lowest price

Adoption Lifecycle

Innovators Early Adoptions Chasm Early Majority Late Majority Laggards

Red Ocean market

highly competitive and populated by “sharks” fighting over the same customers

Blue Ocean market

less competitive and reflecting the blue color of the deep ocean waters that are far from land

Stage Gate

Introduce new offerings (new product) - improves speed of product development - success likelihood - development costs

Repositing approach

New customers

Designer curse

Value product more than customers value

Word of Mouth

Improves - Positive attitude, referrals and feelings of gratitude

CRM

Customer Relationship Managment

Foundation of relational loyalty

Trust

Boundary-spanning employees (B2B or service)

Communication (B2C) Boundary-spanning employees (B2B or service) - sellers need to dedicate specific relationship marketing investment to motivate employees

Customer Relationship Lifecycle

Exploratory/Early Stage Growth/Development Stage Maturity/Maintain Stage Decline/Recovery Stage

Free will

seller offer RM benefits of its own accord

Cooperative behaviors

Coordinated, complementary actions between partners to achieve mutual goals

Central measure of effective RM

Relational equity

RM most effective

B2B rather than B2C

Inputs of resources tradeoff frameworks

outputs of previous three principles

Heuristic Era ----> Data Era

Very little hard data ----> Detailed data on individual consumers over time

In Heuristic era

managers solve resource allocations using simple rule of thumb, driven by intuition and judgement

Most important measure of customer loyalty

Net-prompter score

Key elements of Experimental-based attribution

Design Outcome A test factor

Key part of responds model

Past marketing inputs Objectives Environmental factors

Marketing Flashcards

(65 cards)