Marketing Research and Analysis Midterm

corporate level marketing strategy

FUNDAMENTAL*

an organization that competes in multiple industries

corporate level example

target, under armour, yamaha

business level marketing strategy

FUNDAMENTAL*

an organization that competes in only one industry

business level example

city sips, dulce sweets

differentiation marketing strategy

FUNDAMENTAL*

-an organization that competes in multiple segments of the industry

-also diversifies to compete against similar companies

differentiation marketing example

Under Armour and foot locker

focus level marketing strategy

FUNDAMENTAL*

an organization that competes in one segment of the industry

small business

focus level example

Etsy crochet sellers

low cost marketing strategy

FUNDAMENTAL*

company that offers their products less than the average marginal cost

low cost marketing example

dollar store

partner with allies marketing strategy

-quicker sucess

-deliver better content

-cheaper to create

-think sprite and Doritos for the Super Bowl

user generated content marketing strategy

-customer shares personal story

-makes ad for you

-“before and after”

-proactiv

nostalgia marketing

-get customers to think about the past related to your product

-throwback jerseys, 90s menu

value proposition

the value a customer is provided when they purchase a product

lifetime value of a customer

a prediction of the net profit attributed to the entire future relationship with a customer

Marketing Scorecards

A tool for companies to determine how successful they are at achieving their goals.

marketing metrics

Specific measurements that are reported to identify effectiveness of their
strategies.

differential benefit value

value in a product that competitors do not offer, providing unique customer benefits

value chain

All the divisions that play a role in creating value in a product.(Design, Production, Marketing, Delivery, and Support.) Each link in the chain has the potential to either add or remove value from the product the customer eventually buys.

social networking platforms

Online platforms that provides a way for advertisers to reach a large
audience; and for each user to provide/receive links and share input to other users

crowdsourcing

a practice in which firms outsource marketing activities to a large group of people, in hopes that they will solicit the product/idea

open source model

software developers post their programs to the public for them to “try out” and develop additional applications

consumer addiction

a physiological or psychological dependency on goods or services

marketing plan

a document that outlines an organizations marketing objectives and strategy

mass market

-all possible customers, regardless of specific needs and wants

-a market strategy in which a firm decides to ignore market segment differences and appeal to the whole market with one offer or one strategy

market segment

a group of customers who have similar wants and needs, within the mass market

target market

a specific group of people a firm chooses to focus its marketing efforts to

market position

the target markets’ perception of there product, in comparison to its competitiors

unique selling proposition

-a way of explaining your position against your competition

-can be based upon price, ingredient, positioning, size, color etc

business goals

-hard commercial numbers, volume, top-line financial performance for the entire organization

-revenue, total sales, total leads generated

strategic goals

-market footprint, physical expansion, and long-term brand equity/reputation. They determine the business's structural position in the marketplace.

-market share, new locations, customer satisfaction

tactical goals

-internal metrics, customer behavior, and specific channel adoption. They are the functional targets required to keep the business running smoothly.

-retention, attendance, app signups

gap dashboard

measuring performance over a given period of time, most common metric to use to track performance

ideal customer

demographics that make up your target market: age, income, career, proximity, psychology

quantitative research

closed, numerical data, numbers don’t lie, survey, likert scale

qualitative research

open, observations, opinions, experiences, extended response

mixed methods/questionnaire

yes or no + why, open and close ended, combination

triangulation

must take 3 qualitative research components (interviews, focus groups, social interactions, observations) to have a valid qualitative study

title page

first, title of research, name, institution info

abstract

second, methodology, desc of participants, major findings

intro

third, background info, purpose, research questions

lit review

fourth, relevant findings, summarize works performed by other authors

methodology

fifth, describe sample, instrument, and how you analyzed data

results

sixth, present your findings

discussion

seventh, put results in plain terms, explain importance of study

limitations of study

eighth, discuss what could have been improved

implications

ninth, how can study be extended

conclusion

10th, summarize paper