Ai Generated Flashcards 307 MT1

Marketing

The process of creating communicating delivering and exchanging offerings that have value for customers and society

Value

What you get for what you give; perceived benefits relative to costs

Customer satisfaction

Degree to which performance meets or exceeds expectations and drives repeat behavior

Market-driven approach

Responds to expressed customer needs and current market structure; emphasizes listening and adapting

Market-driving approach

Shapes customer preferences and industry structure; creates new demand or categories

7-T tactical elements

Product; Service; Brand; Price; Incentives; Communication; Distribution

Product (tactical element)

The offering’s features quality design packaging and varieties

Service (tactical element)

The non-product support and experiences that add value across the journey

Brand (tactical element)

The set of associations identity and promises distinguishing the offering

Price (tactical element)

What the buyer gives up; list price discounts payment terms

Incentives (tactical element)

Short-term motivators like coupons trials bundles loyalty rewards

Communication (tactical element)

Messages and media used to inform persuade and remind target audiences

Distribution (tactical element)

Channels logistics coverage and availability delivering the offering to buyers

5Cs

Customers Company Competitors Collaborators Context

Mission statement

Brief general description of basic needs the SBU seeks to fulfill in the market

Value chain

The linked activities that add value from inputs to end user across a market chain

Competitor (definition)

Any entity that competes for customers resources revenues or future opportunities with your firm

Points-of-parity

Attributes needed to meet category expectations and join the competitive set

Points-of-difference

Attributes that credibly and meaningfully distinguish the offering for the target

Positioning

The act of shaping a clear distinctive value proposition in the minds of a target segment

Positioning statement template

Our product or service is for target who need need; it delivers benefit unlike competitor alternative because reason to believe

Value proposition

Net of primary benefits secondary benefits and costs that a customer perceives

Perceptual map

Visual tool showing how customers perceive offerings along key attributes to reveal gaps or repositioning opportunities

Repositioning

Changing a brand’s market identity to better fit target needs or competitive context

Market share (definition)

Percent of category sales accounted for by an entity; calculated on units or revenue

Market share (formula units)

Our units divided by total category units

Share of wallet (definition)

Percent of a brand buyer’s category purchases captured by the brand; gauges loyalty or penetration

Share of wallet (formula)

Brand purchases by brand’s buyers divided by total category purchases by those buyers

CLV inputs

Average revenue per period purchase frequency gross margin retention or churn discount rate time horizon acquisition cost

Objectives (good form)

Specific realistic measurable target amount and deadline by when

Portfolio analysis BCG

Matrix classifying SBUs or products by market growth and relative share into stars question marks cash cows dogs

Ansoff product-market growth

Core product focus market penetration; Product development; Market development; Diversification

Reasons to collaborate

Co-promotion co-marketing product development and distribution alliances to extend reach or capability

Market research (definition)

Process of listening and learning from markets to make better decisions

Marketing research process

Define problem; Design plan; Collect data; Analyze data; Develop findings and recommendations; Follow up

Secondary data

Existing data gathered for another purpose; inexpensive and quick but may not fit the need

Primary data

Data collected for the current question; slower and costlier but can yield powerful insights

Quantitative methods

Surveys experiments scanner or transactional data web analytics or clickstream panels

Qualitative methods

Focus groups in-depth interviews observation or ethnography projective techniques or journaling

Surveys best for

Measuring attitudes awareness intentions and descriptives across samples

Experiments best for

Establishing causal effects by controlling variables including A/B tests

Focus groups best for

Exploring motivations language and reactions to stimuli; iterative concept learning

Big data

Large complex datasets from varied sources enabling pattern discovery at scale

Syndicated data

Commercially collected ongoing datasets sold by providers to multiple clients

Panel data

Repeated observations of the same individuals or firms over time for longitudinal insights

A/B testing

Controlled online experiment randomly assigning variants to compare performance on a metric

Environmental scanning

Ongoing monitoring of macro and micro forces shaping opportunities and threats

PESTEL Political

Laws policy stability and regulation shaping market rules and government influence

PESTEL Economic

Growth inflation income employment and interest rates influencing demand and costs

PESTEL Social-cultural

Demographics values lifestyles norms and cultural trends shaping preferences

PESTEL Technological

Innovations platforms and capabilities enabling new products processes and communication

PESTEL Environmental

Natural resource and ecological factors including sustainability and materials constraints

PESTEL Legal

Statutes case law compliance requirements and liability affecting marketing actions

Hofstede power distance

Acceptance of unequal power distribution in society and organizations

Hofstede uncertainty avoidance

Tolerance for ambiguity risk and unstructured situations

Hofstede individualism vs collectivism

Degree of emphasis on personal goals versus group loyalty

Hofstede masculinity vs femininity

Orientation toward achievement and competition versus care and quality of life

Hofstede long-term orientation

Focus on future rewards perseverance and thrift versus short-term norms

Hofstede indulgence vs restraint

Allowance for free gratification of human drives versus strict social norms

Global standardization

Offering largely uniform products and marketing worldwide to gain scale efficiencies

Local adaptation

Tailoring offerings and marketing to country needs for better local fit

Entry strategies

Exporting licensing or franchising strategic alliances or joint ventures and direct investment

Segmentation (purpose)

Divide heterogeneous market into meaningful groups to focus resources and create value

Segmentation criteria (class list)

Benefits sought demographics geography psychographics behavioral profitability affiliation or occupation

Benefit segmentation

Grouping by specific customer benefits desired from the offering

Psychographic segmentation

Grouping by lifestyles values interests and attitudes

Behavioral segmentation

Grouping by usage knowledge attitudes readiness loyalty occasion and media habits

Profitability segmentation

Grouping by customer profitability tiers such as platinum gold iron lead

Affiliation or occupation segmentation

Grouping by organizations or roles such as alumni teachers or marines

Target market (definition)

Set of buyers with common needs or traits that the organization decides to serve

Criteria for selecting targets

Size and profit potential forecasted growth fit with core competencies reachability competitive intensity satisfaction with current options and entry barriers

Targeting strategies

Undifferentiated one offer to all; Differentiated multiple offers to multiple segments; Concentrated one or few niches

Buyer personas

Semi-fictional profiles representing target segment archetypes used to guide decisions

Diffusion of innovation

Adoption pattern across innovators early adopters early majority late majority and laggards

Customer journey

End-to-end path of need recognition search evaluation purchase and post-purchase experiences

Classic consumer decision process

Need recognition information search evaluation of alternatives purchase post-purchase outcomes

Internal cues

Need triggers arising within the person such as hunger belonging or fitness desires

External cues

Need triggers from the environment such as ads influencers or social proof

Attitudes (consumer)

Composite of beliefs feelings and behavioral intentions toward an object; difficult to change once formed

Perception

Process of using senses to form meaningful picture of the world; shaped by culture upbringing tradition

Motives and Maslow

Needs arranged from physiological to safety love esteem and self-actualization guiding priorities

Involvement high

High stakes purchases favor information-rich messages quality cues and selective distribution

Involvement low

Low stakes purchases respond to price convenience bold simple communications and intensive distribution

Situational influences

Purchase context shopping situation temporal state and social surroundings that affect choices

Social influences

Culture family reference groups and opinion leaders shaping attitudes and behavior

Jobs to be Done

Framework focusing on functional emotional and social jobs customers “hire” solutions to perform

Jobs vs benefits sought

Jobs lens broadens to include non-consumers and deeper why and how motivations beyond features

B2B vs B2C markets

B2B has fewer buyers higher expertise customization technical evaluation and relationship intensity

Derived demand

Business demand driven by consumer demand downstream in the value chain

Inelastic demand in B2B

Price changes have small effect on derived component demand when cost share is minor or substitutes absent

B2B buying process steps

Need recognition specification RFP solicitation proposal acquisition and analysis supplier selection purchase and use performance review

Request for Proposal RFP

Formal solicitation sent to suppliers to propose solutions meeting specified requirements

Buying center

Cross-functional participants sharing goals and rewards in the organizational purchase decision

Buying center roles

Initiator user influencer gatekeeper buyer and decider

B2B segmentation

Geographic demographic application or use case usage level and profitability criteria

Product vs brand management

Product focuses on features UX and continuous problem solving; Brand curates identity awareness loyalty and portfolio consistency

Product attribute levels

Core benefit actual product features and augmented services around the offer

Product portfolio mix breadth

Number of distinct product lines carried by a firm

Product portfolio mix depth

Number of variants items or SKUs within a line

Product life cycle stages

Introduction growth maturity and decline with distinct sales profit and strategy patterns