307 Midterm

New digital era marketing mix - The Five P's:

(product/bundle of consumer benefits, price/value exchange, place/delivery experiences , promotion/ content creation, brand story, positive provocations) & P: People This reflects the importance of considering the people involved in the marketing process, including both customers and employees.

Marketing as an exchange:

The trade of things of value between the buyer and the seller so that each is better off as a result.

Scope of marketing:

Marketing encompasses activities involved in creating, communicating, delivering, and exchanging offerings that have value.

Shift in Definition of Marketing:

The definition of marketing has shifted from a product-centric to a customer-centric approach. focuses on understanding and fulfilling the needs and desires of customers rather than simply promoting products or services.

Perspective shift (outside - in):

Focus has shifted from internal company processes to understanding and meeting customer needs (outside-in perspective).

Digital disruption factors:

Factors contributing to the transformation of industries and markets through digital technologies. Changing consumer behaviors, and the rise of new digital platforms and business models.

Multi-roles of the internet:

The internet serves various roles in marketing, including as a communication channel, distribution channel, market research tool, and platform for advertising and branding.

Customer benefits and delivering value:

Marketing focuses on delivering value that meets customer needs.

Value co-creation:

Value is collaboratively created between the producer and the consumer. the active involvement of consumers in the design and delivery of products and services.

What is Marketing today?

Marketing is a multifaceted discipline that involves understanding customer needs, creating value, building relationships, and leveraging various channels. Beyond traditional

Communicating value to customers:

Conveying the benefits and value of a product or service to the target audience through various channels and messaging strategies. .

Relationship marketing - vs selling:

Building long-term relationships with customers based on trust and loyalty.

Customer Experience Centered:

Prioritizing seamless interactions at every touchpoint along the customer journey.

Evolving Role of the CMO:

CMO to CEO Chief Experience Officer. now includes strategic leadership in areas such as data analytics and digital transformation, and customer experience management.

Brand Equity:

Separate and Elevates Brands From Products

Positioning:

Purpose and Soul of the business which all brand activity is built

Suitability for products and services for sale online:

Factors for determining if products are suitable for online sale. Considerations might include target audience demographics, market demand, shipping logistics, and online competition.

Collaborative Connectivity:

(Care) Customer Care Center = (Marketing) Organic Presence/Paid to Play

Collaborative filtering:

Method for recommending products based on user preferences and behaviors. Relies on collecting and analyzing user data to make personalized recommendations.

SEO and SEM synergy:

Organic and paid research

Reality of online economics and competition:

Understanding the economic and competitive landscape online. Factors such as pricing strategies, cost structures, customer acquisition and retention, and barriers to entry.

SEM:

Mainly advertisements which appear at the top of SERPs. Advertising links are purchased mainly from Google (AdWords)

Bricks-and-clicks potential:

Integration of physical stores with online presence. By combining both channels, businesses can offer customers a seamless shopping experience, such as online ordering with in-store pickup or returning online purchases to physical locations.

SEO:

Process of improving the quality and volume of web traffic to a website by employing a series of proven SEO techniques

Internet of Things:

Network of interconnected devices exchanging data. Refers to the network of interconnected devices embedded with sensors, software, and other technologies

Cross Channel Marketing:

Content delivery options

Fundamental Systemic Changes Brought About by Digital:

Profound changes from digital technologies. Including communication, commerce, education, and entertainment. Examples include the shift from physical to digital media, the rise of remote work, and the democratization of information.

Cross Platform Marketing:

Types of devices

Internet roles:

Various functions served by the internet. Roles can include communication, information dissemination, entertainment, commerce, and social interaction.

7C Framework Online (All) Marketing:

Core basics and goals, context elements, content, community, communication, commerce, connection.

Digital ecosystem planning :

involves strategizing and managing the interconnected network of platforms, channels, and stakeholders that comprise a company's digital presence. This includes considerations such as platform selection, content creation and distribution, customer engagement, and partnership strategies.

Pivotal role of mobile & search:

Mobile devices enable consumers to access the internet from anywhere, while search engines help them discover products, services, and information. Businesses must optimize their online presence for mobile devices and invest in search engine optimization (SEO) to ensure visibility in search results.

E6 Framework For Digital (All) Marketing:

Excite, Educate, Empathy, Experience, Engage, Empower

SWOT:

Strengths, Weaknesses, Opportunities, Threats

Social media planning:

Strategies for leveraging social media. To achieve business goals such as brand awareness, customer engagement, and lead generation. Best practices may include creating compelling content, engaging with followers, monitoring analytics, and staying up-to-date with platform algorithms and trends.

Omni-Channel Marketing:

Seamless customer experience across all channels, Digital Dominates

The rise of influencer marketing:

Collaborating with social media influencers to promote products.

The 5 C's:

to analyze the position of a company, its brand/product - past, future, present. Collaborate, Company, Customers, Competitors, Context

Strategic goals for marketing communications:

Reaching, cultivating, converting and nurturing customers for "life"

Model for Identifying Ethical Concerns:

Framework to assess and address ethical issues. might include considerations such as transparency, fairness, social responsibility, and environmental impact.

General Ethical Concerns:

Misleading communication, potentially harmful products, greenwashing.

Purpose-Driven Brand Marketing:

Aligning brand with meaningful purpose or values. Could include commitments to sustainability, social justice, or community engagement. DO VS SAY.

Beyond Company Mission - Values & Ideals:

Core principles guiding company beyond profit

The Path to Powerful Purpose:

Journey to identify, articulate, and activate purpose.
Understanding the intersection between the company's strengths, stakeholder expectations, and societal needs to create a purpose that is authentic and compelling.

Key Strategic Drivers of Purpose-Driven Marketing:

Like authenticity, transparency, stakeholder engagement, integration into business practices, measurement and reporting, long-term orientation, innovation, collaboration, employee empowerment, and adaptability.

Best Practices, Cautions:

Best practices might include authenticity, transparency, and meaningful engagement with stakeholders.

Unilever - Best Practice Company:

Unilever is often cited as a best practice example in purpose-driven marketing and corporate social responsibility. The company has made commitments to sustainability, ethical sourcing, and social impact, and has integrated these principles into its brands and business practices.

Marketing Ethics:

Key component of conscious/purpose driven marketing initiatives.

Brand values:

Organic roots from which purpose-driven marketing grows

Sustainability:

is a special category that combines considerations of all stakeholders

Associative network of knowledge:

Information stored and retrieved in interconnected concepts.

Consumer problems, recognition & solutions:

Consumers identify and solve problems or needs. This process often leads to consumer decision-making and purchase behavior.

Information search:

Consumers seek product/service information before purchase. (including online research, word-of-mouth recommendations, and personal experiences.)

Consumer decision stages:

Problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase evaluation.

Compensatory vs. non-compensatory decision strategies:

Compensatory decision strategies involve weighing the pros and cons of different options and making trade-offs. Non-compensatory strategies involve selecting options based on specific criteria without considering the trade-offs.

Heuristics:

Mental shortcuts for decision-making. in situations with limited time or information.

Tippability:.

Influence on consumer behavior

Framing:

Presentation of information influencing perception. Perceptions, attitudes, and decisions.

Customer/Consumer - Marketing's North Star:

Focus on consumers in marketing.

Consumer behavior & profiling:

Analyzing consumer characteristics, such as demographics, psychographics, and behavior, to understand their preferences and predict their future actions.

Omni-Channel behaviors & creating customer experience:

Interactions across multiple channels for customer experience.

Digital path to Purchase Moments:

Digital journey in purchasing decisions. This concept focuses on how consumers navigate the digital landscape when making purchasing decisions.

Omni-Channel Marketing:

Integration of multiple channels for marketing to deliver a consistent brand experience to consumers across various platforms and devices.

Mapping the Customer Experience:

It helps identify pain points, opportunities for improvement, and ways to enhance the overall customer experience.

Organizational buyers:

specification of requirements, vendor identification, proposal solicitation, evaluation and selection, negotiation, purchase approval, order placement, delivery and implementation, and post-purchase evaluation, considering factors like functionality, price, quality, and vendor reputation

B2B is now B2P:

the focus is shifting from purely targeting businesses to also considering the people within those organizations who make purchasing decisions.

Decision Factors:

Physiological, Marketing, Social and Situational

Mass Marketing > Marketing to Clusters > Personalization/Personas:

Mass Marketing involves targeting a broad audience with a uniform message. Marketing to Clusters is a step towards personalization where marketers identify smaller, more homogeneous groups within the broader market. Personalization/Personas involve tailoring marketing efforts to specific segments of the market based on their demographics, behaviors, interests, and needs.

Steps for segmenting consumer markets:

Identify, profile, evaluate, select, develop, implement, monitor.

Segmentation labels (bases or variables used):

Demographic, psychographic, behavioral, geographic.

Business-to-business (B2B) segmentation:

involves dividing business markets into distinct groups based on characteristics such as industry, company size, purchasing behavior, decision-making process, etc.

Criteria for selecting target markets:

Market size, growth potential, competitive intensity, fit with company objectives and resources, accessibility, feasibility.

Beyond Segmentation - Consumer/Customer Personas:

Personas are fictional characters created based on research and data about real customers.

Role of personas:

Personas help in humanizing the target audience and making them more relatable to marketers.

Persona best practices:

Use real data, keep personas specific, regularly update, share across the organization.

Reasons to engage in segmentation:

to better understand their customers and target them more effectively. It helps in tailoring marketing strategies to meet the specific needs and preferences of different customer groups.

Characteristics of strong market segments

Measurable: Segments should be quantifiable in terms of size, purchasing power, and characteristics.
Accessible: Marketers should be able to reach and serve the segments effectively.
Substantial: Segments should be large enough to be profitable.
Differentiable: Segments should have distinct needs and characteristics that set them apart from other segments. Actionable: Marketers should be able to develop and implement targeted marketing strategies for each segment.

Culture and its implications:

Culture refers to the shared beliefs, values, customs, and behaviors of a particular group of people. It influences how individuals perceive the world, interact with others, and make decisions.

Importance of getting culture right:

Crucial for success in international business, involving respect, adaptation, and relationship-building..

Country adaptation requires a strong essential/consistent foundation:

Need for maintaining core consistency while adapting to local markets.