Marketing and sales

Marketing

Understand what customer needs, create value, communicate and delivering it, and building relationship.

Customer Value

Customers buy when they feel benefits are higher than price, effort, time and risk

Marketing 1.0 - 6.0

Marketing evolution from product focus only to, product focus, customer focus, social focus, digital focus, personalisation focus and immersive focus

marketing system

what’s inside and around the market that affects the company. Customers, competitors, suppliers, society, laws, needs, technology and intermediaries

TAM, SAM & SOM

TAM= whole possible market, SAM= the part the company can realistically serve, SOM= the part the company can realistically win soon

S-O-R model

Stimulus, organism & response. Something in the environment affects the customer’s mind and feelings, which then creates behaviours

Consumer Behavior Factors

Consumer behavior factors are the cultural, social, personal and psychological factors that influence why people buy differently. This helps companies adapt products and messages to different customer groups.

Maslow’s Hierarchy of Needs

People have layers of needs: basic, safety, belonging, esteem, and actualisation. Products can satisfy these needs. That’s why people buy.

Five-stage buying process

Customers usually go through five stages: recognition of need, information search, evaluation, purchase, and post-purchase evaluation.

Buying center

Many people influence a purchase: users, buyers, deciders, influencers and gatekeepers. Not one individual. Common in Business to Business.

PESTEL

Political, Economic, Social, Technological, Environmental, and Legal. Useful for scanning the macro-environment before choosing strategies.

Poster’s Five Forces

Checks how attractive or difficult an industry: Rivalry, new entrants, substitutes, buyer power, and supplier power.

SWOT and TOWS

strengths, weakness, opportunity, and threats. TOWS turns that list into actual strategies.

STP

Segment, target, and position. divides the market, choose which group to serve, and decide how to display the product.

Blue ocean / ERRC

blue ocean: instead of fighting competitors, create something new. ERRC means eliminate, reduce, raise, and create. ERRC is a tool of blue ocean.

4Ps / extended Ps

4Ps: Product, Price, Place, Promotion. Extended Ps= services: People, process, physical evidence. Digital: platform. Sustainability: planet.

Product levels

three levels the customer is really buying. core value: what they are really buying. actual product: the visible product and its features. Augmented product: extra services and benefits around the product.

Product life cycle

every product goes through these phases. Introduction, Growth, Maturity, and Decline.

Product Line and Product Mix

Product line: related products. Product Mix: all products within a company.

Value-based pricing

price is based on what customers believe the product is worth

Cost-based pricing

price is based on the cost plus markup.

AIDA

Attention, Interest, Desire, Action. How communication can move customers toward purchasing. (Gets their attention, then their interest, then their desire to purchase, and then their action of buying)

IMC

Integrated marketing communication. all channels tell one consistent story. (websites, ads, packaging, app, stores, etc. all tell one consistent story, e.g. Apple all channel communicates simplicity and premium design)

Communication types

Mass communication (one to many), Dialogue (one to one), Platform (many to many) to reach their customers

Brand Equity

the extra value created by customers know, feel, and believe about a brand. strong branding or weak branding.