Marketing Strategy and AI Concepts (Video)

Flashcards covering key concepts from the lecture notes on marketing, value, the marketing mix, customer journey, and AI in marketing.

What is the purpose of increasing perceived benefits relative to price in marketing?

To justify a premium price by ensuring benefits exceed cost in the consumer's mind.

What is the marketing mix?

The tactical execution framework comprising Product, Price, Place, and Promotion.

What does the 'Product' element of the marketing mix refer to?

The goods or services a company offers to meet customer needs.

What does the 'Price' element of the marketing mix refer to?

The amount customers pay for the product.

What does the 'Place' element of the marketing mix refer to?

Where and how customers buy the product (online, in-store, etc.).

What does the 'Promotion' element of the marketing mix refer to?

The communications and promotional activities used to inform and persuade customers.

What is the societal marketing concept?

A marketing approach that considers the broader impact on society and culture.

What does a customer-first approach mean?

Starting with the customer in mind and focusing on their needs and experiences.

What is the internal environment in marketing?

Factors inside the organization that influence marketing, such as resources and capabilities.

What is the external environment in marketing?

External forces like market trends, competition, regulations that affect marketing.

What is 'liquid value' as described in the notes?

Additional value beyond basic benefits intended to boost perceived value and willingness to pay.

How does psychology factor into marketing?

Perceptions and emotions influence customer responses and actions.

What comes after awareness in the customer decision journey?

Attention—the consumer's focus and noticing of the offering.

What comes after attention in the customer decision journey?

Consideration—the consumer evaluates options and what you offer.

What happens after consideration in the decision journey?

The consumer compares offerings and makes a purchase decision.

Is there a guaranteed outcome in marketing campaigns?

No—the process is uncertain; you can aim for awareness and attention but no guarantees.

How does perceived value relate to price?

If perceived value exceeds the price, customers see value and are more likely to buy.

How can you justify a premium price?

By delivering higher perceived benefits and quality that surpass competing offers.

What is positioning in the marketplace?

The strategy to differentiate your offer so customers see it as the preferred choice.

What does 'awareness' mean in marketing?

Being known to potential customers about your brand or product.

What is meant by 'purchase' in the marketing mix?

The final transaction where the customer buys the product.

What does 'societal impact' refer to in marketing?

The effects of marketing actions on society and culture.

What is D2L?

Desire2Learn, a learning management system mentioned for class check-ins.

What communication shift is illustrated by the notes?

From hand-delivered processes to digital/online communications (e.g., email).

What is Generative AI?

AI that creates new content by learning patterns from large datasets.

What is a key capability of large language models?

They generate content quickly based on learned patterns.

What is a major risk of AI models?

Bias and flaws arising from training data.

What is a 'hallucination' in AI?

AI confidently providing incorrect information.

What is Copilot in the context of the notes?

Microsoft's AI assistant integrated with tools (including ChatGPT) to assist with tasks.

How do enterprise AI tools handle user data according to the notes?

They claim outputs are protected and user data is not sold to train models.

How can prompting influence AI-generated marketing strategies?

By guiding the AI to focus on relevant needs and generate targeted strategies.

What is a value proposition?

The set of benefits that make a product attractive and differentiate it from competitors.

How can a product deliver 'different and better' value?

Through unique features, higher quality, faster results, or superior benefits.

What is the relationship between awareness and action in the funnel?

Awareness alone is not enough; you must progress through attention, consideration, and purchase.

How should price be viewed in relation to competition and value?

In context with other offerings and customer-perceived value; price is evaluated against alternatives.

What is a 'premium offering'?

An offering priced higher due to superior benefits or quality.

Why is emphasizing perceived benefits important for pricing strategy?

It helps customers justify paying more because benefits exceed cost.

Why must marketers respond to the marketing environment?

To align strategy with internal capabilities and external market changes.

What is the modern starting point of marketing thinking?

The customer—designing around customer needs.

What is the Aggregirl example intended to illustrate?

The link between customer impact, social considerations, and marketing decisions.

What is the role of D2L in the lecture context?

A platform for checking in on assignments and projects.

What does the pre-Internet vs today example illustrate?

Shifts in processes and communication methods over time.

What does 'generative human perspective' imply?

Humans still guide and contextualize AI content; AI assists but doesn't replace human creativity.

How does AI help in content production?

Generating high-quality content quickly.

Why is AI described as accessible and affordable?

Because it lowers time and cost barriers for content creation and problem solving.

What limits should users remember about AI outputs?

Bias, inaccuracies, and the importance of verification.

How do modern AI tools claim data protection?

They claim user data is protected and not used to train models.

How do emotions affect marketing actions?

People may act based on emotional responses to content, which can be positive or negative.

What determines value from a consumer's viewpoint?

A cost-benefit analysis of benefits received relative to price.

What should marketers be able to do with the environment?

Understand, anticipate, and respond to both internal and external factors.

What is the key takeaway about creating premium offers?

Focus on delivering superior value that justifies a higher price, while recognizing there are no guaranteed outcomes.