Intro to Marketing Strategies

Marketing

the activity, set of institutions, and processes for creating, capturing, communicating, delivering, and exchanging offerings that have value for customrs, clients, partners, and society at large. 

The Marketing Mix (4 P’s)

Promotion, Product, Place, Price

Value Equation

Percieved Benefits/ Perceived Costs

Evolution of Marketing

Production, Sales, Marketing, Value

Strategies for Developing “Customer Value”

Product Excellence, Operational Excellence, Locational Excellence, Customer Excellence

The Marketing Plan

Mission & Objectives, SWOT, STP, 4Ps, Evaluate Performance 

Growth Strategies

Marketing Penetration, Product Development, Market Development, Diversification

Boston Consulting Group Matrix

Stars, Question Marks, Cash Cows, Dogs

The 6M Model of MARCOM

Mission, Market, Message, Media, Money, Measurement

Model of Communication Process

Sender, Medium, Receiver, Feedback

4 Communication Objectives

Awareness, Attitudes, Memory, Action

Outbound, Inbound, Social, Mobile marketing

KNOW

Zmot

Zero Moment of Truth: the moment when a consumer researches a product online before deciding to buy it. It happens after they become aware of a need but before they see the product in a store.At this stage, people read reviews, compare prices, watch videos, or look for recommendations. For marketing, this means brands need to show up online with useful info, reviews, and content, because this research often decides whether someone will buy.

Key Conscious Marketing “Stakeholders”

Employees, Customers, Society, Marketplace

Triple Bottom Line

People, Planet, Profit > Sustainability

Green Washing 

Deceptive practices used to promote the perception that an organizations product, aims or polices are environmentally friendly 

Marketing Myopia

when a business focuses too much on selling its products and services, instead of focusing on what customers actually need and want.

Immediate Environment

Company, Competitors, Physical Environment, Corportate Partners

Macroenvironment

Culture, Demographics, Social, Technology, Economic, Political/Legal

Lewins Equation

B=f (P,E) Behavior is a function of the person and their environment

Consumer Decision Process

Need recognition, Information Search, Evaluation of Alternatives, Purchase, and Post-purchase evaluation

Functional vs Psychological Needs

Functional-practical
Psychological-emotional

Internal vs External Search

Internal-memory (past experiences)
External-ads, reviews, word of mouth

Limited vs Habitual problem solving

Habitual: customers buy out of habit with little thought (Always grabbing the same brand)
Limited Problem Solving: Some effort, some thinking

Extensive/Extended Problem Solving

Spending a long time researching before deciding to make a big purchase

Universal.Retrieval, Evoked Consideration set

Universal set: All possible brands or products in a category, whether the customer knows them or not. (Every brand of soda in the world)

Retrieval: The brands a customer can remember without looking them up.(Coke, pepsi, Dr Pepper)

Evoked Set: The brands a customer actually considers buying after evaluation

Compensatory vs non-compensatory decision making

Compensatory: Customer weighs pros and cons of each option. A negative aspect can be “compensated” by a positive aspect  (choosing a laptop, maybe its expensive, but it has a great battery life, so you buy it anyway)

Non Compensatory: Customer eliminate options if they fail to meet a certain criterion. No trade offs allowed (You wont buy any laptop that weights more than 5 lbs no matter the other features)

Maslow’s Hierachy of Needs

Basic Needs, Psychological Needs, Self-fulfillment needs

Elaboration Likelihood Model (explains how people are persuaded to change their attitudes or make decisions)

Central Route Processing: People think carefully about the message and its argument-high involvement, motivation, and ability to process (reading detailed reviews before buying a laptop)

Peripheral route: People focus on cues unrealted to the message-low involvement or low motivation (Choosing a snack because the ad has a celebrity or looks visually appealing)

Framing Effect

people make different decisions based on how the information is presented, not just the facts themselves
ex. “90% fat free” rather than “contains 10% fat” (wording/presentation of the same fact")

scarcity marketing

making you feel urgency or fear of missing out
ex. “only a few left in stock”

cognitive miser

people are reluctant to explode cognitive energy and prefer to think as little as possible when making decisions

Outbound marketing

Being '“pushed” or “thrust upon” the user without them actively seeking it

Inbound marketing

involves consumer actively seeking it out (ex. google search)

omnichannel retailing

A strategy that integrated different methods of shopping, such as online and in store, to provide a seamless customers experience 

Segmentation

The first step in the STP process. The process of dividing the market into groups of customers with different needs, wants, and characteristics

Predatory pricing

A company setting its prices really low on purpose to drive compeitors out of the market.

Value based pricing

when a company sets the price of a product based on how much customers believe its worth, not just on the cost of making it

microanvironment factors 

culture, demographics, social trends, technological advances, economic situation, political environment