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Value

value is the measure of the benefit gained from a product or service relative to the full cost of the item

Value Equation

benefit – cost

A value proposition should be Clear

short and direct; immediately identifies both the offering and the value or benefit

A value proposition should be Compelling

conveys the benefit in a way that motivates the buyer to act

A value proposition should be Differentiating

sets the offering apart or differentiates it from other offerings

Product

is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange

Four levels of a product (Core Product)

Satisfied the most basic need of a customer (buying a snack because of hunger

Four levels of a product (Tangible Product)

Perceptible by touch. Can also include characteristics of product

Four levels of a product (Augmented Product)

Included tangible product and all of the services that support it (when you buy a new car (tangible), you get free oil changes for a year (service))

Four levels of a product (Promised Product)

long term result the customer hopes to achieve by selecting the product

Customer Product Categories (Shopping Products)

Shopping products are usually more expensive and are purchased occasionally. (high end perfumes)

Customer Product Categories (Specialty Products)

these products are so unique that it’s worth it to go to great lengths to find and purchase them. (Burning Man tickets, a GOOD haircut)

Customer Product Categories (Unsought Products)

consumer never plans or hopes to buy. These are either products that the customer is unaware of or products the consumer hopes not to need. (Pest control services

Product Packaging

How brands contain and protect their products for sale to consumer, and can also be used to aid transportation. Helps to market the brand's message and identity and provides useful information about the brand

Rules of effective packaging

·       Attention Capture

·       Emotional Engagement

·       Clarity

·       Design Effectiveness

Price Value Equation

Perceived Benefits – Perceived Costs

Profit Oriented Pricing Equation

Revenue – Costs

Marketing Strategy

·       Where do we compete?

·       Unique Value

·       Using our capabilities

·       Sustaining our Unique Value and Position

SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats

External Factors (opportunities/threats)

OUTSIDE of the organization (hence EXTERNAL) These factors can be anticipated or influenced but the company does not have full control. External factors may include, legal, social trends, political and economic

Internal Factors (Strengths/weaknesses)

include factors that a company has the MOST control over- these factors include, financial, technical, competition position, HR and product line.

The 4 P’s of marketing (aka The Marketing Mix)

Place/Distribution

Product

Price

Promotion

BCG Matrix

·       Star: High Market Share/High Market Growth

·       Question: Low Market Share/High Market Growth

·       Cash Cow: High Market Share/Low Market Growth

·       Dog: Low Market Share/Low Market Growth

Integrated Marketing Communication (IMC)

The process of unifying a brands messaging to make it consistent across all media that the brand uses to reach its target audience (also known as PROMOTION)

Marketing Communication

includes all the messages, media, and activities used by an organization to communicate with the market and help persuade target audiences to accept its messages and take action accordingly.

Common Methods of Communication (Advertising)

any paid form of communication from an identified sponsor or source that draws attention to idea, goods, services or the sponsor itself

Common Methods of Communication (Public Relations)

Create goodwill between an organization and the “public” or target markets

Common Methods of Communication (Personal Selling)

Uses people to develop relationships with target audience

Common Methods of Marketing (Sales Promotion)

Temporarily boost sales of a product or service by adding to the basic value offered

Common Methods of Marketing (Direct Marketing)

Sell directly to consumers rather than going through retailer (ex., direct-to-consumer mail pieces sent to target segments)

Common Methods of Marketing (Digital Marketing)

This umbrella term covers all of the ways in which digital technologies are used to market and sell organizations, products, services, ideas, and experiences.

Common Methods of Marketing (Guerilla Marketing)

unconventional, innovative, and usually low-cost marketing tactics to engage consumers in the marketing activity, generate attention and achieve maximum exposure for an organization (Ex. Squid Games 2 x Johnny walker)

Informative Advertising

creates awareness of brands, products, services, and ideas. It announces new products and programs and can educate people about the attributes and benefits of new or established products

Persuasive Advertising

tries to convince customers that a company’s services or products are the best, and it works to alter perceptions and enhance the image of a company or product

Reminder Advertising

reminds people about the need for a product or service, or the features and benefits it will provide when they purchase promptly

Types of Advertising (Product-focused)

advertisements are top of mind, promote an organization good or services

Types of Advertising (Institutional advertising)

goes beyond products to promote organizations, issues, places, events, and political figures.

Types of Advertising (Public service announcements)

Focuses on social welfare issues, usually sponsored by nonprofit organizations and government agencies

The purpose of PR

·       Build and maintain a positive image

·       Inform target audiences about positive associations with a product, service, brand, or organization

·       Maintain good relationships with influencers

·       Generate goodwill

·        Stimulate demand for a product, service, idea, or organization

·       Head off critical or unfavorable media coverage

Search Engine Optimization – SEO

Organic Search Results: unpaid listings that appear due to their relevance to search terms

Paid Search Results: Paid search results appear because companies pay for high-ranking placements based on search terms. Organizations bid for these spots and usually pay per click. These results are marked as ads to distinguish them from organic search results.

Three Types of Social Media Marketing (Paid)

includes advertisements on social media

Three Types of Social Media Marketing (Earned)

involves news organizations, thought leaders, or other individuals who create content about an organization

Three Types of Social Media Marketing (Owned)

happens through social media accounts that an organization owns

Social media

·       Advantage: Measurable + Unlimited Audience

·       Disadvantage: Significant effort + Crisis Management

Primary Objectives of Social Media

·       Create buzz

·       Fostering community

·       Facilitating two-way communication

Social Media effectiveness

·       Create unique content, often

·       Ask questions

·       Create short-form media.

·       Try different formats

·       Use a clear, immediate call to action

Sales Promotions

helps make personal selling and advertising more effective. Sales promotions are marketing events or sales efforts (not including traditional advertising, personal selling, and public relations) that stimulate buying.

Consumer Sales Promo

is targeted to the ultimate consumer market

Trade Sales Promo

is directed to member of the marketing channel, such as wholesalers and retailers

Promotion Techniques (Premium)

product or offer a consumer receives when they buy another product

Promotion Techniques (Rebate)

money back if you provide proof of purchase

Promotion Techniques (Contest)

games of skill offered by a company, that offer consumers the chance to win a prize

Promotion Techniques (Sweepstakes)

games of chance people enter for the opportunity to win money or prizes

Advantages/Disadvantages of Sales Promotion

·       Acquire contact information

·       Spur excitement

·       Inspire customer action

·       Risk tarnishing the brand

·       Depressing sales

·       Short-term marketing

·       Looking for a deal not long-term

Sponsorship

A business arrangement where a sponsor provides funding or resources to an individual, organization, or event in exchange for promotional benefits and marketing rights.

Benefits of Sponsorship

·       Financial support to fund projects or events

·       Can contribute technology and resources

·       Increases brand visibility ‘Targeted contributions

·       Networking opportunities

Partnership

Involves a deep, ongoing relationship where both parties collaborate on projects or initiatives, often sharing resources, risks, and rewards

Benefits of Partnerships

·       Long-terms goals

·       Partners share tools, expertise and manpower

·       Collaborative efforts can lead to innovative solutions

·       Stability

·       Enhance stakeholder engagement