307 midterm

New Digital Era Marketing Mix

The Five P's: Product, Price, Place, Promotion, and People used in modern marketing strategies.

Product/Bundle of Consumer Benefits

A product that combines various benefits to enhance user experience, as seen in Apple’s iPhone.

Price/Value Exchange

The relationship between the price of a product and the value consumers perceive, exemplified by Netflix's subscription service.

Place/Delivery Experiences

The channels through which products are delivered to consumers, like Amazon Prime’s fast shipping.

Promotion/Content Creation

Marketing through creating engaging content, such as Coca-Cola's user-generated social media campaigns.

Brand Story/Positive Provocations

The narrative that a brand tells to connect with consumers, illustrated by Nike’s empowering campaigns.

People

The human element in marketing, such as Zappos’ customer service team providing exceptional support.

Marketing as an Exchange

The concept that marketing involves a transaction where both parties receive value, like buying a car.

Scope of Marketing

The wide array of activities involved in promoting and distributing products, exemplified by organic skincare companies.

Shift in Definition of Marketing

An evolution towards customer-centric approaches, illustrated by Tesla's focus on solving customer pain points.

Perspective Shift (Outside-In)

A marketing viewpoint that prioritizes customer experiences over product push, demonstrated by Starbucks.

Digital Disruption Factors

Elements that change traditional business models, such as food delivery apps like UberEats.

Multi-Roles of the Internet

The various functions of the internet, including brand marketing and sales, as seen with Instagram.

Customer Benefits and Delivering Value

The added value for consumers in services like Amazon’s delivery and return policies.

Value Co-Creation

Collaborative processes in product development, exemplified by LEGO Ideas.

What is Marketing Today?

Modern marketing focuses on customer experiences, as seen in Airbnb's approach.

Communicating Value to Customers

The strategies used to convey product value, demonstrated by Tesla’s sustainable messaging.

Relationship Marketing vs. Selling

A focus on long-term customer bonds through strategies like Sephora's loyalty programs.

Customer Experience Centered

Marketing strategies that prioritize a seamless shopping experience, as seen in Apple stores.

Evolving Role of the CMO

The changing responsibilities of marketing leaders, such as P&G’s data-driven CMO.

Brand Equity

The perceived value of a brand based on loyalty and recognition, illustrated by Coca-Cola.

Suitability for Products and Services for Sale Online

The factors that determine online market viability, exemplified by Warby Parker's virtual tools.

Collaborative Connectivity

Engagement strategies between brands and customers, as practiced by social media customer care.

Collaborative Filtering

Personalized recommendation systems, like Netflix's based on user behavior.

SEO and SEM Synergy

The combined use of search engine optimization and marketing for enhanced online visibility.

Reality of Online Economics and Competition

The competitive strategies employed by online platforms, exemplified by Amazon.

SEM (Search Engine Marketing)

Using paid advertising to appear at the top of search results, like Google Ads.

Bricks-and-Clicks Potential

Retail strategies that integrate online and in-store shopping experiences, as with Walmart.

SEO

Optimizing website content to rank higher in search engine results.

Internet of Things (IoT)

Connected devices that use user data for enhanced functionality, like smart thermostats.

Cross Channel Marketing

Consistent promotion across multiple platforms, exemplified by Nike's campaigns.

Fundamental Systemic Changes Brought About by Digital

The impact of digital tech on various sectors, like education and remote work.

Cross-Platform Marketing

Campaigns that engage customers across multiple touchpoints, as implemented by Starbucks.

Internet Roles

Various functions the internet serves, including communication and social interaction.

7C Framework Online Marketing

A digital strategy framework addressing context, content, community, communication, commerce, and connection.

Approaches to Market Segmentation

Methods used to categorize broad markets into specific groups based on various criteria.

Behavioral Segmentation

Market division based on consumer behavior, like purchase habits.

Geographic Segmentation

Market classification based on physical location, like cities or climates.

Psychographic Segmentation

Market division based on lifestyles and values.

Demographic Segmentation

Categorizing markets based on age, gender, income, or education.

Target Market Definition

The specific group of potential customers for a product or service.

Segmenting Business Markets

Dividing business markets into subgroups based on various characteristics.

Positioning Strategy

Creating a distinct market position for a product aligned with target market needs, as seen in Volvo’s focus on safety.

Perceptual Mapping

Visual representation of consumer perceptions of a brand relative to competitors.

Marketing Mix (4Ps)

The combination of Product, Price, Place, and Promotion for successful marketing.

Product Life Cycle

The stages a product goes through from introduction to decline.

Introduction Stage of Product Life Cycle

The initial launch phase of a product facing awareness-building challenges.

Growth Stage of Product Life Cycle

The phase where product sales increase rapidly and competition begins.

Maturity Stage of Product Life Cycle

The phase where sales stabilize, focusing on differentiation from competitors.

Decline Stage of Product Life Cycle

The phase where sales decrease due to market saturation or shifting preferences.

Brand Equity

The value associated with a brand based on consumer experiences and loyalty.

Brand Loyalty

Consumers' preference for one brand over others.

Co-Branding

A strategy where two brands collaborate for combined marketing effects.

Private Label Brands

Products sold under a retailer's brand, typically at lower prices.

Branding Strategies

Methods to create and communicate a brand's identity.

Umbrella Branding

Using one brand name for multiple products in related markets.

Individual Branding

Each product having its own distinct brand name.

Family Branding

Multiple products marketed under a single brand name.

Brand Extension

Using an established brand name to introduce new products.

Brand Repositioning

Changing how consumers perceive a brand.

Brand Personality

Human traits attributed to a brand influencing customer loyalty.

Brand Awareness

The degree to which consumers recognize or recall a brand.

Differentiation

Distinguishing a product through unique features or services.

Competitive Advantage

The edge a company has over its competitors.

Cost Leadership Strategy

Becoming the lowest-cost producer to attract consumers.

Differentiation Strategy

Offering unique products to stand out in the market.

Focus Strategy

Targeting specific market niches with tailored offerings.

Market Penetration Strategy

Increasing sales of existing products in current markets.

Market Development Strategy

Entering new markets with existing products.

Product Development Strategy

Creating new products for existing markets.

Diversification Strategy

Expanding into new markets with new products.

Intensive Growth Strategies

Strategies to increase market share.

Defensive Marketing

Strategies to protect a brand's market share.

Customer Lifetime Value (CLV)

Total value a customer contributes over their relationship with a company.

Customer Relationship Management (CRM)

Managing a company’s interactions with customers using data analysis.

Customer Satisfaction

How well a company's offerings meet customer expectations.

Customer Loyalty Programs

Programs to encourage repeat purchases through rewards.

Direct Marketing

Communicating directly with customers through various channels.

Digital Marketing

Promoting products through online platforms.

Influencer Marketing

Collaborating with influencers to reach targeted audiences.

Social Media Marketing

Using social media platforms to promote products.

Persona Best Practices

Using real data to create specific customer personas.

Reasons to Engage in Segmentation

To effectively tailor marketing strategies to diverse customer needs.

Characteristics of Strong Market Segments

Traits that define effective market segments.

Culture and Its Implications

How collective beliefs and values influence market behavior.

Importance of Getting Culture Right

Key for international success through respect and adaptation.

Country Adaptation Requires a Strong Essential/Consistent Foundation

Maintaining core brand values while adapting to local markets.