Marketing Objectives and Strategies

Business Objective

Defines core competence, goals, and 'Marketing Myopia'

MISTR

Acronym for measurable, integrated, specific, time-frame, realistic

Marketing Myopia

describes a shortsighted business approach that focuses on the immediate and overlooks the bigger picture, focus on the short term gains

Customer Acquisition

Process of gaining new customers

Customer Retention

Maintaining and increasing loyalty of existing customers

Umbrella Brand Strategy

Involves representing specific, family, wide range, or corporate brands

Primary Demand

Stimulating category benefit-driven demand

Market Share Capture

Acquiring share from existing loyal customers

Value Proposition

Unique benefit a product offers to customers

Psychographic Segmentation

Grouping consumers based on shared psychological factors

Positioning Statement

Links current belief to desired belief through consumer proposition

4 Ps of Marketing

Product, Promotion, Place, Price - levers for market position

Product Bundle

Defined as a bundle of benefits or attributes

Brands

Act as memory aids, emotional connections, and differentiation bases.

Search Qualities

Evaluated before consumption (e.g., price, packaging).

Experience Qualities

Discerned after purchase and use (e.g., taste, durability).

Credence Qualities

Cannot be evaluated even after consumption (e.g., vitamin content).

Online Customer Reviews

Solicited by companies like Yelp, Airbnb, and Tripadvisor.

Product Life Cycle

Model showing sales over time in introduction, growth, maturity, decline stages.

Ansoff Growth Matrix

Strategy matrix for growth based on markets and products.

Pricing Strategies

Include perceived value, variable costs, price sensitivity, discounts.

Distribution Channels

Involves intermediaries adding value through variety and convenience.

Consumer Decision Process

Involves need recognition, information search, evaluation, choice.

Consumer Promotions

Use slogans and taglines to shape brand perception.

Consumer Engagement Levels

Vary based on product involvement, require tailored tactics.

Consumer Decision-Making Process

Involves problem-solving, information search, evaluation, choice.

Product Positioning Tactics

Use comparisons, influence principles for effective differentiation.