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Target customers
Customers based on a predefined geographic boundary
Market segmentation
Dividing a market through variables such as age, gender, education level, family size, occupation, income, and more
Psychographic
Focus on the intrinsic traits the target customer has, such as values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, and opinions
Behavioral
The way customers go through their decision making and buying processes, including attitudes towards the brand, the way they use it, and their knowledge base
What is marketing?
The set of institutions and processes for creating, communicating, delivering, and exchanging offers that have value for customers, clients, partners, and society
Marketing Coordinator
Entry-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization (1-3 years).
Marketing Director
Mid-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 7-10 years of experience
Vice President
Senior-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 11-15 years of experience
Chief Marketing Officer
Top-level marketing position responsible for planning, executing, and managing a variety of functions to deliver value to the customer and the organization, with 20+ years of experience
Who is responsible for ROI? (return on investments)
Chief marketing officer
What is the traditional marketing mix?
Product, price, place, promotion
What is the expanded marketing mix?
Product, price, place, promotion people,process, physical evidence
Strategy
Represents what the company intends to do
Execution
Represents how the company intends to do it
Prospects
Potential customers who haven't bought from the company yet
Customers
People who have bought from the company
Positioning
The culmination of the products, services, and experiences that a brand provides to convey value and meet customer wants, needs, and expectations
Conflict
Occurs when different companies or competitors have conflicting goals
Buyer's Journey
The process a buyer goes through from recognizing a need or opportunity to making a purchase decision and evaluating the post-purchase experience
Brand
An identifiable and differentiated product, service, person, movement, etc.
Brand promise
What a brand promises to deliver to a customer
Brand awareness
Awareness of the existence of a brand
Brand positioning
The unique place the brand occupies in the consumer's mind, linked to benefits received
Brand relevance
Occurs when there is only one relevant choice, making all other brands irrelevant
Brand purpose
The reason the brand exists, goes beyond just selling
Brand storytelling
Expressing the mission, vision, values, and passion of a brand through a narrative that draws in the audience
Brand differentiation
How a brand or brand family is delineated, including line extension, brand extension, flanker brands, down market and up market extensions, co-branding, etc.
Brand experience
The totality and quality of the interactions and engagements a customer has with a company, informing their perception and opinion of the brand
Purchase decision
Factors influencing a customer's decision to purchase a product or service, including loyalty and rewards, ordering ease and convenience, user experience, interaction, transparency, and purpose
Demographics
Variables such as age, gender, education level, family size, occupation, income, etc.
Psychographics
Intrinsic traits of a target customer, such as values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, and opinions
Lifestyle
The way a person lives and behaves, including their activities, interests, and opinions
AIO
Activity, interest, and opinion - factors used in psychographic segmentation
Buying process
The process a business goes through when making a purchase, including the buying center, influencers, decision makers, buyers, and gatekeepers
Persona
A semi-fictional representation of an ideal customer
What is Ingredient branding?
a Brand features Another brand in its product
Why do we buy?
Functional, habitual, cost, emotional, social, self expressive benefits
What is an upmarket extension?
Involves introducing a brand at a higher price point
What is equal pay cobranding?
Both brands are featured prominently
What is sponsorship branding?
Two or more brands sponsor an event such as sports for shared exposure and goodwill
Consumer buying process
Recognize problem, information, search, evaluation of alternatives, purchase decision, purchase, post purchase evaluation.
What is a line extension?
Add a new product to an existing line
What is a Brand extension?
When a brand is extend it to a completely new product category.
What is a flanker brand?
When a company already offering a brand in that product market introduces a new brand to serve a different segment of that market.
What is a down market extension?
The companies introducing a Brand target at an audience, looking for a lower price point
What is a holistic marketing concept?
Looks at the interconnectedness between marketing and other aspects and departments of the business.
What is a societal marketing concept?
Looks at the benefit of the product or service to society as a whole noches the individual consumer.
What is a marketing concept?
Focused on meeting the needs and wants of the market and seek feedback from the market
What is a production concept?
Companies using this concept believe that success comes from making products that are readily available in highly affordable
What is a product concept?
Focuses on efficient and cost-effective mass production profits primarily from a low cost unit
What is a Selling concept?
That left alone consumers will not buy and need to be pushed to purchase through more aggressive, promotional efforts
What is channel conflict?
This occurs when the same or competing channels have conflicting goals
What is customer experience?
The totality and quality of the interactions and engagement. A customer has with a company there by informing the perception in opinion of the brand.
What is the buyers journey?
The buyers journey includes the awareness, stage consideration stage and decision stage
What is the business buying process?
Recognize problem, opportunity, conduct information, church on products and suppliers, develop need specifications document, request for proposals from vendors, vendor, selection, performance review.
What are the roles in the business buying center?
Includes users, influencers, decision, makers, buyers, and gatekeepers
What is a user
Users are those who use the product often initiate the purchase and provide post. Purchase feedback.
What is an influencer?
Influencers are those who developed the specifications and RFPs they also evaluate alternative products
What is a decision maker?
Decision makers are often those that have the power to make the final purchase decision. They are typically mid-level or upper management.
What is a gatekeeper?
Those that control the flow of information to and from the buying group. They might include administrative or tech personal.
What is a product?
What the buyers getting in the exchange with the seller
What is a core benefit?
The core benefit represents the fundamental need met buy the product
What is a generic product?
A simplified version of the product providing only the basic features for functionality. This is also known as the minimum viable product.
What is an expected product?
The expected product takes the generic product up a notch and includes features that most buyers expect when making a purchase.
What is an augmented product?
The augmented product includes additional features when differentiate it from competitors.
What is a potential product?
The potential proud of represent the future version of the product as companies consider opportunities to fuel growth
What is product management?
Product managers design, and develop products
What is product marketing?
Product marketers, stimulate demand through positioning messaging, and the overall marketing strategy
Why do products fail?
It may be because the products benefits and value are difficult to convey. The product might be creating a new category and perspective. Buyers need to be educated. There are also instances where the product is marketed to the wrong target market or the product design is an adequate.
Why do we buy?
Customer perceived value, economic benefits, functional benefits, psychological benefits, and are also influenced by emotional or rational reason
How and where we buy?
Omni channel(purchasing can take place through multiple channels, online in-store, or both), social media, pop-ups, proud of drops, flash sales.
What is the Ansoff Matrix?
Looks at four possible combinations that fuel growth which include new markets, existing markets, existing products, and new products
What are porters five forces?
Threat of new entrance, bargaining, power of buyers, threat of substitute, products, and bargaining power of suppliers
What is a SWOT analysis?
strengths, weaknesses, opportunities, threats
How is product research conducted?
Sources of data, off-line research methods, online research methods.
What is the product development process?
Ideation, research, planning, prototyping, sourcing, costing, and production.
What is agile methodology?
Breaks development into shorter faces with redesign occurring continuously throughout the development process
What is minimum viable product?
Creation of a generic product with the intent of improving based on user feedback.
What are the stages of the product life cycle?
introduction, growth, maturity, decline
What are innovators
This represents the first 2.5% of the market to purchase the product. Innovators our product enthusiasts who enjoy being the first to try and master a new product
What are early adopters?
Early adopters are the next 13.5% of the market to purchase. These are product opinion leaders who seek out new products consistent with their personal self image. This group is not price sensitive and is willing to pay the price premium for a product.
What is the early majority?
This group is considered critical to long-term success as they take the product into the main stream. These buyers are product watchers, who want to be convinced of the products claims.
What are the late majority?
These buyers are product followers, who are price, sensitive and risk adverse. They purchase, older generation or discontinued models with lower prices, or fewer product features.
What are laggards?
This group makes up the last 16% of adopters. These are product of waiters and want to avoid adoption as long as possible. they are resistant to change.
What is a product line stretch?
The equivalent of adding new offerings, either up market down market or in both directions.
What is marketing communications?
How a company reaches and interact with perspective and existing customers to educate, inform and entertain.
What are the objectives of marketing communication?
Create awareness, elicit a response and stimulate the man leading to a purchase
What are integrated marketing communication tactics?
TV, press, releases, websites, direct mail, festivals, coupons, direct selling.
What is digital marketing?
Uses all digital media, including the Internet and mobile and interactive channels, to develop communication and exchanges with customers
What is SEO?
Search Engine Optimization
What is inbound marketing?
Pulling consumers to your brand, true value added content that is relevant, contextual, and personalized.
What is paid media?
Print advertising, partnerships, television, banners, radio, sponsorships, media deals, and paid search.
What is owned media?
Websites, SEO, apps etc
What is earned media?
Search engine optimization, Facebook, YouTube, Twitter, and forums
What is the awareness stage in a buyers journey?
Prospect is experiencing, and expressing symptoms of a problem or opportunity
What is the consideration stage any buyers journey?
Prospect is now clearly defined, and given name to their problem or opportunity
What is the decision stage in a buyers journey?
Prospect has now decided on their solution strategy, method or approach
What is the fly wheel concept?
This model developed by HubSpot is a tool designed to reinforce the importance of our existing customers in fueling growth
What is a creative brief?
An internal document, identifying the campaign strategy, the execution, in deliverables of the campaign, and responsible parties.
What is the ABLE framework?
Attention, benefit, linkage, and equity