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marketing
creating and serving needs, profitably
core components of marketing strategy
three C’s, STP, four P’s
three c’s
customer, company, competition (market analysis)
STP
segmentation, targeting, positioning (intended strategy)
four P’s
product, price, promotion, place (action plan)
SWOT
strengths, weaknesses, opportunities, threats
internal to company
strengths and weaknesses
distribution networks, tech, labor, partnerships, brand, supply chain, marketing team
external to company
opportunities and threats
competition, customer, context
segmentation
divide a heterogeneous market into more homogenous describable segments
targeting
evaluate the attractiveness of segments and select a target segment
positioning
select and communicate the core value and distinctiveness of your offering
criteria for choosing a good target segment
measurable, substantial, accessible, differentiable, actionable
how to identify most attractive customers in market for firm
segment market into meaningfully different groups and select targets of focus
knowledge of ____ is the core competence of marketing - a necessity for any company to fulfill its revenue and profit potential
customers and relationships with them
purpose of business
to create and keep a customer
what is the key to achieving organizational goals?
determining the needs and wants of target markets and deliver the desired satisfaction more effectively and efficiently than competitors
customer orientation —> firm value
3 ways customers derive value
economic value, functional value, psychological value
economic value
bang for the buck
functional value
good performance value
psychological value
emotional, social, personal value
WISE framework
watch, internal, social, external
watch
awareness, interest, evaluation, choice, consumption, post consumption
internal influences
motives, perceptions, attitudes, emotions, biases
external influences
marketing mix, physical environment, influences, context effects, trends
social influences
social comparison, social norms, likability, authority, word of mouth, core social motives (belonging, control, enhancement, trust)
consumer behavior
totality of consumers decisions with respect to acquisition, consumption, and disposition of goods, services, time, and ideas by humans
consumer insights
understanding the journey consumers have with their expenditures (time, money, effort)
black box model
stimuli —> black box —> response
stimuli: marketing, environment
response: choice, purchase timing, amount
stages of the buying process
need awareness, interest, evaluation of alternatives, choice/purchase, consumption, post-consumption
analytical tools
primary and/or secondary data analysis
six step market research process
define problems and research objectives, develop research plan, design research instruments, collect information, analyze and assess information, formulate decision
secondary data
pros: lower cost, available immediately, no expertise to collect
con: hidden assumptions/agenda, may answer slightly different question, no competitive advantage
primary data
specifically collected to answer your research questions
three types:
exploratory
descriptive
experiments
exploratory
explore broad, early stage objectives and questions
descriptive
investigate more precise, better defined objectives
experiments
establish cause and effect relationships
exploratory research
involves: small samples, less structured data collection procedures
generates: initial insights or understanding
best for preliminary research because: samples too small to generalize, participants not randomly selected, responses from group members not independent.
should not be used to recommend final course of action
ex) focus groups, projective techniques, and observational research
laddering
brand and category attributes —> lower order benefits —> higher order benefits
descriptive research
involves: observational research, surveys, larger samples
generates: answers that can be used to formally evaluate research hypotheses
best for: more specific research questions, questions that require quantifiable answers
ex) observational, surveys
observational research
can be exploratory or descriptive
generates: information about how consumers actually behave
cons: not good for feelings, attitudes, motives or private behavior
surveys
provides quantitative, descriptive data
samples are representative of target market
sample size varies based on desired degree of accuracy
problems with wording questions
leading, ambiguous, unanswerable, two questions in one, non-exhaustive, nonmutually exclusive answers
experiments
involve: larger samples than exploratory (if done well) with tight controls
generate: insights into the impact of specific marketing activities
best for establishing causality
may provide “process” evidence
conditions necessary to build causality
temporal antecedence, covariation, absence of rival explanations
temporal antecedence
cause must precede the effect (A before B)
covariation
change in cause must produce change in effect (A—> B)
absence of rival explanations
no plausible explanation for B except A
4 judgement and decision making frameworks
cognitive vs. emotional
high involvement vs. low involvement
optimizing vs satisficing
compensatory vs non compensatory