Marketing (1).txt

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Marketing (1).txt
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2012-10-22 01:53:30
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BYU MAcc marketing
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  1. HBS Marketing Framework
    • Analysis
    • Marketing Strategy
    • Marketing Mix
    • Customer Relationship Management
  2. HBS Marketing Framework - Analysis
    • Understand Value - 5 C's
    • Customers
    • Company
    • Competitors
    • Collaborators
    • Context
  3. HBS Marketing Framework
    Marketing Strategy
    • Create Value - Segmenting
    • Targeting
    • Positioning
  4. HBS Marketing Framework - marketing Mix
    • Capture Value - 4 P's
    • Product
    • Place
    • Promotion
    • Price
  5. HBS marketing Framework - Customer Relationship Management
    • Sustain Value
    • Customer Acquisition
    • Customer Retention
  6. Historical marketing approaches - era
    • Production Orientation
    • Sales Orientation
    • Marketing Orientation (Consumer: find customer needs/marketing: satisfy needs)
    • Relationship Orientation
    • Sustainable Orientation
  7. Maslow's Hierarchy
    • Physiological
    • Safety
    • Love/belonging
    • Esteem
    • Self-actualization
  8. Loyalty
    • Performance > expectations = delight
    • performance < expecations = disatisfaction
    • expectation = performance = satisfaction
    • Behavior (what people do, repeat purchase vs. attitude (what people dream about, how do you feel?)
  9. Loyalty ladder
    • new customer
    • regular purchaser
    • loyal supporter
    • advocate
  10. BCG Loyalty Chart
  11. Product/Market Expansion Grid
  12. New usage situation
    using an existing product for something new (e.g. Breathe right strips, athletes to snoring)
  13. Cannibalization
    New product destroys current customers
  14. BCG Matrix
  15. Purchase Decision Process
    • Problem
    • search
    • Evaluation of Alternatives
    • Purchase Decision
    • Purchase Act
    • Postpurchase Evaluation
  16. Purchase Decision Process: search
    • External Search
    • internal Seach
  17. Purchase Decision Process: Evaluation of alternatives
    • Consideration Set (max seven products to consider, eliminate alternatives)
    • Heuristics: stereotyping, using mental shortcuts
    • Fishbein's Multi-Attribute Model
  18. Things that Affect consumer behavior
    • Culture: subculture, Acculturation
    • Social influences: asch Phenomenon, reference groups, opinion leaders
    • Family influences: household roles (autonomic role-independent, husband or wife dominant role, syncratic role-joint)
  19. Processing Types
    • Subliminal
    • Supraliminal
    • conscious (system 2-first time vs system 1 processing-practiced)
  20. Perceptual Filters
    • Selective Exposure
    • Selective attention
    • Comprehension
    • Elaboration
    • Retention
  21. Heuristics and Bias
    • Projection Bias
    • Hindsight Bias
    • Overweight probability of low frequency events
    • Hot/cold empathy bias
    • overconfidence
  22. Context effects
    • middle option
    • balance
  23. Choice Overload
    Too many options will result in no purchase
  24. Influence Book
    • Reciprocation
    • Commitment and Consistency
    • Social Proof
    • Liking
    • Authority
    • Scarcity
  25. Market Research Process
    • Define the Problem
    • Exploratory research
    • Formulate a hypothesis
    • create a research design
    • Collect data
    • Interpret and present research data
  26. Types of data
    • secondary data (government, private, online sources)
    • Primary Data (observation, interpretative research, experimental method, survey)
  27. Why not do market research
    • cost
    • time
    • what would I do without this information? does it matter, use an assumption?
    • what if my assumption is wrong?
  28. Causality vs correlation
    A causes B, A and B occur simultaneously
  29. Survey Questionnaire Design
    • What questions to ask
    • Ordering (don't prime the questions, demographic information at the end)
    • wording
  30. Types of survey scales
    • Symantec scale (1-7 good to bad)
    • Likert Scale: strongly disagree, disagree, neutral, agree, strongly agree
  31. Between/within subjects design
    Between subjects design- one group sees one stimuli and another group sees anotherWithin Subjects design- receive all treatments. Disadvantage: May be alerted to the hypothesis and that may change their response. You may want to use Within subject design when: learning studies over time- as they learn over time you want them to have the same stimuli over time
  32. Marketing Cheer
    • Stand for something
    • stand for something different
    • stand for something different that's important
  33. Unique selling position
    • EXAMPLE: To (target segment and need) our (brand) is (concept) that (point-of-difference)
    • Positioning must be constantly monitored and adapted
    • You must deliver on your positioning statement
  34. Perceptual Maps
    • A key to positioning a product effectively is the perceptions of consumers.  In determining a brand’s position and the preferences of consumers, companies obtain three types of data from consumers:
    • Evaluations of the important attributes for a product class.
    • Judgments of how similar the products are to one another.
    • Ratings of  how much each person knows about the products
    • From these data, it is possible to develop a perceptual map, a means of displaying via two dimensions the location products or brands occupy in the minds of consumers.
  35. Types of Segmenting
    • 1. Geographic - cut up market based on where people are (easiest to get, least helpful)
    • 2. Demographic - cut up market based on age, gender, religion, etc. (easy to get, not helpful)
    • 3. Psychographic - based on values of people
    • 4. Behavioral/Product related - based on benefits people seek when they buy a product, or usage rates, or brand loyalty. (most helpful, toughest to do)
  36. Effective Brand Names
    • Suggestive (of benefits)
    • Simple (easy to say and remember)
    • Distinct
    • Extendable
    • Translatable (into other languages)
    • Defensible (legal protection)
  37. Aaker's Model of Brand Equity
  38. Engel’s law
    • as income smaller % of expenditures go to food
    • % spent on housing, household operations, and clothing remains constant
    • % spent on other items increases (recreation, education, etc.)
  39. VALS (Values and Lifestyles)
  40. Global VALS
    • Strivers - professional and material goals
    • Devouts - duty and tradition
    • Altruists - social issues, societal well-being
    • Intimates - family and personal relationships
    • Fun seekers - enjoyment, pleasurable experiences
    • Creatives - education, technology, knowledge
  41. Market Segmentation Process
    • Develop a relevant profile for each segment
    • Forecast market potential
    • Forecast probable market share
    • Select specific segments
  42. Market Segmentation Strategies
    • Undifferentiated marketing - one product, all customers (mass marketing
    • differentiated markets - several products to satisfy smaller segments
    • concentrated marketing - niche marketing, single market segment focus
    • micromarketing - very narrow, basic levels (zip code, specific occupation, lifestyle)
  43. Differentiating factors of service
    • intangible
    • inseparable from providers
    • perishable
    • cannot easily standardize
    • buyers play important role in creation/distribution
    • wide variation in standards
  44. Types of consumer products
    • unsought products - dont know they need it (LT care insurance)
    • Convenience products - for frequent, immediate, minimal effort (i.e. impulse purchases, staple products, emergency products)
    • Shopping products - purchased after comparing competitors
    • Specialty products - products with unique characteristics
  45. Types of Business products
    • Installations (major capital investment--airplane)
    • Accessory equipment (capital items that don't cost as much, don't last as long--computers)
    • Component Parts and Materials
    • Raw materials
    • supplies (MRO, maintenence, repair, operating)
    • Business services
  46. The quality strategy
    • TQM - total quality management
    • Benchmarking (identify, compare, implement)
  47. Service quality
    • 5 quality variables:
    • tangibles - physical evidence
    • reliability
    • responsiveness
    • assurances - confidence communicated
    • empathy - provider understands customers
  48. Product line
    series of related products offered by one company
  49. Product Mix
    • Company's assortment of product lines and individual product offerings
    • WIDTH: # of product lines offered (nutritionals, oral care)
    • LENGTH: # of different products a firm sells (band-aid, tylenol)
    • DEPTH: variations in each product (sizes)
  50. Line extension
    adds individual offerings that appeal to different market segments while remaining closely related to the existing product line
  51. Product life cycle
    • Indrocutions
    • Growth
    • maturity
    • decline
  52. Extending the product life cycle
    • Increase frequency of use
    • Increase # of users
    • Finding new uses
    • change package size, labels, or quality
  53. 3 stages of brand loyalty
    • Brand recognition
    • Brand preference
    • Brand Insistence
  54. Types of brands
    • generic products
    • Manufactures brand
    • private brand/label
    • captive brand
    • family brand
    • individual brand
  55. Y&R brand equity system
    • 4 dimensions of brand personality
    • differentiation - different from others
    • relevance - appropriateness to a big consumer segment
    • esteem - perceived quality and growing/declining popularity
    • knowledge - extent of customer awareness
  56. Brand name
    consisting of letters, #'s, words that can be spoken
  57. Brand Mark
    symbol or pictoral design to represent brand
  58. Trademark
    Brand for which the owner claims exclusive legal protection
  59. trade dress
    visual cues used in branding to create an overall look (red/gold + golden arches)
  60. Packaging 3 major objectives
    • protection against damage
    • assistance in marketing (capture attention, add convenience, re-use)
    • cost-effectiveness
  61. Adoption process
    stages consumers go through in learning about a new product, trying it, and deciding whether to purchage again
  62. adoption stages
    • awareness
    • interest
    • evaluation
    • tiral
    • adoption/rejection
  63. consumer innovators
    people who purchase new products almost as soon as the products reach the market
  64. diffusion process
    process by which new goods are accepted
  65. consumer stages
    consumer innovators --> early adapters --> majority --> laggards
  66. Rate of Adoption determinants
    • relative advantage - superior innovation
    • compatibility - consistent with values of adopters
    • complexity
    • possiblity of trial use
    • observability
  67. new product development process
    • idea generation
    • screening
    • business analysis - potential market, growth, competition, concept testing
    • development
    • test marketing
    • commercialization
  68. Nike Brand Formula
    • Products
    • Athletes
    • Marketing
  69. Nike Marketing Mix
    • TV
    • PR
    • Retail
    • Events
    • Digital
  70. Nike - types of media
    • Owned - Most control, cost efficient, least credible
    • Paid - most expensive, media catalyst (direct to owned)
    • Earned - least controlled, more targeted, most credible
  71. Line extension
    Toll house chocolate chips to "swirled" chips with PB
  72. Brand extension
    Brownies with toll house chips
  73. Product licensing
    using other brands to build your brand image
  74. cobranding
    combining brands e.g. starwars legos
  75. The double-edge sword of effeictiveness cues
    tell consumers that your product is effective and they will use less (dead bug = less consumption, live bug = more consumption)

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