What is marketing, fundamentally, all about?
Marketing is all about meeting and understanding customer needs.
Real Time Marketing
Takes advantage of current events in producing timely communication that reaches the market quickly.
Customers have more information than ever before
Causes the power that consumers have in the market place ever more increasing.
Customers reacted negatively to Hershey’s increase in price of the bar
Because customers felt nostalgia toward the five cent bar and were unhappy to break from tradition.
Strengths and Weaknesses
Perspectives of SWOT analysis that are internal
Opportunities and Threats
Perspectives of SWOT analysis that are external
P in PEST analysis
Political, questions center on the political issues that impact the business environment.
What we use to inform the decision we make around our marketing plan.
Information that has been collected by somebody else
Information that you collect yourself
BMW released “gritty films” targeted at a younger segment of the consumer population
That way they could seed the future. They wanted to make a positive impression on younger consumers so the brand would remain popular.
Business to Business
By using firm variables that are similar to demographics
B2B companies can use demographic principles to segment the market
A segmentation approach that uses consumer values, attitudes and lifestyles to segment the consumer market.
The longer window of opportunity that Cialis provided in comparison to Viagra
Was a way for that company to differentiate itself from it’s competition
Point of Parity
An activity or characteristic that your product must have to be competitive in the market place.
A brand positioning statement can be shortened into this to better communicate directly with consumers.
Delivering happiness to the customer
Zappos focused on this as part of the product that they delivered
Maturity Stage of Product Life Cycle
When a product is no longer new in a customers eyes.
Branding is important to B2B companies because
It provides confidence and enables trust between business partners.
Branding is important because of
Differentiation, monetary value and product identity
Cost-plus is a bad pricing strategy
Because it can lead to pricing outcomes that overshoot or undershoot a customer’s willingness to pay.
Respect and Love
Two characteristics of a lovemark brand.
Skimming Price Strategy
Setting a high price so that you are able to make profit from those individuals that are willing to pay more for the product.
Intermediary in distribution channel
A channel partner that sits between the customer and the end-consumer
The manufacturer sells direct to end-consumers
A middle man is involved in the distribution channel.
Dove was revolutionary because
They embraced a position that was opposite to market trends
Attention, Interest, Desire, Action
Example of owned media
Company website, a communication tool owned and managed by the company
Social Media Iceberg Metaphor
Often we only hear the tip of it from our customers, but with social media, the waterline is pushed down and we see more of the conversation.
One way conversation
Two way conversation