BUAD-307 Marketing Fundamentals Lecture Week 1 - 2
key partners, key activities, key resources, value proposition,
Business Model Canvas (BMC)
customer relationships, channels, customer segments, cost
structure, revenue streams
- helps crate value
- affects various stakeholders
Marketing - performed by individuals and organizations
- is about satisfying customer needs and wants
- entails an exchange
- improving the bottom line
Marketing impacts on financial
- income statement impacts: overarching consideration, managing
performance
expenses acquire and retain more customer, increase share of
wallet within category, increase margins
overarching consideration, managing expenses acquire and
income statement impacts
retain more customer, increase share of wallet within
category, increase margins
Marketing as a Process Understand (5Cs) -> Plan -> Implement -> Measure
- developed before positioning
- describes what sets product apart from competitors,
Value Proposition
sometimes with points-of- parity and points-of-difference
- gives an overview of brand's features and benefits
- derived from the value proposition
Positioning - emphasize how product is perceived in target audience's
minds relative to competitive options
Marketing Metrics a metric is a measuring system that quantifies a trend, dynamic, or characteristic.
- assesses the extent customers will recommend a product, service, or brand
Net Promoter Score (NPS)
-subtract the percentage of Detractors from the percentage of Promoters
- Brands/companies should recognize that consumers expect the
Customer loyalty considerations brand to be loyal to them, not the other way around.
- The goal should be to win the "highest share of preference".
, Emotional attachment. The brand becomes sort of a self
HEART
description like. "I'm an Apple person." A competitor who criticizes
the brand in effect criticizes the user.
Based on products attributes and its ability to solve problems.
HEAD Customers love the brand because what it does. These customers
however can ask, "what have you done for me lately?"
Not all loyalty is high-involvement. Some products purchased out
HAND
of habit. Not a terrible thing. Product does need to live up to
expectations
is a business strategy that's based on putting your customer first
What do marketers mean when
and at the core of your business in order to provide a positive
they say their firms are
experience and build long-term relationships
customer-centric?
- "Gives customer what they want."
Classic Marketing Approach -
- Matches well with markets containing products with high buyer familiarity.
Market- driven
- Assumes buyers evaluate choice based on fixed value concepts.
- "Help customers learn what they want."
Alternative Marketing Approach -
- Matches well with rapidly evolving markets with growing number of novel
Market- driving products.
- Assumes buyers can learn and evolve with new value concepts.
Identify how customer customer satisfaction is important because that will lead to
satisfaction is important to customer loyalty then to lifetime value of customer.
marketers.
1. Define the problem or research objectives
2. Design the research plan
Marketing Research Process 3. Collect and Analyze the data
4. Develop findings and recommendations
5. Conduct follow-up
- Inexpensive
- Relatively easy to obtain
Secondary Data - May not provide the correct insights needed
- ex. data mining: the process of searching for insights from the
patterns, trends, and relationships within sets of data
- Requires time
- Usually requires money
Primary Data - Can potentially yield powerful market insights.
- ex. projective methods (indirect methods such as some sort of task
that cause study participants to reveal their feelings, thoughts, and
opinions, or to express behaviors.
Types of Customer Primary Data: gaining deep insights into why customers do the things they do
Customer behavior can help position a brand to become a leader in its chosen
markets
data that measure the knowledge consumers have of brands,
AWARENESS
products, and solutions (ex. "how familiar are you with our fast food
franchise?")
data that measure future, anticipated behaviors; these data help
INTENTION marketers to predict demand or future consumption (ex. "how
key partners, key activities, key resources, value proposition,
Business Model Canvas (BMC)
customer relationships, channels, customer segments, cost
structure, revenue streams
- helps crate value
- affects various stakeholders
Marketing - performed by individuals and organizations
- is about satisfying customer needs and wants
- entails an exchange
- improving the bottom line
Marketing impacts on financial
- income statement impacts: overarching consideration, managing
performance
expenses acquire and retain more customer, increase share of
wallet within category, increase margins
overarching consideration, managing expenses acquire and
income statement impacts
retain more customer, increase share of wallet within
category, increase margins
Marketing as a Process Understand (5Cs) -> Plan -> Implement -> Measure
- developed before positioning
- describes what sets product apart from competitors,
Value Proposition
sometimes with points-of- parity and points-of-difference
- gives an overview of brand's features and benefits
- derived from the value proposition
Positioning - emphasize how product is perceived in target audience's
minds relative to competitive options
Marketing Metrics a metric is a measuring system that quantifies a trend, dynamic, or characteristic.
- assesses the extent customers will recommend a product, service, or brand
Net Promoter Score (NPS)
-subtract the percentage of Detractors from the percentage of Promoters
- Brands/companies should recognize that consumers expect the
Customer loyalty considerations brand to be loyal to them, not the other way around.
- The goal should be to win the "highest share of preference".
, Emotional attachment. The brand becomes sort of a self
HEART
description like. "I'm an Apple person." A competitor who criticizes
the brand in effect criticizes the user.
Based on products attributes and its ability to solve problems.
HEAD Customers love the brand because what it does. These customers
however can ask, "what have you done for me lately?"
Not all loyalty is high-involvement. Some products purchased out
HAND
of habit. Not a terrible thing. Product does need to live up to
expectations
is a business strategy that's based on putting your customer first
What do marketers mean when
and at the core of your business in order to provide a positive
they say their firms are
experience and build long-term relationships
customer-centric?
- "Gives customer what they want."
Classic Marketing Approach -
- Matches well with markets containing products with high buyer familiarity.
Market- driven
- Assumes buyers evaluate choice based on fixed value concepts.
- "Help customers learn what they want."
Alternative Marketing Approach -
- Matches well with rapidly evolving markets with growing number of novel
Market- driving products.
- Assumes buyers can learn and evolve with new value concepts.
Identify how customer customer satisfaction is important because that will lead to
satisfaction is important to customer loyalty then to lifetime value of customer.
marketers.
1. Define the problem or research objectives
2. Design the research plan
Marketing Research Process 3. Collect and Analyze the data
4. Develop findings and recommendations
5. Conduct follow-up
- Inexpensive
- Relatively easy to obtain
Secondary Data - May not provide the correct insights needed
- ex. data mining: the process of searching for insights from the
patterns, trends, and relationships within sets of data
- Requires time
- Usually requires money
Primary Data - Can potentially yield powerful market insights.
- ex. projective methods (indirect methods such as some sort of task
that cause study participants to reveal their feelings, thoughts, and
opinions, or to express behaviors.
Types of Customer Primary Data: gaining deep insights into why customers do the things they do
Customer behavior can help position a brand to become a leader in its chosen
markets
data that measure the knowledge consumers have of brands,
AWARENESS
products, and solutions (ex. "how familiar are you with our fast food
franchise?")
data that measure future, anticipated behaviors; these data help
INTENTION marketers to predict demand or future consumption (ex. "how
