MARKETING 300

4 Ps of Marketing- what they are- how to apply them in marketing strategy
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Terms in this set (28)
4 Ps of Marketing- what they are- how to apply them in marketing strategy
Price
How do its prices compare to competitors
Product
How does it differentiate on Product/Services
Promotion
Where does it promote itself? Website, Social Media, etc
Place
Markets that they serve?
4 Cs of Social Media Marketing- what they are- how to apply them in marketing strategy
Content
Always updating and creating
Connecting
Engaging with customers
Community
Build this between your members
Curating
Members are also creators
Marketing Trend & Importance
Has a DEEPER cultural and societal roots, and stick around.
Successful, long term marketing execution of a fad
Gains momentum overtime
Purchase/Marketing Funnel
Awareness
Familiarity
Consideration
Purchase
Loyalty
Marketing Environment - How do Macro factors influence marketing choices
Company. The company's brand and reputation will affect people's view of your new product because people get an idea of what products you have produced, and its quality. If a product you launched before was unsuccessful, you should take that knowledge to improve the launching of the new product

Economic. Make sure that you put your product in a place where people would feel like they would or could buy it. If your market is for the upper class, then putting your product in a location where most of them live is better than putting your product in a place where people can't even afford to get your product.

Technology. In our generation, we should take advantage of that. Use it to show consumers the new product and why they should get it.
Know the difference between Geographic, Demographic, Psychographic and Behavioral segments
Geographics. Country, province, city, etc.
Demographics. Age, gender, income, education, etc.
Psychographic. Life style, values, personality, etc
Behavioral. Benefit sought, usage rates, user status, loyalty
Why do we do customer segmentation? What makes a segment valuable?
We do customer segmentations to collect data on potential consumers. If we want to launch a high end product in a low end area chances are the high end company will not thrive.
What did you learn from the zip-code exercise?
In order for a company/brand/product to do well, a company must think about the area they want to produce in
what does positioning try to accomplish?
To identify the importance of brands to a persons' identity, and complex relationship between goods and emotional well-being
What's a Fast Follower and what advantages do Fast Followers have? Can you name a Fast Follower?
Fast followers enter early but not first
Advantages fast followers have: Learn from first movers mistakes. Capitalize on market creation, Target different markets
Fast Follower Example: Facebook
What's a Minimum Viable Product?A product that has just enough features to satisfy customers and provide feedback for future product developmentDifference between a Line Extension and a Brand ExtensionThe difference between a Line Extension and a Brand Extension is that a Brand Extension is a different product, whereas a Line Extension expands on existing products. Example of Line Extension: Skippys Peanut Butter Example of Brand Extension: Virgin MobileProduct DevelopmentIdea Generation: development of viable new product ideas Concept Testing: Testing the new product idea among a set of potential customers Product Development: Development of prototypes and/or the product Market Testing: Test the actual products in a few test markets Product Launch: Full scale commercialization of the product Evaluation of Results: Analysis of the performance of the new product and making appropriate modificationsWhat's the point of a concept test?Just a testIs a product a Dog, Cash Cow, or Question Mark?Cash CowWhat Makes a Brand Great? 2 FactorsConsistency- the brand with one poor experience, but consistency needs to be about both the branding and the product experience Uniqueness- Deliver on a special promise that makes your service or product uniqueDifference Between Aided and Unaided AwarenessAided Awareness: Consumers can recognize the brand with the logo/brand symbol Unaided Awareness: All the companies that consumers are aware of in a categoryWhat's a co-brand? When does co-branding work?Co-branding represents partnerships between two marketing entities to work together to achieve mutual aims Example: Lifestyle brands- brands that embody specific attitudes, interests, and activities. Usually targeted to a specific group in the cultureBesides Awareness, how do we measure brands?Blind surveyIf you had to create a Creative Brief on the fly, what sections would it include? What would you emphasize?Price Call to action What it offers Who it is targeted towardsAppeals used in advertisingHumor Fear Emotional RationalHow does social media advertising differ from traditional advertising like Radio and TV?Social Media advertising differs from radio and tv because of the quality content, exclusivity, audience participation, and usability. It is very interactiveWhat's a strength of a service like Facebook Ads? A weakness?Strength: can reach multiple people that could be interested Weakness: could be inappropriateWhat is marketing increasingly "data driven"By the consumersWhat types of data can even a small business harvest about its customersCustomer Information (what they purchased, customer experience, demographic) Performance MetricsWhat's a bounce rate and what does it tell us about the performance of a website?Key metric - the % of sessions that result in only a visit to the home or landing pageWhat's a conversion?Is the rate at which goals are accomplished, and those goals will vary, but potentially included Sales, Downloads, ViewsWhat is Customer Lifetime Value?Lifetime value is the sum of expected profits generated from a specific customer over time. A critical insight is that the probability of retention is an incredibly important element of customer value.