Complete Study Guide, Week One, Marketing 101.
Complete Study Guide, Week One, Marketing 101. Marketing 101
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This 8 page Study Guide was uploaded by Lisa Notetaker on Saturday August 13, 2016. The Study Guide belongs to Marketing 101 at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months taught by Professor Kahn in Fall 2016. Since its upload, it has received 93 views. For similar materials see Introduction to Marketing in Business at 1 MDSS-SGSLM-Langley AFB Advanced Education in General Dentistry 12 Months.
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Date Created: 08/13/16
Table of Contents for Marketing 101: Week one: Study Guide. . Marketing 101:Building Strong Brands1. Marketing 101: Building Strong Brands 2. Marketing 101: Strategic Marketing. Marketing 101: Segmentation and Targeting. Marketing 101: Positioning Brands. Marketing 101: Brand Mantra. Marketing 101: Experiential Branding. Highlights: Green: Important Concept. Yellow: Key Terms. Marketing 101: Wk 1: Building Strong Brands, Part 1. Friday, July 22, 2016 11:42 AM Buyers Market: Marketing: Focus on customer and competition. Sellers Market: Production: Focus on company. Product focus market is best for sellers. The bigger the market share ,the higher the revenues. Also, bigger market share & volume, the lower the product cost and hint profitability. Higher revenues, lower cost, more profit. Connected Community: Experience: Focus significantly on customer experiential value. Product Orientation: Where focus is on the product. Economic Uncertainty: Trust: Customer Value, RESET, discipline, flexibility. Product Orientation: Persuade customer to want what the firm is selling. Generic Products. Marketing Orientation: Persuade firm to offer what the customer wants. Differentiated products/services. Experience Orientation: Manage customer's entire experience with the firm. Experimental value. Trust Orientation: Prioritize building a relationship of trust and discipline. Genuine value. Competitive Advantage: Product Orientation: Lowest Cost. Marketing Orientation: Quality and service customer knowledge. Experiential Orientation: Transformation: Customer as co-creator of value. Trust Orientation: Trust. Profitability Drivers: Product Orientation: Market Shares. Marketing Orientation: Customer Share & Customer loyalty. Experiential Orientation: Buzz (social networks) W-O-M0 (Word of mouth), referrals. Trust Orientation: Discipline (Lowest cost.) Three principles of marketing: 1) Principle of customer value. Provide real customer value. 2)Principle of differentiation. 3) Principle of segmentation targeting, and positioning. Four P's of Marketing: 1) Product. 2) Place. 3) Promotion. 4) Price. Strategic Marketing: Tuesday, July 26, 2016 5:56 PM Market-Driven Principles: 1. Know your markets. 2. Customers have final say. 3. Commit being first in markets you serve and be the best at it. 4. Deliver total quality to guarantee customer satisfaction. Strategies for leadership: Operational excellence. Product differentiation. Operational competence. Customer responsiveness. Customer intimacy. Performance superiority. Segmentation and Targeting. Tuesday, July 26, 2016 7:28 PM Segmentation: Identify variables that allow one to segment the market. Targeting: Evaluate the attractiveness of each segment & choose a target segment. Positioning: Identify positioning concepts for each target segment, select the best, and communicate it. Market Segmentation: Process where a market is divided into unique subsets, and each subset just might be selected to be a marketing target, to be reached with a distinct marketing mix. Methods of segmentation: Customer characteristics. Benefits sought. Systematic, product-related behaviors *purchasing behavior*. * By channel* Cohort Analysis: Depression Cohort: Born: 1912-1927. Coming of age: 1940-1945. Share of population 6%. Post War Cohort: Born: 1946-1963. Coming of age: 146-1963. Share of population: 21%. Boomers 2 Cohort: Born: 1955-1965. Coming of age: 1972-1983. Share of population: 25%. World War ii Cohort: Born: 1922-1927. Coming of age: 1940-1945. Share of population: 6%. Boomers 1 Cohort: Born: 1946-1954. Coming of age: 1963-1972. Share of population: 17%. Gen X Cohort: Born: 1966-1976. Coming of age: 1984-1994. Share of population: 21%. Generation Y: Born: 1977-2015. Coming of age: 1995-2015. Share of population: 30%. Generation "why", Millennial's. Big shoppers, co-purchase with parents, may live with parents or be supported by parents. All information is experienced electronically. Co-creators of content/product/media, connected, socially responsible. Likes: Free content. tele-commuting, everything social, wireless, the "right fit." Dislikes: Anonymous mass marketing, beaten paths, restricted access. Geographic segmentation: Regional segmentation. Zip clustering.: distinct marketing strategies designed for similar neighborhood types stretched across the nation. For example, PRIZM. Select a target segment: Balancing attractiveness of segment with capability. Constantly monitor whether the buyers match the target segment. Criteria for selecting the segment: Size of segment. Growth of segment. Value of segment ($) Stability. Current company position within segment. Ease of entry into segment. Number/strength of competitors. Market targeting: Develop measures of segment attractiveness. Select among the attractive segments based on capability. Positioning Brands.Wk: 1. Friday, August 05, 2016 12:48 PM Formal explanation: Brand: Proprietary trademark for a specific product/service. Conceptual explanation: "Contract from the company to its customers, which is a promise of specific benefits, quality, and value, a relationship. Three parts to positioning statement: Target segment, (for whom) point of difference, (reason to buy) frame of reference, (points of parity.) Positioning is implemented through all elements of the marketing cycle: product, price, promotion, place and should focus on just a few key benefits. Also, it must be defensible, plus requires making choices/decisions. Point of Parity: Pop: Associations that are not unique to the brand, but are shared with other brands. Category POPs: associations consumers view as necessary to be credible. Competitive POPs: associations designed to negate competitor's point of difference. Point of difference: Strong, favorable, and unique brand associations. Similar to USP (Unique Selling Position.) SCA: Sustainable competitive advantage: Achieve an advantage in the marketplace for prolonged period of time. This may include: performance attributes, benefits, imagery associations. ● Use mental map which shows how the brand is portrayed; brand associations, and responses for the target market. ● ● Core Brand Values: Set of abstract concepts or phrases that characterize the five to ten most important dimensions of the mental map of the brand. Relate to points of parity & points of difference. ● ● Brand Mantra: The "heart and soul" of the brand, brand essence, or promise of the brand. ● ● Short three-to -five word phrases which capture the heart and soul of the brand positioning and brand values. Considerations: Communicate, simplify, inspire. ● ● Designing the brand mantra: The brand function which describes the nature of product/service/experiences or benefits the brand provides. ● ● Descriptive Modifier: Clarifies further about the nature of the brand. ● ● Emotional Modifier: Explains how and why the brand provides benefits. ● ● ● Brand mantra's are used to guide internal decisions, such as what the brand ought to be associated with. Experiential Branding: Wk 1. Friday, August 05, 2016 1:45 PM Experiential Brand Positioning : What the brand stands for Multisensory strategy Should stand out from competitors in a real, valuable way Experiential Brand Value Promise: Describes what consumers receive in experiential terms.: Sense (vision, touch, smell, sound, feel, taste) Embrace all channels. Strong brands: Make clear promises over time, which are kept. Have unique, rich brand equity: strong thoughts and feelings. Dependable and deliver consistently. Are consistent. Are superior Distinctive positioning/customer experience. Alignment of internal/external commitment to brand. Ability to stay relevant. Loyal customers. Weak Brands: No consistency No commitment Very vague/general equity and low emotional commitment "Spotty" reputations which create doubt. Little loyalty, rely on pricing, and short-term promotional incentives.
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