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Marketing: Create, communicate, deliver benefits of superior value to…
Marketing: Create, communicate, deliver benefits of superior value to customers for profit
New Paradigm: Winning in the Digital Age
Design thinking
Minimum viable product
Test-launch-improve
Personalisation
Experiential
New capabilities
Consumer insights
Big data + analytics
Traditional: Strategic Marketing Planning
Situational Analysis
Segmentation
Targeting
Positioning
Marketing Mix
Price
Determinants
Value created
Willingness to pay
Underlying costs
Signal for quality
Cross-subsidies
Free now, pay later
Paying customers subsidise free-riders
Purchased products come with "free" features
Third party (e.g. advertisers) foots the bill
Promotion and Place
Brand likeability
Product consistency
Positive experience
Relatable meaning
Physical availability
Online presence
Offline presence
Decision platform
Mental availability
Category innovation leader
Distinctive brand element
Key opinion leaders and media
Product
Product development
Design thinking (new)
Stage-gates (old)
Product differentiation ladder
Intelligent (relevant)
Fun (games)
Identity (meaning)
Social (emotional connection)
Experience (enjoyable service)
Solutions (solve problems)
Product + services (superior performance)
Product (offers benefits)
Identify and capture market gap
Determinants
Company: capabilities and resources
Competitors: barriers to entry
Customer: attractiveness and market share
Collaborators: synergistic value
Methods
Behavioural/psychological
Adoption spectrum
Socio-economic
Company (internal)
Competitor (external)
Identify
Predict
Plan
Respond
Customer (target)
Human psychology
System I (fast)
Fast, effortless
Emotional
Intuitive
Decisive
Subconscious
System II (slow)
Reasoning
Slow, deliberate
Conscious
Rational
Indecisive
Customer lifetime value, CLV = m*r/(1+i-r) - AC
Retention rate
Acquisition costs
Profit margin
Customer categories
Vulnerables (paying, don't enjoy)
Free-riders (not paying, enjoy)
Stars (paying + enjoy)
Lost cause (not paying, don't enjoy)
Needs
Irrational
Sense of power
Ego gratification
Immortality
Love objects
Creative outlets
Reassurance of worth
Emotional security
Roots and identity
Latent
Multiplication (expand desire through psychology)
Explosion (switch target segments)
Hybridisation (convergence of functions)
Idealisation (turn gadget into need)
Exploration (new consumer insights)
Elevation (upsizing worth)
Rational
Cost/benefit analysis
Solution (to a problem)
Return on investment
Collaborator (external)
Context (overall)