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Marketing decisions (strategy (toolbox (segmentation (principles (no…

- - - - definition
        
        grouping people together according to whats makes them similar
      - principles
        
        no single right way to segment a market
        
        its an on going process, you have to re-segment the market periodically
        
        the segment should be both collectively exhaustive and mutually exclusive
        
        the segment should be based on what people value not on demographics
      - approaches
        
        user based
        
        create a list of the different types of people who might use your product
        
        determine important features for each group in the buying process
        
        create a list of customer segments with a rich description of the preference structures for each group
        
        check if there is any overlap in terms of what they value. if to groups has extensively overlapping you should merge the into one
        
        benefits based
        
        think of the different types of benefits a customer might derive from using your product, and compose it into a list.
        
        which group of people would appreciate each particular benifit
        
        compose a list of customer segments with a rich description of preference structures
        
        occasion based
        
        ask the question: when would consumers buy or use this product or service? and compose a list of occations
        
        generate a list of things people would value in the offering in each of those situations
    - - examples
        
        red and blue segment
        
        children's yogurt
        
        targeting parents vs. targeting the kid
      - factors
        
        there has to be a win-win, the segment must be able to provide value to the company and the company must be able to provide value to customers
        
        example
        
        Levi´s shirts
      - methods
        
        attribute-by-segment matrix
        
        process
        
        determine how the segment would rate all of the attribute in terms of importance
        
        list the attributes that might be important for your product framing each attribute in a positive way
        
        make columns for each customer segments
        
        functionality
        
        valuable tool for identifying targets that may be undeserved by current offerings
    - - steps
        
        develop an offerings value proposition
        
        value proposition
        
        an objective assessment of all the benefits of buying, owing, and consuming a product or service, written from the customer perspective
        
        select one or two benefits that anchor the positioning
        
        examples
        
        Volvo
        
        Tivo
        
        craft a positioning statement
        
        function
        
        are primarily for internal consumption to keep the company focused
        
        components
        
        description of target customer
        
        identification of product category that serves as the competition
        
        a clear articulation of the primary benefit the offering presents to the customer relative to the competition
      - checks
        
        Does the positioning clarify the value that is being provided to the target customer?
        
        examples
        
        smart bikes
        
        Does the positioning differentiate your offering from the competition?
        
        examples
        
        Mens shower gel
    - - methods
        
        the Ansoff matrix
        
        market penetration
        
        selling more of current product line to current customers
        
        features
        
        least risky
        
        often overlooked
        
        strategies
        
        create additional occasions for customers to use your product
        
        examples
        
        2 more items...
        
        product development
        
        serving the same customers with new products
        
        features
        
        already have a solid understanding of your customers
        
        examples
        
        Kellogg´s special K
        
        McDonald´s sallad
        
        parents order along with happy meal
        
        market development
        
        seeking out new customers for a current market line
        
        features
        
        uncertainty about what the new customers value
        
        more risky than market penetration
        
        strategies
        
        geographic expansion
        
        re-segmentation of market
        
        1 more item...
        
        diversification
        
        selling a new product to a new group of customers
        
        features
        
        involves the most uncertainties and is the most risky strategy
        
        if done correctly it can
        
        vastly expand company reach
        
        insulate the company from shock, not all eggs in the same basket
    - - Gap analysis
        
        types
        
        adoption gap analysis (first-time sales)
        
        process
        
        start with your entire target segment and conduct market research in order to figure out impediments to sale and determine where the largest drop-offs are occurring
        
        impediments to adoption
        
        types
        
        understanding
        
        attractivness
        
        affordability
        
        availability
        
        purchase intent
        
        awarenes
        
        features
        
        each impediment requires a different solution
        
        repurchase gap analyisis
        
        process
        
        start with the largest possible category of people who have bought at least once, through market research look for impediments to repeat purchasing
        
        impediments to repeat purchasing
        
        types
        
        satisfaction
        
        usage frequency
        
        usage quantity
        
        repurchase intent
- - - - the function of a business that creates value for customers and the company
      - controversy
        
        Depends upon how you conceptualize value
        
        costumer-centric definition of value
        
        innovation must be matched with a set of customer who will appreciate it
        
        it must be explained to customers in a way that they will understand
        
        must be priced in such a way that they are willing to buy it
        
        etc
        
        value as an intrinsic feature in the offering
      - Marketing is what turns something with the potential for creating value into something that actually creates value for the customer and the company
  - - - functional
        
        the degree to which an offering fulfills its purpose or solves a customer problem
        
        example
        
        the functional value of bottled water is that it quenches thirst and hydrates
      - monetary
        
        a function of the price paid for an offering relative to its perceived overall worth to the customer
      - social
        
        the extent to which owning a particular product allows consumers to connect with others
      - psychological
        
        the extent to which owning a product allows customers to express themselves or make themseles feel better
    - - important questions
        
        how does the product affect the relative importance of the values?
        
        which source of value are the consumer seeking in a particular transaction?
        
        What are the relative importance of these values to my customer?
      - informs decisions about
        
        positioning
        
        communication of offering
        
        example
        
        functional
        
        Truck with powerful engine
- - - - types of value
        
        loyalty value
        
        controversy
        
        pro
        
        cost less to serve
        
        less cost sensitive
        
        buy more and more often
        
        more likely to forgive company and act as brand ambassadors
        
        con
        
        empirical data do not support the claims of the other side
        
        link between loyalty and assumed benefits has been hard to pin down
        
        differentiation between true loyalty and habit
        
        loyality
        
        features
        
        loyal customers view an exchange with a company through the lens of a relationship
        
        deliberately chose to buy an offering because they like it
        
        the behavior is more robust and o not depend solely on environmental triggers
        
        habit
        
        features
        
        if the trigger is removed so is the behavior
        
        unthinking, unconsidered behaviors triggered by external environmental stimuli
        
        "loyalty" programs based on incentives are more likely to increase purchase due to habit rather loyalty
        
        from a behavioral perspective buying for habitual reasons and reasons based in loyalty might look the same
        
        methods
        
        spending time with customers and listening to what language they use when discussing brands
        
        loyal customers talk use relationship language when they describe brands to which they are loyal
        
        1 more item...
        
        information value
        
        sources
        
        sales data
        
        request for information or navigation patterns through website/physical store
        
        customer complaints
        
        methods
        
        Listen to your customers, use the as consultants
        
        examples
        
        stew leonard
        
        1 more item...
        
        hire a consultant to audit your processes and procedurs
        
        communication value
        
        the value customer brings to the company from talking to other potential customers about the business (word of mouth)
        
        the relative importance depend on several factors
        
        type of market
        
        competitive market with a lot of alternatives
        
        type of product
        
        cost
        
        products and services that are hard to assess beforehand are more susceptible to word of mouth
        
        type of customer
        
        influencers
        
        large social network
        
        famus
        
        skilled communicators
        
        leaders
    - - models
        
        the marketing mix (the four Ps)
        
        price
        
        types
        
        temporary discounts
        
        sales
        
        coupons
        
        non-monetary costs
        
        time
        
        energy
        
        attention
        
        promotion
        
        all non-price factors involved in incentivizing a purchase
        
        types
        
        advertising
        
        sponsorship
        
        salespeople
        
        place
        
        distribution
        
        How do the product get to the customer?
        
        where can the customer buy the offering?
        
        virtual locations
        
        physical locations
        
        product
        
        the offering
        
        attributes
        
        packaging
        
        warranties
        
        branding
        
        limitations
        
        its a tactical framework, you need a strategy first
        
        the four Ps are broad categories and includ alot that isnt captured by the four words choosen
        
        7 types of questions about offering framework (Chernev)
        
        product
        
        service
        
        brand
        
        price
        
        promotions
        
        communication
        
        distribution
        
        focus on customer experiences
        
        assumptioms
        
        customers evaluations of products and services are actually evaluations of their experiences with the offerings
        
        whats is important is what the customer thinks and feels in the interaction with the product/service, every offering whether it is a product or a service should be treated as a service
        
        implications
        
        How do we evaluate/remember experiences?
        
        two points of importance (peak-end rule)
        
        the peak experience
        
        the end of the experience
        
        tactics
        
        rules
        
        finish well
        
        get bad experiences out of the way early
        
        focus on the peaks
        
        1 more item...
        
        consider the reference points
        
        3 more items...
        
        segment pleasures and combine pain
        
        1 more item...
        
        empower and motivate the employees that interact with customers
        
        1 more item...
    - - definition
        
        memory structure
        
        brand can be defined as a structure in memory of nodes that represent memories, feeling, information, experience, thoughts and evaluations that are associated with the brand
        
        nodes closer to center are more strongly associated to the brand compared to nodes further out
        
        branding elements
        
        concrete aspects
        
        logo
        
        slogan or tagline
        
        character or spokeperson
        
        packaging design
        
        endorsement/sponsorship
        
        product name
        
        abstract aspects
        
        aesthetic
        
        guiding philosophy
      - brand management
        
        managing brand is about managing the associations consumers store in memory related to the brand
        
        reinforce desired associations and inhibit undesired ones
        
        rules
        
        be consistent in which associations you are trying to form
        
        case
        
        staples
        
        be sure that the associations you are trying to attach to your brand are sometrhing your target customer value
        
        case
        
        Nescafé
        
        create association between value and brands
        
        four types of customer value
        
        monetary
        
        1 more item...
        
        social
        
        1 more item...
        
        psychological
        
        1 more item...
        
        functional
        
        2 more items...
        
        signals
        
        easily observable but unimportant attribute that serves as a proxy for a difficult-to-observe but important attribute
        
        try to build your brand as high up the branding ladder as possible
        
        the four types of values differ in abstraction form functional to psychological, if your brand is associated to a more abstract value the association is more protected from attacks because it is harder to make comparisons and disprove.
        
        problems
        
        external psychological value (lifestyle branding)
        
        self-expression fluctuates
        
        You become more protected from competition within your product category but becomes less protected from cross-category competition from competitors that serve the same abstract need