Please enable JavaScript.

Coggle requires JavaScript to display documents.

Block 12: Contemporary Marketing - Coggle Diagram

- - - - Providing further elements to the augmented product: online reviews for books
      - Providing variations to the core product: This may be by providing a digital alternative, such as offering a digital book as well as a physical one.
      - Allowing companies to conduct further research online: Online focus groups, social media listening and web analytics
      - New product diffusion. The internet allows ideas to gain traction and spread rapidly.
    - - are a critical aspect of the product. A brand is more than just a logo or a name; it represents the customer’s experience with the product or service. It enables consumers to differentiate products and services from different manufacturers
      - Brand equity, which reflects the value of the brand to the firm, is influenced by factors such as brand recognition, customer loyalty, and perceived quality.
      - Online presence, including websites, apps, and social media, plays a crucial role in shaping how we perceive and interact with brands, ultimately influencing our overall experience with them.
      - a way to measure is buy selling the same products once with and without the brand and check the difference in revenues <Apple $140,524m (compared to total enterprise value of approximately $2,020,000m) >
  - - - Cost-plus pricing: Setting prices based on production costs plus a markup this could be used as an entry strategy YET this does not take needs and wants into account hence is not addvocated for they merely set a minmum.
        
        Costs merely set the floor of the minimum that the product could or should be sold for in industries which compete on more than just price. If you are looking to be the cheapest in the market, or you are in a highly competitive market where large profits are eroded, this may be your only option.
      - Target-profit pricing: Setting prices to achieve a specific profit target.
        
        Discriminatory pricing is targeting different market segments at different price levels; for example, restaurant chains differentiating prices by residential district, or cinemas charging more to midd-aged customers than to students
      - Competition-based pricing: Setting prices based on competitors’ pricing.
      - Market-oriented pricing: Setting prices based on consumer demand and willingness to pay.
        
        penetration pricing (low initial prices to gain market share ‘introductory’ price) It may be used to push other suppliers out, or put them under pressure. It may also be used to make a splash and create a buzz around your product, or to build an audience who are attracted by the low price.
        
        Skimming pricing (high initial prices for premium products and then they fall subsequently) to target those who want a top-of-the-market.
      - Dynamic pricing allows businesses to respond quickly to fluctuations in supply and demand in order to optimise revenue.
        
        refers to a pricing strategy where prices are frequently adjusted based on real-time market factors such as demand, seasonality, events, or competitor pricing. This system
    - - They could see what similar people were prepared to pay for and charge based on it ‘doppelganger search’
- - - - Advertising: Using paid media to promote products (e.g., TV ads, pay-per-click ads).
      - Sales promotions: Offering short-term incentives to boost sales (e.g., discounts, coupons).
      - Public relations: Managing the company’s image through media coverage and influencer partnerships.
      - Direct marketing: Communicating directly with customers through email, social media, or other channels.
      - Word-of-mouth marketing(MoU): Encouraging customers to share their experiences with others, often through social media. (if positive i tell 2-3 and if veryy positive 8-10) BUT now EWoM (electornic word of mouth)
      - Selling: face-to-face sales, AI chatbot sales, affiliate marketing
    - - Reasons for the increase
        
        Digital transformation and tech advancements
        
        Shift in consumer behavior Omnichannel Expectations: 73% of shoppers use multiple channels (e.g., browsing online, buying in-store)
        
        Growth in social media & influencer marketing
        
        Mobile and on-the-go marketing
        
        Rise of e-commerce and direct-to-consumer (DTC) brands
      - significance of touchpoints
        
        These interactions shape perceptions, build relationships, and influence purchasing decisions. Effective management of touchpoints—whether through advertising, social media, customer service, or in-store experiences—ensures a consistent and positive brand experience, fostering trust and loyalty. By optimizing touchpoints, brands can create meaningful connections, enhance customer satisfaction, and drive successful promotional outcomes.
      - How can managers use touchpoints to increase sales
        
        Enchaining brand awareness and engagement
        
        creating seamless omnichannel experiences
        
        levergaing data and AI for personalization
        
        using influencers and social proof
        
        optimizing customer journey and reducing friction
        
        measuring and refining touchpoints with analytics
      - While the explosion of touchpoints offers unprecedented opportunities for sales growth, success hinges on strategic integration rather than sheer volume. Marketing managers must: Prioritize Quality Over Quantity: Focus on high-impact touchpoints (e.g., personalized emails over spam). Balance Automation with Human Touch: Reserve chatbots for simple queries; escalate complex issues to humans. “Touchpoints are touchpoints—not checkpoints. The goal isn’t just to reach customers, but to resonate with them.”
  - - - Reach
        
        how many customers a firm can connect with and how many products it can offer them. Increase reach by increasing the number of platforms the firm is on
      - Richness
        
        This is the depth of detail collected about the customer and provided to the customer. Increasing it allows better customer engagement which in turn will drive sales.
    - - Companies communicate about their products but continue to sell them offline
      - A distribution channel through which companies sell their products to intermediaries
      - A distribution channel through which companies sell their products direct to customers
    - - the digital content and streaming market has flourished, with platforms like Netflix, Spotify, and Coursera leading the way. These platforms rely on data-driven marketing to personalize user experiences. For example, Netflix uses algorithms to recommend content, while Coursera targets niche audiences with specialized courses through digital ads and email campaigns. This market thrives on delivering tailored content, creating new revenue streams and engagement opportunities