Summary
Summary Marketing - Alles wat je moet weten (midterm+final)
- Course
- Institution
Samenvatting van alle slides en belangrijke informatie uit het boek! Alles wat je moet weten voor maar 20€ heel het jaar door!
[Show more]
Seller
Follow
lisadas2001
Content preview
MarketingWeek 1:
- The main goal of marketing = manipulating consumers into buying products they
don’t necessarily need or want.
- Marketing is the serving consumer needs, profitability.
- Strategy: overarching plan to achieve an objective
- Tactics: actions taken to support the strategy
- Complementary: strategies give tactics a purpose and direction, tactics convert
strategies into actions and results
- An entrepreneurial mindset is defined by a focus innovation, risk taking, and being
proactive
- Constraints inspire creativity.
- Turning challenges into opportunities: more flexible, creative, free thinking, easier to
change, adjust. + less to lose, no weight of an existing brand that makes it hard to
change people’s mind + marketing can integrated into other business functions.
Positioning
- =The absolut basis of your strategy
- Positioning sets the vision for your company
- Why will someone in the target market buy my product instead of the competitor?
- What is unique value that I provide to customers?
- What makes positioning challenging? Various stakeholders (investors, market
intermediaries, employees, strategic partners and users) and different opinions about
your product offering, corporate image, equity
- 2 components of positioning: segmentation and differentiation
- Segmentation: who, what group of consumers are you targeting? (my customers)
- Differentiation: what, what value are you delivering to them? (competitors)
- Key theoretical components: the segment you are targeting and their needs + your
unique value proposition.
- But also brand name and category, the evidence, maybe: competitors
- Template positioning statement template:
- Reasons to believe: medals, labels. Awards, invented or real expertise, quantifiable
info, origins, history/legacy, company ethos.
Positioning vs the human mind
- The brain rejects complex, confusing, contradictory info:
Make your positioning narrow
, Make your positioning simple
Integrate a consistent positioning throughout.
Segmentation
- A market segment is a group of customers sharing common desires, needs, and
buying patterns
- Maximize similarity in the group: similar responses to marketing actions
- Maximize distance to other groups
- Traditional marketing approach: segment the whole market, target the most
appropriate segment (time waste for entrepreneurs)
- Entrepreneurial approach: segmenting and targeting occur in tandem. (in one step)
Why segmentation?
- Satisfying needs ‘on average’ satisfies the needs of no one.
- Segmentation increases efficiency of marketing and responsiveness of customers.
- Products can be sold differently to different people (e. g same products; extensions>
pregnancy test: not always good thing)
Bases for segmentation
- Geographic: nations, states, regions, cities
- Demographic: age, gender, race, family size, income, education
- Psychographic: lifestyle, personality, needs (the best)
- Behavioural: product experience (the best)
User status (nonuser, potential, first-time, regular user)
Usage rate (light, medium, heavy)
Loyalty status (none, medium, strong, absolute)
Occasions (regular vs special occasion)
Benefits (quality, service, economy, speed)
Psychographic segmentation: personality
- VALS:
, - Big 5: ESAOC
- Goals segmentation: see your customer clearly, create a customer profile ( that uses
the criteria which is identified, mentioned)
The buyer may not be the user
- Disconnection between buyers and users:
Many roles: initiator, decider, buyer, user
One buyer> many users
Solution: focus on users
- Buyer and user have conflicting interests
Buying food for kids: teenagers affecting tech purchases
Solution: your marketing can reframe the conversation
Best practices for segmentation
- Describe people the way they would describe themselves (not by age segments but
stage in life for example)
- Will the segment buy your product? Do they find value in it?
- And small enough to be cohesive? (you want it not to be to big)
- Can you reach your segment? (preliminary step: can you identify it?)
2 approaches to differentiation
- Vertical differentiation: competing directly with competitors:
more/better/smaller/cheaper/faster
- Horizontal differentiation: finding a different angle (f.e. offering different attributes,
selling to different segments)
Typically not associated with quality or price
The key to achieving a sustainable value proposition and competitive advantage.
Creating sustainable competitive advantage
, Tips:
- Listen to your customers
- Choose your competition
- Choose your criteria: horizontal differentiation
Week 3: Customer value
- Customer value= total benefits – total costs
- Consumers differ in the value they derive
- However, there are patterns in ways that brands can create value
- Understanding consumer value helps you identify market opportunities
- Consumer value helps commands a price
3 ways of value to consumers
1. Functional value (also performance value)
2. Economic value (price value)
3. Psychological value
- The base of pyramid: functional and economic value
- Stable source of competitor advantage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller lisadas2001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.60. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now