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Marketing Summary (300326-B-6)
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I made a summary of Marketing the whole first year including the guest lecture (2020)
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Terms and rows:M1
Positioning: is how the product or service is to be perceived by a target market compared to the
competition. Foundation for all marketing activities. Combination of:
Segmentation: organize the total customer population for your offering into discrete segments.
“what am I selling to whom?”. The process of identifying market.
- Geographic (nations, states, regions, cities)
- Demographic (age, gender, race, income)
- Psychographic (lifestyle, personality, needs)
- Behavioral (product experience)
Differentiation: how you as a company differ yourself. “why will they buy mine rather than my
competitors?” should be easy to remember and based on benefits.
- Vertical differentiation: directly with competitors
- Horizontal differentiation: finding a different angle, not associated with quality or price
Market segment: a group of customers sharing common desires, needs, and buying patterns
US vals framework: framework that divides people based on survey questions. It is really common in
business.
Value proposition: the statement of benefits a customer can expect when buying from you.
Unique value proposition: proposition distinguished from value propositions offered by competitors.
Value created:
1. Performance value
2. Price value
3. Relational value
Sustainable competitive advantage: an advantage that allows a business to be more successful than
its competitors over a long period of time.
Distinctive competence: what sets your business apart from the competition, source of sustainable
competitive advantage.
Upstream activities: what else can we make and sell? refers to the material inputs needed for
production
Downstream activities: what else can we do for our customer? the opposite end, where products get
produced and distributed.
Pillars of strategy:
1. Competitive advantages lie outside of the firm. It is accumulative.
2. The way you compete over time changes
3. The pace and evolution of markets are now driven by customers rather than improvements in
products or technology.
, M3
Customer value = total benefits – total costs.
Types of value to the customer:
- Functional value (also called performance value)
- Economic value (also called price value)
- Psychological value
Humanistic psychology: study of human mind that emphasized positive
deviations from the norm.
The Deficiency Needs:
- Physiological
- Safety
- Love/Belonging
- Social/self Esteem
Tension reduction: anxiety when needs are not
met, but a sense of relief when they are met.
Hedonic Adaptation: that after positive events
and an increase in positive feelings people return to a relatively stable, baseline level of affect. Can
also be negative.
Factors to minimize hedonic adaptation are:
- Novelty
- Variety
- Unpredictability
- Appreciation
Physiological needs: food, water, sex, sleep, movement, and sensory pleasure
Physiological arousal: a deep feeling that occurs when physiological/safety needs are not met
Empathy gap: low understanding between hot states (e.g., physical pain, hunger, anger) and cold
states (calm, relaxation)
Cognitive consistency: the tendency for people to sample, accept, and retain informational items
that are consistent with one another.
Self-Positivity Bias: thinking bad things happen to other people, but not to us
Self-actualization: the process of achieving our full potential
Self-transcendence: going beyond your own experience of yourself
Social enterprise: a company with a joint focus on financial sustainability and social or environmental
impact
Cross-compensation: one group pays, profits used to subsidize for another, underserved group
Market Intermediary: social enterprise as market intermediary/distributor, to a expanded market
Independent Support: social enterprise delivers a product to an external market that is separate
from the beneficiary/social impact. Funds are used to support social programs to the beneficiary
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