chapter 15

Question 1

what does a good launch plan consist of?

Answer 1

1. customer analysis
2. competitive analysis
3. company analysis (4 ps)

Question 2

explain cost based pricing

Answer 2

price = cost to make the product + a bit of extra

Question 3

explain performance based pricing

Answer 3

price depends on how much value the product gives to the customer

Question 4

explain product line pricing

Answer 4

setting different prices for various products within the same line

Question 5

explain perceived value pricing

Answer 5

price based on how good customers think your product is compared to competitors

Question 6

explain freemium and premium

Answer 6

basic version is free but customers pay for extra features

Question 7

explain complementary pricing

Answer 7

one product is cheap to get you to buy a related product thats more expensive

Question 8

explain subscription pricing

Answer 8

customers pay regularly to use the product or service

Question 9

3 types of selection of distribution

Answer 9

1. direct
2. indirect
3. omnichannel

Question 10

explain direct distribution

Answer 10

right to customer

Question 11

pros of direct distribution

Answer 11

more control, higher margins

Question 12

cons of direct distribution

Answer 12

higher marketing and transaction costs

Question 13

explain indirect distribution

Answer 13

presence of middlemen like retailers and distributors to sell

Question 14

pros of indirect distribution

Answer 14

lower marketing and transaction costs

Question 15

cons of indirect distribution

Answer 15

less control

Question 16

explain omnichannel distribution

Answer 16

mix of both direct and indirect methods

Question 17

what is assumption made in go to market testing

Answer 17

using search engine ads (ex, google ads) is the most cost-effective way to attract customers

Question 18

what does go to market testing test?

Answer 18

tests if you can do this without spending money on ads. looks at which test should be done first, cost based? increased engagement based?

Question 19

what type of selling is not scalable?

Answer 19

founder

Question 20

what should you do for scaling sales and marketing regarding sales strategy?

Answer 20

learn the founders sales process and turn it into a step by step guide (playbook) for future sales reps

Question 21

what should you do for scaling sales and marketing regarding CAC and customer relations?

Answer 21

keep CAC low and keep customer relations high

Question 22

examples of promotion

Answer 22

1. paid ads
2. physical signage
3. blog
4. social media influencer partnerships
5. KPI metrics to track

Question 23

examples of KPIs

Answer 23

1. CAC
2. market share
3. customer satisfaction
4. conversion rates
5. customer retention rate
6. net promoter score
7. revenue growth

Question 24

stages of test marketing

Answer 24

1. product development
2. testing phases
3. market testing
4. marketing plan integration
5. final national launch

Question 25

explain product development

Answer 25

-product concept -prototypes (R&D prototype vs production prototype) -final product

Question 26

what is R&D prototype?

Answer 26

functionality based

Question 27

what is production prototype?

Answer 27

polished version

Question 28

what are the tests in the testing phase

Answer 28

- concept test - product use test - marketing components test

Question 29

explain concept testing

Answer 29

checks if an idea appeals to audience

Question 30

explain product use test

Answer 30

ensures the product works and meets user needs

Question 31

explain market component testing

Answer 31

evaluates target audience, demand, competition, pricing, distribution, and trends to assess a product's market viability. - ad copy, pricing, promo strategies

Question 32

explain market test

Answer 32

product + market tests to stimulate real world launch on a small scale

Question 33

explain marketing plan integration

Answer 33

aligns messaging, channels, and departments to deliver a cohesive strategy - audience, product positioning, price, promo, distribution, packaging

Question 34

give some examples of the pre launch activity of pre-announcements

Answer 34

press release, SM campaigns, leaks, previews, sales training

Question 35

what are some ways to launch a product?

Answer 35

1. geographic rollout 2. launch with little promo at a retail store to see how it does 3. launch management system --> what would be a problem and how could others respond?

Question 36

what things could be done in a launch management review

Answer 36

1. spot problems 2. track ATAR and customer satisfaction 3. prioritize a few problems 4. contingency plans 5. track and trigger points 6. CAC 7. awareness 8. sales increases