What are the two surprising facts about successful new ventures?
- They have no breakthrough products/services
2. Majority are competing in matured industries
How can a new venture be successful?
By meeting the evolving needs of customers better than competitors in ways that cannot be easily replicated.
What three questions do we need to ask when determining value proposition?
- How to design and produce a product? (Product Features)
- What outcome will the customer get? (Desired outcomes)
- What jobs need to be done?
How can marketing be thought of as a value exchange process?
Companies create, communicate and deliver value to customers
then extract and capture value from customers (price).
What are the 4 key questions in Marketing?
- Who are the customers and what is their need - can we satisfy their need?
- How to create value for customers? (product innovation and marketing strategy)
- How to communicate and deliver to the customers?
- How to capture value from customers? (pricing)
What are the stages in the Marketing Strategic Planning Process?
- 3C’s - Market Opportunity Analysis
- STP - Marketing Strategy
- 4P - Marketing Mix
- Execution and Evaluation
What are the 3C’s in Marketing Strategic Planning?
Customers, Competitors, Company
What is STP in Marketing Strategic Planning?
Segmentation - how to divide the market into groups of ‘similar’ people
Targeting - which segments should be served with specific products
Positioning (Branding) - customer perception of company
What are the 4P’s in Marketing Strategic Planning?
Product, Place, Promotion, Price
Why are brands important?
To differentiate and identify products.
Why are brands important for customers?
- Identification of source of product
- Provide social and experiential value
- Signal of quality
- Reduced risk (well-known vs unknown)
- Reduced search cost
Why is brand-building important for firms?
- Communicating unique values
- Commanding price premium
- Driving sales
Define what we mean by a ‘brand’?
Brand is a set of associations in the minds of your audience about the product or experience that your organization delivers
Define Brand Equity
Brand Equity = Value of Branded Product - Value of Unbranded Product
What factors affect Brand Equity
- High level of awareness and familiarity
- Strong, favourable and unique associations with the brand
What are the 4 stages of brand-management
- Brand identity (Awareness)
- Brand meaning (Differentiation)
- Brand response (Customer Reaction)
- Brand relationships (Brand Loyalty)
What are the three factors that make the digital era of marketing different?
- Data (Creating value from data and analytics)
- Connectivity (P2P connectivity)
- Scalability (Product/service digitisation)
How has the customer journey changed?
- Connected
- Highly heterogenous
- Multi-channel
- Proxy-dependent
What are the key questions in digital marketing?
- Who are the customers?
- What are they buying?
- Why do they buy from us?
- When, where and how do they buy?
What are the two types of media in digital marketing?
- Paid Media (Search Ad or Display Ad)
- Owned Media (Organic Search)
What are the data sourced used in Digital Analytics?
- Site Traffic Data
- Click Stream Data
- Transactional Data
- Customer Generated Data
- Behavioural Data
- Sensor Data
- Survey Data
