Contemporary Marketing: Influencer & User Content

• Principles of Marketing involves managing customers profitability
• Set of institutions and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
• Marketing includes the 4 C's, 7 P's, 6 I's, 4 P's, and 4 I's

Contemporary Marketing Practices

• Current and modern marketing approaches, strategies, and techniques connect businesses and marketers with their target audience
• Marketing promotes products or services and achieve organizational goals in the current business environment

Influencer Marketing

• Influencer marketing uses the art and science of engaging influential online people to share brand messaging with their audiences
• Messaging is in the form of sponsored content

User Generated Content

• Any content such as text, images, videos, reviews, or testimonials is created by individuals
• Content creators are consumers or users of a product, service, or brand but not necessarily professional creators
• UGC has become a prominent and influential aspect of contemporary marketing strategies

Conversational Marketing

• Involves utilizing chatbots for real-time customer interactions
• Personalization and balancing automation with a human touch are important

Purpose-Driven Marketing

• Incorporates social and environmental causes into marketing
• Greenwashing is deceptively conveying a false or exaggerated impression of a company's commitment to environmental responsibility
• It involves making misleading claims about the environmental benefits to present a more eco-friendly image

Data Gathering & Personalization

• Data privacy ensures protection of individuals' personal information from unauthorized access, use, or disclosure
• Personalization in marketing involves tailoring products, services, or content to meet consumers' individual preferences, which aims to provide a more relevant experience

Omnichannel Marketing

• Integrates online and offline channels seamlessly
• Uses personalization across various touchpoints
• Requires technology and tools for effective strategies

Augmented Reality (AR) and Virtual Reality (VR)

• AR/VR applications are used in marketing, such as virtual try-ons and immersive experiences
• AR/VR is integrated into promotional campaigns

Competitive Advantage and Positioning

• Identifying unique value propositions and differentiators can set a company apart from competitors
• Discussion can explore how companies strategically position themselves in the market to appeal to target audiences
• Effective positioning involves creating a distinct brand image and perception beyond just offering a product or service

Market Entry Strategies

• Expanding into new markets is a critical aspect of strategic marketing management
• Expansion requires careful consideration and planning
• Discussions focus on market entry strategies, such as joint ventures, acquisitions, and alliances

Buyer Decision Making Process

• It is the consumer decision-making process, refers to the steps that individuals go through when making purchasing decisions

Complex Purchases

• Refers to products or services which involve significant financial investments
• High level of perceived risk and typically entail a longer decision-making process with multiple decision criteria

Types of Complex Purchases

• High Financial Investment means purchases often involve a substantial amount of money
• Buyers perceive High Perceived Risk that includes uncertainty about product quality, durability, or performance
• Extensive Information Search, consumers engage in thorough information search, while considering complex purchases
• Consideration of Multiple Criteria may include price, quality, features, brand reputation, warranty, after-sales service, and personal preferences
• TRA means Theory of Reasoned Action, a social psychological theory developed by Martin Fishbein & Icek Ajzen in the late 1960s
• It provides a framework for understanding and predicting human behavior, particularly within the context of decision-making as it relates to goal-directed actions

Brands

• A name, term, design, symbol, or any other feature that identifies one seller's goods or services as distinct from those of other sellers

Types of Brands

• Corporate Brands are a way for companies to market themselves to gain an edge against their competition
• Personal Brands involve people who use tools like social media to build their own personas
• Service Brands apply to services, often requiring some creativity, as services cannot be physically shown
• Product Brands, also known as merchandise branding, involve marketing one particular product, which requires market research and choosing the proper target market

Branding

• Endowing products and services with the power of a brand
• The process of giving a meaning to a specific organization, company, products, or services in consumers' minds
• Designed by organizations to help people to quickly identify and experience their brand and choose their products which clarifies what this particular brand is and is not

Why is Branding Important

• Defines value and provides the emotion, connection, and the perceived value
• The customer think and feel when they see a product, and why they choose that one instead of the other one next to it on the shelf.
• Involves paying for a feeling
• Branding elicits emotional communication with customers, nurturing emotional connections create loyalty

Logo

• Graphic Work that is simple, unique, relevant, versatile, and memorable and easily recognizable
• A logo should exude relevance to ones industry
• Versatile logos can easily be placed on websites, cards, social media accounts, t-shirts, pens, and pencils and still look great

Branding Guide

• Defines the color palette, typography, overall theme, and style that one can use in marketing materials, on a website, and on social media
• Typography includes font type, texture, and spacing
• USP (Unique Selling Proposition) dictates how a brand talks to its audience, presents products, and differentiates its brand from others
• Tagline defines What is the business? and a short, memorable phrase which highlights the USP

Brand Story

• Allows a customer to connect to the purpose behind a product or service
• Successful companies have profound stories tied to their founders instilling a sense of bigger purpose and meaning
• Branding and content should communicate the brand and resonate with the target audience, add value to a user's understanding of products, services, and the brand as a whole

Rebranding

• The process of changing the corporate image of an organization
• Giving a new name, symbol, or change in design for an already-established brand to create a different identity from its competitors
• Rebranding happens when a company changes its logo, slogan, vision, mission, values, name, target audience, or market
• It builds a new brand identity, helps brands attract new audiences, stay relevant, stand out among competitors, and improve brand awareness
• The Benefits of rebranding includes new audience, higher relevancy, improved brand recognition, improved Google ranking and streamlined teamwork

Strategic Marketing Planning

• A comprehensive roadmap that guides an organization's marketing efforts towards achieving its long term business objectives by analyzing market conditions, identifying external opportunities and threats, setting clear objectives and defining strategies to effectively reach customers and drive sustainable growth
• Blue Ocean Strategy means no competition whereas as Red Ocean means a lot of competition

4Ps

• Product
• Price
• Place
• Promotion

7Ps

• Product with useful and attractive features
• Price that is affordable for customers
• Place where customers can conveniently buy the product
• Promotion that will capture the attention of customers
• People who will properly consume the product
• Process from the advertisement to their own plate
• Physical Evidence that ensures the safety and quality of the product

Definition of 4Cs

• Customer
• Cost
• Convenience
• Communication
• This approach emphasizes the buyer's perspective

Definition of 6Cs

• Corporation: Intended of competitors, organizations and stakeholders
• Commodity: Co-created goods and services
• Channel: Marketing channels is needed to transfer a product/service from production to consumption
• Communication: As Robert Lauterborn defined it in his 4Cs of marketing mix
• Consumer: Like the cardinal directions N, S, E, W, the consumer needs security, education and wants
• Circumstances: External uncontrollable environmental factors such as political, legal and ethical factors and social/cultural

Strategic Marketing Planning

• Done before market research if there is something established already
• It involves analyzing market conditions
• Identifying opportunities and threats
• Setting clear marketing objectives
• Defining strategies to effectively reach target customers and drive sustainable growth
• Blue Ocean: Little to no competition
• Red Ocean: A lot of competition