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Questions and Answers
What are the 5 C's in marketing?
What does the 4 P's/Marketing Mix stand for?
Product, Price, Place, Promotion
What are the two types of segmentation?
Strategic and Tactical
What is Strategic Segmentation?
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What is Tactical Segmentation?
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Define segmentation.
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What are potential reasons for failure if you ONLY use profile-based segmentation?
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What are the biases for segmentation?
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What is Factor Analysis?
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What are features of a good segment?
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Define Targeting.
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What is Strategic Targeting?
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What are the criteria for Strategic Targeting?
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Define Tactical Targeting.
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What are the consequences of targeting multiple segments?
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What is Blue Ocean Strategy?
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What are the features of a Positioning Statement?
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Define Customer Lifetime Value.
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What are the ways to increase CLV?
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What are the takeaways from Fader's lecture?
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What are the limitations of the sales funnel?
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What are the stages of McKinsey Consumer Decision Model?
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What is System 1 processing?
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What is System 2 processing?
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What are the criteria for shifting to System 2?
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When do you want people in System 1?
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When do you want people in System 2?
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What is Expectation Disconfirmation?
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What is Prospect Theory?
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Define Reference Point.
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What is Satiation?
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What are ways to reduce satiation?
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What are the different types of loyalty?
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Define Brand.
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What are the sources of brand value for consumers?
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What are the sources of brand value for companies?
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How do brands change?
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Define Brand Extension.
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What is Brand Repositioning?
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What are the steps of a perceptual map?
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What is Horizontal Brand Extension?
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What is Vertical Brand Extension?
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What are the goals of Brand Architecture?
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What is a House of Brands strategy?
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What is a Branded House strategy?
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What are the pros and cons of House of Brands?
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What are the pros and cons of Branded House?
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When should brands collaborate?
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What are examples of Value Design Collaboration?
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What is Value Delivery Collaboration?
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What is Value Communication Collaboration?
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Define Horizontal Integration.
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What is Vertical Integration?
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When to horizontally integrate?
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When to vertically integrate?
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Define Cannibalization.
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What is Brand Dilution?
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Define Brand Equity.
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Define Brand Value.
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What are the four methodologies of measuring brand value?
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What is CBBE?
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Define Brand Asset Valuator.
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What is Interbrand?
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What is BERA?
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What is the takeaway from the Starbucks Case?
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What is the takeaway from the Unilever Case?
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What is the takeaway from the Blue Apron case?
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What is the takeaway from the Mountain Man case?
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How to get people in System 1?
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How to get people in System 2?
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What is the VALS survey?
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What is PRIZM?
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Study Notes
Marketing Fundamentals
- 5 C's: Essential marketing elements include customer, company, context, collaborators, and competitors.
- 4 P's (Marketing Mix): Fundamental components are Product, Price, Place, and Promotion.
Segmentation
- Types of Segmentation: There are two main types: Strategic (value-based) and Tactical (characteristics-based).
- Strategic Segmentation: Focuses on unobservable needs and value creation from customers.
- Tactical Segmentation: Based on profile (age, gender) and value (psychographics) characteristics.
- Segmentation Process: Involves dividing target markets based on common characteristics.
- Profile-based Segmentation Issues: Risks include heterogeneity within segments, homogeneity between segments, and misidentifying competition.
- Segmentation Biases: Important biases include in-group/out-group bias, out-group homogeneity bias, and confirmation bias.
- Good Segments Criteria: Must be MECE (mutually exclusive, collectively exhaustive), homogeneous within segments, measurable, reachable, durable, and match company resources.
Targeting
- Targeting Definition: Evaluates which market segments to focus on, ignoring less valuable ones.
- Strategic Targeting: Identifies segments to build mutually beneficial relationships.
- Criteria for Strategic Targeting: Should assess attractiveness (size, growth, need) and compatibility.
- Tactical Targeting: Focuses on cost-effective methods to engage target segments.
Positioning and Value
- Blue Ocean Strategy: Emphasizes creating new market segments when competition is fierce in existing ones.
- Positioning Statement Components: Includes target segment, reference frame, point of difference, and reasons to believe.
Customer Insights
- Customer Lifetime Value (CLV): Represents the predicted economic value of a customer to a company.
- Increasing CLV: Strategies to enhance CLV include improving retention, increasing margins, and lowering acquisition costs.
Consumer Behavior
- Sales Funnel Limitations: Does not address post-purchase phases, satisfaction, and all consumer interactions.
- McKinsey Consumer Decision Model: Stages consist of Trigger, Consideration, Evaluation, Moment of Purchase, and Post-Purchase.
- System 1 Processing: Quick, automatic, emotional decisions typically guided by heuristics.
- System 2 Processing: Deliberate, rational decisions that require more mental effort.
- Motivating System Shifts: Transition to System 2 requires motivation, ability, and opportunity.
Expectations and Perceptions
- Expectation Disconfirmation: Consumers assess satisfaction based on whether expectations are exceeded (positive) or unmet (negative).
- Prospect Theory: Describes how individuals experience losses more acutely than gains.
- Reference Point Evolution: Customer expectations shift based on previous experiences.
Brand Management
- Brand Definition: Collective impressions and experiences associated with a company or product.
- Types of Loyalty: Includes true loyalty, spurious loyalty, latent loyalty, and none at all.
- Brand Equity: Involves awareness, position, and image of a brand.
- Brand Value: Represents the dollar value attributed to the brand.
- Brand Architecture Goals: Clarity, simplicity, synergy, leverage, and commonality among brands.
Brand Strategies
- Brand Extension: Leveraging existing brand names for new product categories.
- Brand Repositioning: Adjusting a brand’s focus for new markets or shifting preferences.
- House of Brands vs. Branded House: House of Brands entails multiple independent brands; Branded House focuses on variations under a single brand umbrella.
Collaboration and Integration
- Collaboration Rationale: Brands should collaborate when there's compatibility, efficiency, complementary strengths, and equal benefits for all parties.
- Horizontal Integration: Involves acquiring similar value chain entities to reduce competition or diversify.
- Vertical Integration: Means acquiring upstream or downstream companies for supply chain control.
Measurement Approaches
- Brand Value Measurement Methods: Include Consumer-Based Brand Equity (CBBE), Brand Asset Valuator (BAV), Interbrand, and BERA.
- CBBE Metrics: Assess awareness, associations, attitude, and attachment from customers' perspectives.
Case Studies Insights
- Starbucks: Successfully invested in improving customer satisfaction leading to business growth.
- Unilever: Expanded products for low-income segments while managing potential cannibalization.
- Blue Apron: Analyzed high churn and focused on increasing customer retention strategies post-COVID.
Consumer Segmentation Tools
- VALS Survey: Categorizes adults into eight psychological profiles influencing consumer behavior.
- PRIZM: Offers geo-demographic classification using Census data combined with consumption and media usage patterns.
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Description
Explore the essential concepts of marketing fundamentals, including the 5 C's and the 4 P's, as well as different types of market segmentation. Understand how to strategically and tactically segment markets, along with addressing potential biases and criteria for good segments. This quiz covers key marketing principles vital for effective strategies.