Marketing Strategies Week 2
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Questions and Answers

What does CPA stand for in digital marketing metrics?

  • Cost per Account
  • Cost per Action
  • Cost per Acquisition (correct)
  • Cost per Advertisement

Which of the following is an example of outbound marketing?

  • Influencer partnerships for brand endorsements
  • Blog articles that inform and attract customers
  • Cold emails sent to potential leads (correct)
  • Monthly newsletters with personalized discounts

What does MQL stand for in the context of sales funnel stages?

  • Marketing Qualified Leads (correct)
  • Market Qualified Leads
  • Major Qualified Leads
  • Monetary Qualified Leads

What is a key component of display advertising?

<p>Using banner ads on websites (A)</p> Signup and view all the answers

In sales force management, what does an outcome-based compensation structure typically rely on?

<p>Commission-heavy pay structures (A)</p> Signup and view all the answers

What does buyer response primarily refer to?

<p>Visible outcomes of stimuli processing (B)</p> Signup and view all the answers

Which factor is NOT typically associated with purchase timing?

<p>Brand loyalty (A)</p> Signup and view all the answers

What is a disadvantage of the ex-ante approach to segmentation?

<p>It relies on assumed preferences without actual data (B)</p> Signup and view all the answers

How does brand preference influence consumer purchasing behavior?

<p>By aligning with consumer expectations (D)</p> Signup and view all the answers

Which segmentation variable focuses on the characteristics of potential customers?

<p>Demographic (C)</p> Signup and view all the answers

What does the 'ex-post' approach rely on for segmentation?

<p>Actual purchase patterns (A)</p> Signup and view all the answers

What is a common driver for purchase quantity decisions among consumers?

<p>Perceived value (D)</p> Signup and view all the answers

Selective attention in consumer behavior can be illustrated by which scenario?

<p>A consumer ignores ads that contradict their health-focused beliefs (A)</p> Signup and view all the answers

What defines marketing stimuli in the consumer decision-making process?

<p>The 4 Ps of marketing (A)</p> Signup and view all the answers

Which of the following is classified as environmental stimuli?

<p>Economic conditions (D)</p> Signup and view all the answers

Which characteristic is NOT considered a buyer characteristic?

<p>Product design (B)</p> Signup and view all the answers

In the decision-making process, what is typically involved in the pre-purchase stage?

<p>Recognizing needs and gathering information (A)</p> Signup and view all the answers

What role does perception play in the buyer's decision-making process?

<p>It influences how marketing messages are interpreted (B)</p> Signup and view all the answers

How might marketers respond to environmental stimuli related to sustainability?

<p>By promoting eco-friendly products (D)</p> Signup and view all the answers

Which of the following best describes self-actualization in the context of consumer motivation?

<p>Need for personal growth and creativity (A)</p> Signup and view all the answers

What aspect of buyer characteristics does NOT include social influences?

<p>Beliefs and attitudes (A)</p> Signup and view all the answers

What is the primary purpose of cluster analysis in marketing?

<p>To group customers based on similar behaviors (A)</p> Signup and view all the answers

Which step follows data collection in the cluster analysis process?

<p>Analysis (B)</p> Signup and view all the answers

What characteristic defines 'emergent segments' in market analysis?

<p>They are identified through analysis (C)</p> Signup and view all the answers

Which of the following describes the term 'mass marketing'?

<p>Undifferentiated marketing for large scale appeal (A)</p> Signup and view all the answers

Which statement best describes the role of perceptual maps in marketing?

<p>They visualize brand positioning on various dimensions (C)</p> Signup and view all the answers

What is meant by 'differentiability' in target market selection?

<p>The segment's response variability to marketing efforts (B)</p> Signup and view all the answers

In the grocery chain example, what segment is labeled as 'Convenience Seekers'?

<p>Consumers who prefer ready-made meals and snacks (A)</p> Signup and view all the answers

Which factor is NOT relevant when assessing targeting segment attractiveness?

<p>Product availability (B)</p> Signup and view all the answers

Which pricing strategy focuses on high initial prices aimed at early adopters?

<p>Skimming Pricing (B)</p> Signup and view all the answers

Which component of marketing focuses on building a positive image through earned media?

<p>Public Relations (D)</p> Signup and view all the answers

What is the main goal of value-based pricing?

<p>To reflect customer perceptions of value (C)</p> Signup and view all the answers

Which statement best defines a positioning statement?

<p>A description of how a product is perceived by consumers. (C)</p> Signup and view all the answers

Which pricing strategy adjusts prices based on demand and competition?

<p>Dynamic Pricing (A)</p> Signup and view all the answers

What does integrated marketing communications (IMC) primarily ensure?

<p>Consistent messaging across various channels (B)</p> Signup and view all the answers

What do Points of Difference (PODs) specifically refer to?

<p>Unique attributes that set a brand apart from its competitors. (D)</p> Signup and view all the answers

What is an example of sales promotion?

<p>Discount coupons (B)</p> Signup and view all the answers

What is an example of a Unique Selling Proposition (USP)?

<p>Delivery in 30 minutes or it's free. (C)</p> Signup and view all the answers

Which axes would likely be used in a Perceptual Map?

<p>Price vs. Quality (B)</p> Signup and view all the answers

Which of the following is NOT a key communication objective in marketing?

<p>To encourage viral marketing (D)</p> Signup and view all the answers

Which element identifies the positive outcomes customers seek from a product?

<p>Customer Gains (B)</p> Signup and view all the answers

How can companies improve website visibility organically?

<p>Through effective SEO practices (D)</p> Signup and view all the answers

What does Cost-Plus Pricing entail?

<p>Adding a markup to the production costs of a product. (D)</p> Signup and view all the answers

Which of the following best describes 'Customer Pains' in the context of the value proposition?

<p>Common challenges and obstacles faced during the customer's journey. (A)</p> Signup and view all the answers

Which strategy focuses on offering benefits similar to competitors?

<p>Points of Parity (C)</p> Signup and view all the answers

What is the primary focus of inbound marketing?

<p>Attracting customers with valuable content (A)</p> Signup and view all the answers

Which of the following best describes marketing qualified leads (MQLs)?

<p>Contacts that have expressed interest in a product (B)</p> Signup and view all the answers

How does cost per acquisition (CPA) help companies?

<p>It measures the cost attributed to acquiring new customers (C)</p> Signup and view all the answers

What is a characteristic of display advertising?

<p>It can include visual elements like banners and images (A)</p> Signup and view all the answers

What distinguishes behavior-based sales force compensation from outcome-based methods?

<p>Behavior-based includes supervision and fixed salaries (D)</p> Signup and view all the answers

How can a strong positioning statement benefit a brand?

<p>It clarifies how a product is perceived by consumers. (C)</p> Signup and view all the answers

What do Points of Difference (PODs) specifically highlight?

<p>Unique benefits that distinguish a brand from others. (C)</p> Signup and view all the answers

What is an example of Customer Gains in a value proposition?

<p>Receiving unexpected discounts after a purchase. (B)</p> Signup and view all the answers

In which pricing strategy is a markup added to production costs?

<p>Cost-Plus Pricing (D)</p> Signup and view all the answers

What is the role of a Unique Selling Proposition (USP)?

<p>To identify the key reasons customers choose one product over another. (D)</p> Signup and view all the answers

Which element is included in the Value Proposition Canvas to assess customer needs?

<p>Customer Jobs (D)</p> Signup and view all the answers

How does a perceptual map benefit marketers?

<p>It visually represents consumer perceptions of brands or products. (C)</p> Signup and view all the answers

Which factors are primarily evaluated in Customer Pains?

<p>Challenges faced during the customer journey. (A)</p> Signup and view all the answers

What is the primary purpose of using cluster analysis in marketing?

<p>To group customers with similar behaviors or characteristics (C)</p> Signup and view all the answers

Which step in the cluster analysis process involves labeling segments based on their traits?

<p>Segment Identification (C)</p> Signup and view all the answers

What defines 'emergent segments' in market analysis?

<p>Segments discovered through analysis, not predefined (A)</p> Signup and view all the answers

Which of the following best describes the 'targeting' stage in the STP framework?

<p>Selecting specific segments to focus on based on attractiveness (C)</p> Signup and view all the answers

Which of the following factors is NOT relevant when assessing the attractiveness of a market segment?

<p>Brand Loyalty (D)</p> Signup and view all the answers

In the grocery chain example, what is the primary trait of the 'Health-Focused Shoppers' segment?

<p>Buy organic and gluten-free items (D)</p> Signup and view all the answers

What aspect does 'differentiability' refer to in selecting target markets?

<p>Whether segments respond differently to marketing efforts (C)</p> Signup and view all the answers

What do perceptual maps help marketers identify?

<p>Gaps and opportunities in the market (D)</p> Signup and view all the answers

What does the SOM in the TAM, SAM, SOM framework represent?

<p>The portion of SAM that a business can achieve with its capabilities (A)</p> Signup and view all the answers

Which element of the ATAR model focuses on initial product exposure?

<p>Awareness (D)</p> Signup and view all the answers

In the context of consumer behavior, what does the evaluation stage involve?

<p>Gathering information regarding different product options (B)</p> Signup and view all the answers

How does Maslow's Hierarchy of Needs categorize the need for safety?

<p>As a secondary priority after physiological needs (C)</p> Signup and view all the answers

What key aspect is essential for targeting large markets according to market growth principles?

<p>Market size and dynamism for sustainable growth (A)</p> Signup and view all the answers

What misunderstanding might occur related to customer value creation?

<p>It's focused on product features over customer experience (C)</p> Signup and view all the answers

In identifying competitive and usage gaps, what is typically the goal?

<p>To identify unmet customer needs or areas lacking solutions (D)</p> Signup and view all the answers

What motivates consumer behavior based on Maslow's Hierarchy?

<p>The pursuit of physiological, safety, social, esteem, and self-actualization needs (D)</p> Signup and view all the answers

What do marketing stimuli primarily aim to do in consumer behavior?

<p>Capture attention and initiate decision-making (B)</p> Signup and view all the answers

Which of the following best represents an example of environmental stimuli affecting consumer behavior?

<p>A shift in consumer preference towards eco-friendly products (B)</p> Signup and view all the answers

Which component is NOT part of the buyer characteristics in the 'Black Box' model?

<p>Product pricing strategies (B)</p> Signup and view all the answers

In the decision-making process, the pre-purchase stage includes which of the following steps?

<p>Recognizing needs and gathering information (C)</p> Signup and view all the answers

Which of the following psychological factors primarily motivates consumer actions?

<p>Unmet needs and desires (D)</p> Signup and view all the answers

How might marketers effectively respond to economic stimuli such as a recession?

<p>Offer budget-friendly alternatives and discounts (A)</p> Signup and view all the answers

Which factor is essential for understanding how consumers process marketing messages in terms of perception?

<p>Selective attention and retention (C)</p> Signup and view all the answers

What is a significant characteristic of self-actualization in consumer behavior?

<p>Pursuit of personal growth and creativity (D)</p> Signup and view all the answers

How does a consumer's belief system influence their attention to advertisements?

<p>They may ignore ads that do not align with their values. (C)</p> Signup and view all the answers

What aspect of the buyer response involves deciding which product to purchase from available options?

<p>Product Choice (D)</p> Signup and view all the answers

What best describes the ex-ante approach to segmentation?

<p>It defines segments based on assumed preferences. (B)</p> Signup and view all the answers

Which of the following is NOT an example of purchase timing factors?

<p>Consumer loyalty (D)</p> Signup and view all the answers

Which segmentation variable would analyze consumers based on their attitudes and lifestyle choices?

<p>Psychographic (C)</p> Signup and view all the answers

What does the term 'brand preference' refer to in consumer behavior?

<p>The brand that matches a consumer's self-image. (C)</p> Signup and view all the answers

In the context of purchase quantity, what primarily influences how much a customer buys?

<p>Perceived value (B)</p> Signup and view all the answers

Flashcards

CTR

Percentage of people who click on an ad.

CPA

Cost to acquire one customer.

Inbound Marketing

Attracting customers through valuable content.

Outbound Marketing

Pushing messages to customers.

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MQL

Potential customers showing interest.

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Consumer Beliefs and Attitudes

Existing views about brands or products which influence buying behavior.

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Buyer Response (Marketing)

Visible results of applying marketing stimuli to possible customers, including product choice, brand preference, purchasing time, and amount.

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Product Choice

Decision made regarding a specific product from available options.

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Brand Preference

Brand aligning with consumer expectations or self-image.

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Segmentation Variables (Marketing)

Characteristics used to divide a market into groups with similar needs and wants.

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Ex-Ante Segmentation

Defining segments before analyzing data, based on assumed customer preferences.

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Ex-Post Segmentation

Defining segments after analyzing actual consumer data, e.g. purchasing patterns.

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Marketing Research Approaches

Methods for gathering data to inform marketing strategies and campaigns, reducing guesswork.

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Cluster Analysis

Statistical technique grouping customers based on similar behaviors, needs, or characteristics.

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Emergent Segments

Segments discovered through analysis, not predefined.

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Data Collection (in Analyzing Customer Segments)

Gathering quantitative and qualitative data (surveys, transactions, social media) to understand customer behavior.

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Segment Identification

Giving names to segments based on their key traits (e.g., "Budget Shoppers").

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Targeting

Selecting the best segment(s) to focus on based on fit and attractiveness to the company.

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Measurability in Targeting

Assessing a segment's size, purchasing power, and other key features.

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STP Framework

Strategic marketing framework for identifying, evaluating, and serving market segments (Segmentation, Targeting, Positioning).

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Multi-Segment

Targeting multiple customer groups with different products or marketing strategies.

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Marketing Stimuli

External triggers, created by the company, that influence consumer decisions.

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Environmental Stimuli

External factors outside a company's control that influence consumer decisions.

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Black Box of the Customer

The internal processes (thoughts, feelings) that influence customer buying decisions.

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Buyer Characteristics (Personal)

Individual traits (age, income, occupation, lifestyle) that affect buying choices.

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Buyer Characteristics (Psychological)

Mental traits (motivation, perception, beliefs, attitudes) that affect buying choices.

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Buyer Characteristics (Social)

Social influence on buyer behaviors (family, friends, groups).

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Decision-Making Process

The steps a consumer takes from recognizing a need to making a purchase.

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Pre-purchase stage

The beginning of the decision-making process, recognizing needs and gathering information.

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Positioning Statement

A statement describing how a product should be perceived by its target market.

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Points of Parity (POPs)

Attributes or benefits common to similar competing products.

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Points of Difference (PODs)

Unique features or benefits setting a product apart from its competition.

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Unique Selling Proposition (USP)

The key differentiating benefit that highlights WHY customers should choose a specific product.

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Value Proposition

The unique benefits customers gain from using a product or service.

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Customer Jobs

The tasks or goals that customers are trying to accomplish.

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Customer Pains

Challenges and obstacles customers face when trying to achieve their goals.

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Cost-Plus Pricing

Setting a price by adding a markup percentage to the cost of production.

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Penetration Pricing

Setting low initial prices to quickly gain market share.

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Skimming Pricing

Setting high initial prices to target early adopters.

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Value-Based Pricing

Pricing based on customer perceived value rather than costs.

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Dynamic Pricing

Adjusting prices based on demand, competition, or time.

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Integrated Marketing Communications (IMC)

Ensuring consistent marketing messages across different channels.

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Search Engine Marketing (SEM)

Using paid ads to improve online visibility on search engines.

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SEO (Search Engine Optimization)

Improving a website's ranking in search engine results without paying for ads.

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Communication Objectives

Specific goals for marketing communications, such as differentiating a brand, informing customers, persuading them to buy or reinforcing loyalty.

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ATAR Model

Predicts first-year sales volume by considering Awareness, Trial, Availability, and Repeat purchase factors.

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Competitive & Usage Gaps

Opportunities where customer needs are unmet or competitors fail to provide solutions. It's a gap in the market.

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Big Markets are Key

Targeting large, dynamic markets is crucial for sustainable growth. Even average execution can thrive in a great market.

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Consumer Behavior Analysis

Answers questions like 'Who buys?', 'Why do they buy?', 'Where and when do they buy?' Understanding customer behavior.

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Path-to-Purchase Model

Defines the customer journey from awareness to purchase, including stages like: Awareness, Evaluation, and Purchase.

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How do we use cluster analysis in marketing?

To identify groups of customers with similar needs and preferences, allowing for targeted marketing strategies.

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Perceptual Map

A visual tool that compares brands based on factors like price and quality.

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Buyer Response

The observable outcomes of how a customer reacts to marketing efforts within the 'Black Box' of their decision-making process.

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Targeting in Marketing

Choosing specific customer groups to focus marketing efforts on.

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What are the key characteristics of a good target audience?

A target audience should be measurable, substantial, accessible, and differentiable, meaning you can measure its size, it is profitable, you can reach it, and it responds differently to marketing.

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Purchase Timing

When a customer decides to buy a product, influenced by factors such as discounts, seasonality, or immediate needs.

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What is the STP framework?

A strategic marketing framework for identifying, evaluating, and serving specific market segments. It stands for Segmentation, Targeting, and Positioning.

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Purchase Quantity

How much of a product a customer decides to buy, based on perceived value and their current needs.

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Segmentation Variables

Characteristics used to divide a market into groups with similar needs and wants, helping target specific audiences.

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Motivation

The underlying reason WHY a consumer acts, often driven by unmet needs, desires, or goals.

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Perception

How consumers interpret and make sense of marketing messages, influenced by factors like selective attention, retention, and prior experiences.

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Positioning

How a product is perceived in the minds of target consumers compared to competitors.

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Sales Funnel Stages

The steps a potential customer takes from showing initial interest to becoming a paying customer.

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MQL (Marketing Qualified Lead)

Someone who shows initial interest in your product or service, often by visiting your website or signing up for your email list.

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SQL (Sales Qualified Lead)

A lead who is ready to buy and has demonstrated a strong need for what you offer.

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Outcome-Based Compensation

A sales force compensation model where pay is primarily based on achieving sales goals.

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Behavior-Based Compensation

A sales force compensation model where pay is based on behaviors and activities, like number of calls or meetings.

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Study Notes

Week 2

  • TAM, SAM, SOM Framework:
    • TAM (Total Addressable Market): The overall revenue opportunity available if a product/service captures 100% of the market.
    • SAM (Serviceable Available Market): A subset of TAM, representing the portion a business can realistically target based on its business model.
    • SOM (Serviceable Obtainable Market): The portion of SAM a business can achieve with its current capabilities.
  • ATAR Model:
    • Awareness, Trial, Availability, and Repeat. Useful for predicting first-year sales volume by estimating how many users will try and continue using a product.
  • Competitive and Usage Gaps:
    • Identify areas where customer needs are unmet or competitors fail to provide solutions. Examples include developing eco-friendly products, addressing sustainability concerns, etc
  • Big Markets are Key:
    • Important to target large, dynamic markets for sustainable growth.
    • Insights from Sequoia Capital highlight market quality over team quality. Strong markets can support even average execution.
  • Market Share: Market Share % = My Sales / Market Demand (Total of all players).

Week 3

  • Creating customer value: Focus on how a product makes the customer feel, rather than just the product itself.

Week 4

  • Segmentation Variables:
    • Geographic (region, climate)
    • Demographic (age, income, education)
    • Psychographic (lifestyle, values)
    • Behavioral (purchase frequency, brand loyalty)
  • Ex-Ante Approach to Segmentation:
    • Defining segments before customer data analysis based on assumed preferences. Example in chocolate market.

Week 5

  • Segmentation, Targeting, and Positioning (STP) Framework:
    • Cornerstone of strategic marketing for identifying, evaluating, and serving specific market segments.
    • Importance of targeting based on attractiveness and business goals
    • Single Segment: Focusing on one niche.
    • Multi-Segment: Serving multiple groups with tailored offerings.
  • Perceptual Map:
    • Visual tool that compares brand positioning on dimensions like price and quality. Helps identify market gaps and opportunities.
    • Example in the grocery industry: A grocery chain using loyalty card data to track purchase habits, segmenting into Health-Focused Shoppers, Convenience Seekers, and Bargain Hunters. Tailoring promotions based on these segments: organic produce discounts for Health-Focused, bundle deals for Convenience and loyalty points for Bargain Hunters.

Week 6

  • Value Proposition Canvas:
    • Connects customer jobs, pains, and gains to product features within the Value Proposition Canvas model. Ensures company offerings address customer needs.
    • Customer Pains—challenges customers face
    • Customer Gains—desired benefits or surprising delights.
    • Example of a fitness app addressing "lack of time"
  • Key Attributes:
    • Features, quality, and performance of the product.

Week 7

  • Key Concepts (Marketing Mix):
    • Advertising (paid promotions through various media such as TV, social media campaigns)
    • Sales Promotion (incentives like coupons, discounts to encourage purchases)
    • Public Relations (building a positive image via earned media, press releases, sponsorships)
    • Direct Marketing (personalized messages via email, SMS)
    • Interactive Marketing (engaging customers on digital platforms; social media Q&A sessions)
    • Word-of-Mouth marketing (encouraging organic customer recommendations)
    • Personal Selling (direct interaction between representatives and customers; B2B software demos)
    • Integrated Marketing Communication (IMC)
  • Dynamic Pricing: Prices fluctuate based on demand, competition, or timing. Example of Uber's surge pricing during peak hours.

Week 8

  • Digital marketing channels:
    • Search Engine Marketing (SEM) (paid ads on search engines)
    • Search Engine Optimization (SEO) (enhancing website visibility organically)
    • Paid Search Ads (appearing at the top of search results)
    • Social Media Marketing (engaging audiences on platforms like Instagram, TikTok)
    • Email marketing (personalized, direct communication)
    • Display advertising (banner ads on websites)
    • Retargeting ads (reminding users of abandoned carts).
  • Performance Metrics:
    • CTR (Click-Through Rate): Proportion of viewers who click on an ad.

Week 9 and 10

  • Distribution Strategies:

    • Direct Channels—Selling directly to customers (e.g., websites)
    • Indirect Channels—Utilizing intermediaries (retailers)
    • Hybrid Channels—combining direct and indirect methods
    • Sales Funnel Stages—Marketing Qualified Leads (MQLs), Sales Qualified Leads (SQLs)

  • Sales Force Management:

    • Compensation Models (outcome-based, commission-heavy structures; behavior-based, fixed salaries with close supervision)

  • Customer Acquisition Cost (CAC), Cost per Lead (CPL), and other cost calculations)

    • CPA (Cost Per Acquisition), CPL (Cost Per Lead)

General

  • Positioning: Positioning determines how a product is perceived in the minds of consumers relative to competitors
    • Points of Parity (POPs): Similar attributes or benefits compared to competitor products
    • Points of Difference (PODs): Unique attributes or benefits that distinguish a brand
    • Unique Selling Propositions (USPs): Key reasons why customers select a specific product or service over others.
  • Pricing strategies: Cost-plus pricing, penetration pricing, skimming pricing, value-based pricing, dynamic pricing

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Description

This quiz covers key marketing concepts such as the TAM, SAM, SOM framework, the ATAR model for predicting sales, and identifying competitive gaps in the market. It also emphasizes the importance of targeting large markets for sustainable growth. Test your understanding of these essential marketing strategies!

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