Marketing Strategies PDF

Chapter 12: What are the three functions channel intermediaries perform? Transactional, logistical, and facilitating functions. Different channel structures for consumers and businesses? Time, place, form, and possession utilities. Forward integration  The producer owns the...

Chapter 12: What are the three functions channel intermediaries perform? Transactional, logistical, and facilitating functions. Different channel structures for consumers and businesses? Time, place, form, and possession utilities. Forward integration  The producer owns the intermediary at the next level down. Backward integration Retailer owns manufacturing operation. Channel choice market coverage Direct-to-consumer marketing channels (Mail-order, direct-mail, catalog, telemarketing, interactive media, televised home shopping). Multichannel marketing o Dual distribution (easier and cheaper for global marketing) Channel coverage-vertical and horizontal Forward integration – corporate Backward integration - corporate Independent product and distribution firms integrate efforts. – contractual  o Wholesaler-sponsored voluntary chains - independent retailers coordinate buying, merchandising, and inventory management. o Retailer-sponsored cooperatives – independent retailers form organizations to operate a wholesale facility. o Franchising – arrangement between parent company and individual firms. Channel Captain Coordinates, directs and supports other channel members. The channel captain must influence the behavior in four forms: o Economic – ability to reward other members. o Expertise – skills. o Identification – identity with other channel members. o Legitimate rights – contracts. Reverse logistics  Logistics management: o Satisfy customer requirements o Organization and flow o Cost-effective decisions o Customer service Supply chain management: o Integration of information and logistics across firms. o To create and deliver products and services that provide value to consumers. Reverse logistics o Reclaiming recyclable and reusable materials o Rework for consumption or use to repair o Benefits environment o Reduced waste o Lower operating costs Chapter 13: Consumer utilities offered by retailing Place Possession Form Time Breadth and Depth of product line Breadth  o General merchandise stores: ▪ Broad product line ▪ Large department stores o Scrambled merchandising: ▪ Carries unrelated product lines to a single store Depth o Specialty outlets: ▪ Limited- and single-line stores (such as Dick’s Sporting Goods). o Category killers that dominate the market: ▪ Best Buy (Technology) ▪ Staples (Office Supplies) ▪ Barnes & Noble (Books) Understand the Wheel of Retailing Chapter 14: 7 website design elements (7 c’s) Context – Appeal and functional look. Content – All digital information on the website. Customization – Ability of the site to modify for individual customers. Connection – Linkage between other sites. Communication – Dialogue between site and consumer. Community – User-to-user communications. Commerce – Conduct sales transactions. Why consumers buy online (6 c’s) Convenience – bots. Eight-second rule Choice - Product or service selection. Choice assistance. Customization – Customerization  Communication - Marketer-to-consumer emails. Consumer-to-marketer requests. Chat rooms, messaging, social networks. Web communities. Blogs. Spam. CAN-SPAM account. Buzz. Viral marketing Cost – lower price online than in stores. Dynamic pricing. Control – Over shopping and purchase decisions. Cookies. Behavioral targeting. Cross channel consumers Shops online – then buys offline. Shops offline – then buys online. Showrooming – Shops in stores but buys online.  Webrooming - Shops online but buys in store. Chapter 15: IMC (integrated marketing communications) Coordination of elements is important 6 elements of communication Source Message Channel of communication Receiver Encoding Decoding Communication steps Encoding Decoding Field of experience  Response Feedback Noise Advertising Paid aspect Nonpersonal Mass selling Personal Selling Two-way flow of communication between buyer and seller. Beware of wasted coverage (not in target market). Public Relations Publicity Influencing others Non-personal, indirectly paid presentation. Sales Promotion Short-term offer to help sell product. Direct Marketing Direct communication with customer. Communication in the product lifecycle  Inform, persuade, remind, phase out Push and Pull Strategies Promotion aimed at channel members. Promotion aimed at consumers. Hierarchy of effects Awareness – Recognize/remember the brand. interest – Learn about the product. Evaluation – Appraise attributes. Trial – Purchase and use. Adoption – Repeated purchase. Chapter 16: 3 forms of advertising Pioneering (or informational) – tell people about the product (EX: new Volvo XC40). Competitive (or persuasive) – persuade consumers to select this brand (EX: Orville Redenbacher ad). Reminder – reinforce previous knowledge (EX: flowers ad). Basic terms for media buyers: Reach Rating Frequency Gross rating points (GRPs): = Reach × Frequency. Cost per thousand (CPM). Advantages and Disadvantages of Advertising Factors to consider: o Media habits of the target audience. o Product attributes may require certain media to be used. o Complexity of message. o Time o Cost Mobil Marketing Advantages o Rich Media - audio and video; interactive. o Banner/display ads.  o Paid search Disadvantages o Difficult to measure the impact of the ad. o Online ads do not always result in a “click.” Scheduling Buyer turnover – How often new buyers enter the market. Purchase frequency – How frequently the product is purchased. Forgetting rate – Speed that buyers forget the brand Scheduling Approaches Continuous (steady) schedule – Steady, seasons not important. Flighting (intermittent) schedule – Intermittent, reflects seasonal demand. Pulse (burst) schedule – Burst, flighting, and continuous, new product. Chapter 17: Influencer Marketing Identifying influencers – others influence purchases. o Micro-influencers have fewer than 50,000 followers. o Macro influencers have 500,000 to 1,000,000 followers. o Mega influencers have more than 1,000,000 followers. Linked IN LinkedIn’s main purpose is professional networking and job search. Half of U.S. companies use it for marketing and advertising.  More than 706 million members. Conduct 6 billion searches. More than 10 million job postings by more than 9 million companies. Used in more than 200 countries and 24 languages. LinkedIn in a brand manager's strategy: o Building B2B image o Networking with industry-related groups and professionals. o Demonstrate a company’s capabilities. o Search process for employees. o Job matching feature. o Identify sales leads and vendors. LinkedIn for college students: o Write an informative, short headline. o Include a professional photo. o Create a professional summary. o Fill the Skills & Expertise section. o Include recommendations. o Set profile to public and create URL. CER – Customer Engagement Rates Twitter CER = (#Likes + #Replies + #Retweets) ÷ #Total Impressions × 100 Facebook CER = (#Likes + #Comments + #Shares) ÷ #Total Followers × 100  Instagram CER = (#Likes + #Comments) ÷ #Total Followers × 100 Social Media Content Educational content. Inspirational content. Interactive content. Connecting content. Promotional content. Newsworthy content. Entertaining content. Chapter 18: Personal Selling Roles Salespeople are critical links between firm and customers. Salespeople are the company in a consumer’s eyes. Personal selling is critical to successful entrepreneurial efforts.  Highly successful entrepreneurs have great sales talent. Forms of Salespeople Identify creative solutions to customer problems. Create value by easing the customer buying process. Make the after-the-sale follow-up. Missionary salespeople: Introduce new products. Sales engineers: Identify, analyze, and solve problems. Team Selling Conference selling: Meet to discuss opportunities. Seminar selling: Educational programs. Stages in the sales process  Prospecting stage: Identifying and qualifying prospects. o Lead – a possible customer. o Prospect – a customer who needs the product. o Qualified prospect – the decision maker, can afford the buy. Preapproach stage: Preparing for the sales call. o Gather information and decide on the best approach. o Identify buying role. o Important buying criteria. o Expectations. o When to contact. o Important in international selling. Approach stage: Making the first impression.  o Initial meeting to gain attention and interest. o Establish rapport. o Common acquaintances. o Customs. o Gestures. Presentation stage: Converting a prospect into a customer. o Stimulus-response presentation: ▪ Suggestive selling (“Do you want xx with your order?”). o Formula selling presentation: ▪ Standardized message, accurate, thorough. o Need-satisfaction presentation: ▪ Adaptive selling. ▪ Consultative selling. o Handling objections – excuses for not committing. ▪ Acknowledge and convert the objection. ▪ Postpone. ▪ Agree and neutralize. ▪ Accept the objection. ▪ Denial. ▪ Ignore the objection. Closing stage: Obtaining a purchase commitment. o Three closing techniques: ▪ Trial close – ask for a decision on some aspect of purchase.  ▪ Assumptive close – assume the close. ▪ Urgency close – the importance of timeliness. Follow-up stage: Solidifying the relationship. o Selling requires customer follow-up. o Customer satisfaction. o Repeat sales. o Referrals. Leads Prospects/Qualified prospects Ways to organize the sales force Geography – Uses regions. o Customer – Used for different markets. o Product – Specific expertise needed. o Key account management: Team selling to focus on important customers. Emotional Intelligence Salesforce recruitment and selection.  o Job analysis and job description. o Emotional intelligence Self-motivation skills. Self-awareness. Managing one’s emotions. Empathy. Social skills. CRM/SFA Customer Relationship Management o Convergence of computer, information, communication, and Internet technology. o Consolidates customer and sales information. o Improves business relationships. o Creates value for customers. Salesforce Automation o Uses various technologies to make the selling function more effective and efficient. o Salesforce technology. o Salesforce communication. Marketing automation: o Applies systems and technology. o Provides intelligence to salesforce. o Identifies qualified prospects. o Provides sales support. o Tracks customer buying. o Identifies new opportunities.