BUAD 307 Study Sheet 307-2 (Spring 2024) PDF
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2024
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Summary
This document provides a study sheet for a BUAD 307 course focusing on marketing concepts for the Spring 2024 semester. Key topics include marketing orientation, marketing mix (4Ps), and customer loyalty classifications.
Full Transcript
T est 1 – BUAD 307 Eligible Topics – Spring 2024 eek 1 – Overview of Marketing W Textbook learning objectives (chapter 1): ❖ Know the different aspects that marketing encompasses. ❖ Understand the marketing concept and h...
T est 1 – BUAD 307 Eligible Topics – Spring 2024 eek 1 – Overview of Marketing W Textbook learning objectives (chapter 1): ❖ Know the different aspects that marketing encompasses. ❖ Understand the marketing concept and how it relates to the marketing management process. The Marketing Concept: A management orientation that focuses on identifying and satisfying consumer needs to ensure the organization’s long-term profitability (consists of advertising/promotion, product development, market segmentation, and customer service) Marketing Management: the process of setting marketing goals, the planning and execution of activities to meet these goals, and measuring progress towards their achievement Concept and management: The marketing concept drives the motivation behind marketing management ❖ Learn the elements of the marketing mix. Marketing mix: set of major categories of ingredients that a marketer can adjust to affect the overall marketing strategy of a product. The elements of this mix are the four P’s of marketing Product: a good, service, or idea to satisfy a customer’s needs, includes all the characteristics of the product itself (examples: product quality, packaging, color, flavor, multi-packs, size, features) Price: the amount being charged for the good, service, or idea. Includes pricing strategies and promotional pricing/discounts (examples: pricing frameworks, luxury pricing, BOGO, discounts, odd pricing, bundles, volume discounts) Place: the means of getting the good, service or idea to the customer, essentially where the customers find the product and how its distributed (examples: store shelf, endcape at retail location, owned or third-party website, kiosks) Promotion: the means of communicating with and informing the customer (examples: types of advertisements, PR, social media, direct mailers, sponsorships, billboards) Class learning objectives: ❖ Identify the parts of a business model directly impacted by marketing. Customer Relationships, Value Proposition, Channels, Revenue Generators, Customer Segments ❖ Distinguish between a “market-driven” and a “market-driving” approach. Market-driven: the classic marketing approach, giving the customer “what they want”, matches well with markets containing products with high buyer familiarity, assumes buyers evaluate choices based on fixed value concepts Market-driving: helping customerslearn“what they want”, matches well with rapidly evolving markets with growing number of novel products, assumes buyers can learn and evolve with new value concepts (“you didn’t ask for it, but let us educate you!”) ❖ Identify how customer satisfaction is important to marketers. Base of the pyramid in customer relationship management, if the customer isn’t satisfied, no loyalty or value can be generated form them ❖ Distinguish among types of loyalty…heart, head, hand. Heart loyalty: Emotional attachment, a part of customer’s identity, a competitor who criticizes the brand in effect criticizes the user Head loyalty: Loyalty based on products’ attributes and its ability to solve problem, customer loves brand because ofwhat it does. Hand loyalty: Not all loyalty is high-involvement, some products purchased out of habit, product needs to live up to expectations, these customers are easier to “steal” ❖ Marketing metric: Net promoter score Assesses the extent customers will recommend a product, service, or brand NPS = percentage of promoters (9 or 10 on scale) - percentage of detractors (0-6 on scale) eek 2 – Marketing Research W Textbook learning objectives (chapter 2): ❖ Understand why marketers need marketing research. Helps marketers understand their customers ❖ Define marketing research and its importance. Marketing research: the process of collecting and analyzing information from and about consumers to influence marketing and strategy decisions. This process reveals insights that would otherwise have remained hidden ❖ Describe why and how to conduct marketing research. Step 1: Gaining consumer Insight. Gathering data that signify their insights. Important to agree on the research question (primary goal of research effort) before gathering data. If the question is vague, it’s best to do exploratory research first. Step 2: Focusing on exploratory research. Gets ideas/insights that funnel broad research questions into more specific ones. Literature search and data mining have the advantage of using secondary data (cheaper, easier to get). If secondary data is not handy, primary data is the way to go. Using secondary data Literature search: A search for statistics and content in various journal articles, blogs, books, newspapers, or magazines for data or insight into the research subject. Data mining: searching for insights from the patterns, trends, and relationships within sets of data. Marketer should look at own’s data first before looking to external data. Using primary data Depth interview: Interviews with people who are knowledgeable about the subject under investigation Focus groups: Small group of individuals from whom a researcher wishes to gain insights through a structured interview process that is moderated by a facilitator Case analyses: intensive study of representative examples of the subject under study Projective methods: indirect methods (usually some sort of task) that cause study participants to reveal their feelings, thoughts, and opinions One important form of primary data that can be collected is customer behavior. It includes these types: Awareness: measures knowledge consumers have of brands, products, and solutions Intention: measures future/anticipated behaviors (helps predict demand or future consumption) Motivation: measures the motives of consumers; gathered for understanding what conditions drive behavior Demographics/socioeconomics: measures characteristics of consumers (gender, education level, martial status, social status, etc), analysis of this data often reveals certain segments of consumers with strong affinity or loyalty to a brand Attitudes: measures consumers’ feelings, convictions, or beliefs about a brand Psychographic/Lifestyle: measures personality traits, interests, opinions, or lifestyle characteristics of consumers Step 3: Focusing on Conducting Surveys. Often used to conduct descriptive research to collect primary data. Below are useful steps to develop effective surveys: 1. Reexamine the research questions. Make sure surveys are built to answer the primary research question. 2. Specify what information the survey must collect. 3. Identify who should take the survey 4. Develop the questions to ask 5. Create “dummy” tables to show how you will use the data. Forces researcher to think through survey data usage 6. Devise a way to recruit people to take the survey 7. Build and test the survey 8. Publish! Class learning objectives: ❖ Identify the 5 steps in the marketing research process, with emphasis on the first and last steps. Define the problem or research objectives Design the research plan Collect Analyze Data Develop findings and recommendations Follow-up ❖ Describe various primary data collection techniques (4 quantitative and 4 qualitative approaches were highlighted. Qualitative research: Observation (watching what’s going on) Individual interviews Focus Group (often used for exploratory research purposes) Social media (looking at “digital body language”) Quantitative research: Experimental (for causal research, often uses AB tests) Scanner (looking at consumption patterns to draw conclusions) Panel (study done over time) Survey (structured being multiple choice, unstructured being free response) ❖ Summarize the differences between secondary data and primary data. Secondary data: inexpensive, relatively easy to obtain, may not provide the correct insights needed Primary data: requires time, usually requires money, can potentially yield powerful market insights ❖ For which type of research purposes are surveys, experiments and focus groups best suited? Focus groups are best for exploratory research Experiments are best for causal research Surveys are best for descriptive research ❖ Identify the relationship between experimental research and A/B testing. A/B testing is a type of experimental research. You offer options A or B to different groups and compare how they respond ❖ Terms: big data, panel data Big data: extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. Panel data: Observations made for the same subject overtime eek 2 – The Marketing Environment W Textbook learning objectives (chapter 15): ❖ Recognize the (potential) influence of the immediate environment on an organization. Immediate environment (microenvironment): includes players that can directly influence a company’s ability to market successfully. Includes intermediaries, employees, shareholders, customers, competitors, and suppliers ❖ Understand environmental scanning for an industry or a company. Environmental scanning: the process of gathering and interpreting data in the immediate and external environments to identify possible opportunities and threats and to develop strategic plans for them. Companies proactively scan and react to changes happening around them, both for present and future Can do SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) ❖ Marketing environment: all of the forces that affect a company’s ability to do business Class learning objectives: ❖ Link macro-environment elements to 5C framework. Competitive: Any entity with which a company competes for customers, resources, revenues, and/or future opportunities Technology: Applied science that improves an organization’s ability to meet customer needs Resource: Needed capital, labor, raw materials, equipment, etc., to produces and deliver products Legal/Political: Laws, regulations, and public interest groups Social Cultural: Beliefs, values, and norms within a group, a way of life Economic: financial condition of the marketplace Demographic: human population characteristics Environmental: health of the natural world or its regions ❖ Relate the impacts of big data, cloud computing, internet of things, and artificial intelligence on marketing. Big data can be used to lead to better decisions and strategic business moves in marketing Internet of Things: the interconnection, via Internet, of computing devices embedded in everyday objects, enabling them to send and receive data (able to track consumer behavior better) Elastic cloud computing: computing resources can be scaled up and down easily by the cloud service provider (more data!!) Artificial intelligence: Best for predictions in marketing (best target, best message, best place, rent to charge, retention offers, etc) Personalization: Product recommendations, individualized landing pages Look-alike audiences: evaluate best customers, identify prospects to match profile Predictive analysis: Identify behavior patterns that foretell future actions Product pricing: dynamic pricing models Content creation: customer insights drive the content that gets developed and shared ❖ Identify the various market entry strategies (indirect exporting, direct exporting, etc.). ❖ Describe reasons firms are attracted to international markets. Sizable new marketings, revenue opportunities Efficient access to raw materials Product innovations discovered abroad can be adapted for use in home market Discover new “competitive muscles” abroad before entering home market Opportunities for production, distribution, and economies of scale ❖ Distinguish among Hofstede’s six important cultural dimensions. Power distance: how much hierarchy there is Individualism: how much work/decisions are made independently or collectively Uncertainty avoidance: how much risk-taking takes place Time orientation: Time outlook, more short term or long term Indulgence: how much free gratification of basic and natural human desires related to enjoying life and having fun is allowed Gender: Masculine or feminine culture ❖ Distinguish between WTO and GATT World Trade Organization (WTO): replaced GATT, oversees global trade General Agreement on Tariffs and Trade (GATT): brought down high tariff levels from the 1930s eek 3 - Segmentation and Target Marketing (covered over 2 days) W Textbook learning objectives (chapters 3 and 4): ❖ Understand how to segment markets and why doing so is important. Market segmentation: dividing the larger market into smaller segments based on meaningfully shared characteristics and shared needs Importance: Segmenting the market allows a marketer to focus on those segments that most need the product. Also allows marketer to adjust marketing mix of a product to provide more value to a segment, therefore increasing ROI and profitability Ways to segment the market Demographics: Uses age, gender, income, ethnicity, and/or education Geographic location: uses consumer location Psychographic: uses consumer activities, values, interests, and opinions (more difficult to gather) Usage behavior: divides population by howmuchthey use orhowthey use the product ❖ Learn how to successfully select a target market for a product or service. Target marketing: process of selecting one or more segments for focused marketing efforts Desirable target markets are… Identifiable: segments can be identified and described, sought-after characteristics must be measurable and relatively manageable to obtain Sizable: there are enough consumers within the group to support profitable product sales Stable: segment is predictable in its purchasing ability and behavior (how long will it last, does it change quickly, etc) Accessible: marketer can reach the consumers for marketing and for sales of the product. Congruent: segment should have congruence with the company (aligns with company’s objectives and resources). Also called having goodproduct-market fit. Competitive intensity, customer satisfaction levels with existing choices, barriers to entry ❖ Create a buyer persona for a customer segment. Commonly included items for a buyer persona General demographic information Goals Values Challenges A day in the life Sources of information Pain points Fun facts Marketing message to persona ❖ Define what positioning is and why it is important to marketers. Positioning: a strategy for defining and portraying brands or products in ways that cause the ideal customers to perceive them as the best solution for their needs Importance: Optimizes communications about products to maximize their appeal to the target customer set, competitive advantage, breaks through clutter and noise of respective market ❖ Describe how positioning helps brands and products have greater success. Brands/companies differentiate themselves from other companies ❖ Explain how to position products and discuss common positioning problems. Possible positioning strategies Being first: products consumers recognize as the “first” to provide some functionality or deliver a key benefit enjoy special recognition and status. Being a “follower” of the first: there is some unoccupied niche in which a product can claim first status, even though products of similarity preceded it. Repositioning: finding a new niche in which a product can compete effectively, either slightly modifying or completely changing its current strategy Common positioning problems: Product and brand positioning inconsistency: product positioning is inconsistent with brand’s position. Under-positioning: a product has no clear advantage or differentiation, failing to convey what makes the product better. There is no compelling reason to buy. Over-positioning: too narrow of positioning. The size of the target customer group that cares about the benefits is too small. Confused positioning: a product is positioned by claiming too many benefits or benefits that are contradictory. Consumers will have difficulty interpreting the benefits and suitability of products. Doubtful positioning: product’s positioning touts (endorses) benefits that are simply not believable or that are too good to be true. Irrelevant positioning: product’s benefits or differentiation has no group of customers to care about it Positioning that appeals to everyone: positioning products to “everyone” in hopes everyone will buy it. Waste of resources, often isn’t effective. Positioning products around features/technical aspects: ignores positioning aroundvalue, having technical details won’t appeal to consumers that much (depending what market you’re in) Class learning objectives: ❖ Articulate differences among undifferentiated, differentiated and concentrated targeting. Undifferentiated: “One size fits all”. One marketing mix goes out to multiple segments Differentiated: Specific marketing mixes go out to specific segments. Best for larger companies (they have the resources, best when market is highly differentiated Concentrated: One marketing mix goes to one specific segment. Best for smaller companies since they can’t afford to miss. ❖ Differentiate among the commonly used labels used to describe consumer segments. Benefit segmentation: segmenting based on “job to be done”, ideally the starting point, based on attributes customers are seeking from a particular product class Demographic segmentation: using demographic information to segment Geographic segmentation: using geography to segment Psychographic segmentation: relates to how people think, feel, and behave. By itself, it’s not enough Affiliation or occupation segmentation: identifies customers’ groups based on profession or organizations they belong to Profitability segmentation: how profitable is a particular segment, value of relationship is tethered to how much customers can give Behavioral segmentation: segments based on consumers’ uses, knowledge, or attitudes towards the product. Describes how consumers interact with the product. Innovator categories “Product Diffusion Curve”. Innovators, early adopters, early majority, late majority, laggards ❖ Describe the role of a positioning statement. A succinct expression of a product’s market position Creating distinct and valued physical and perceptual differences between one’s product and its competitors as perceived by the target customer ❖ Distinguish between a product benefit and a product feature. Features tell, benefits sells. Product feature is essentially what the product does Product benefit is what value the consumer can gain from the product, even if it doesn’t relate to its functionality ❖ Identify the purpose of a positioning map and how it is used. Purpose: to visually understand how a product is positioned in the marketplace compared to its competitors. Tests where unmet customer needs potentially exist, identifies where competitors might be vulnerable, provides insights into how an under-performing product might be repositioned Ways it can be used for: Attribute Rating Method: XY axis contain some attributes of the product, points represent where a product stands relative to the attributes it has, circular areas represent consumer segments that reside in a certain part of the graph Also can be XY with 4 quadrants Overall Similarity Method: Products are placed next to each other (or far apart) based on how similar they are ❖ Terms: STP, repositioning, points-of-parity, points-of-difference STP: Segment, Target, Position Repositioning: finding a new niche in which a product can compete effectively, either slightly modifying or completely changing its current strategy Points-of-parity: Certain characteristics that allow a product to be in a certain category (“must have” features) Points-of-difference: the unique selling point of a product eek 4 - The Buyer Behavior Process - Consumers W Textbook learning objectives (chapter 5): ❖ Understand the overall buyer behavior process. Buyer behavior process: stages that consumers go through when deciding to purchase and consume a product. Steps: ❖ Need recognition: consumer recognizes that they have a need to be filled Needs can include those from Maslow’s hierarchy of needs. Physiological, safety, social, esteem, self actualization Need can come from an internal or external cue ❖ Information search: consumer searches for information regarding the options for purchase or consumption Consumers often start their info search within their own memory (called internal search). Brands that a consumer first recalls from memory reflects their top of mind awareness After narrowing down some options, the options left are called the consideration set Consumers also do an external search ❖ Evaluation of alternatives: consumer looks at different viable options and weights upsides/downsides of each, comparing and contrasting different options that they found Choices are made based off of evaluative criteria (price, color, etc) ❖ Purchase: consumer decides to purchase, including where and how Consumer can hold off on this step depending on what’s available ❖ Reaction (post-purchase behavior): product has been “consumed” and consumer is displeased or pleased Contingent if their expectations were met or not Delight can cause consumers to tell others about the product by word of mouth, causing a repurchase in the future as well Buyer’s remorse: when a customer regrets a purchase decision ❖ Know how companies’ can use the buyer behavior process to help market to consumers. Steps with marketing action: ❖ Need recognition: marketing can serve as an external cue by pointing out a desired state or showing how a consumer’s current state is insufficient ❖ Information search: Marketers can make sure relevant information is available and easily accessible (search engine optimization is a common route for digital searches), information should be in places where consumers often look for the needed info ❖ Evaluation of alternatives: marketers can make sure consumers are aware of how their product matches the attributes they value. Research and positioning play crucial roles here ❖ Purchase: Marketers should assist consumers in making the purchase decision so that they can actually follow through on a purchase. Can offer different purchase options to provide further value (can create a sense of urgency in marketing as well) ❖ Reaction: Marketers can increase the chances for word of mouth or repurchase by giving offers and recommendation opportunities ❖ Recognize the variations that can occur in the buyer behavior process. Level involvement is a factor that causes variations Low involvement purchase: purchase doesn’t cost much or there isn’t a risk posed if the consumer makes a purchase mistake. They are often simple and made frequently, and not every stage of the buyer process is gone through. Can look like Need Recognition>Alternative Evaluation>Purchase>Reaction Routine purchases (habitual): regularly made purchases Impulse purchases: purchases made with very little thought or planning Marketing: marketers should make sure that items are available and stocked where consumers shop, can also find creative ways to add impulse purchases to introduce a product line (trial sizes) High involvement purchase: purchases of greater consequence to the consumer, often costly and riskier, made less frequently. Decisions in each stage take longer to evaluate. H igher chance for buyer’s remorse Marketing: Marketers should provide needed information about product attributes to consumers. Assurances such as warranties/money-back guarantees are helpful. Helpful to follow up with consumer with any post-purchase concerns Class learning objectives: ❖ Connect how a firm’s marketing effectiveness can improve with better understanding of “customer journeys.” Customer journey: represents the sum of a consumer’s experiences when interacting with a company and brand. Considers every touchpoint that a customer interacts with across multiple channels over time A firm’s marketing effectiveness can improve by acting upon each stage of the customer journey ❖ Describe the impacts of choice overload on consumer purchase behavior. People often think more is more (more options = more likelihood of success). In reality, more options = more likely to make the wrong choice Choice overload reduces engagement (too much info), decision quality, and satisfaction (post-purchase) How to mitigate? Cut, concretize (make it vivid), categorize, condition on complexity (commit gradually) ❖ Identify psychological and social influences on consumer behavior (situational influences are not an eligible topic). Psychological influences: Learning patterns (low involvement vs. high involvement), motives, perceptions (influences by culture, upbringing, or tradition), attitudes (once established, difficult to chance), lifestyles, motive (Maslow’s hierarchy of needs) Social influences: Culture, family, reference groups, opinion leaders (in this age, influencers) ❖ Identify how a "Jobs to be Done" approach can help yield helpful insights about buyer behavior. Jobs to be Done (Jobs Theory): products can go beyond its functional use, uncovering broader customer usage dimensions, identifying opportunities with “non-consumers”, seeing what motivates customers to use one’s products ❖ Terms: Heuristic Heuristics: cognitive shortcuts (not optimal, but quick) that usually involve focusing on one aspect of a complex problem and ignoring others (failing in predictable ways can reveal biases) Week 4 - The Buyer Behavior Process - Businesses Class learning objectives (there aren’t any textbook learning objectives): ❖ Describe the role of the “request for proposal” in the B2B buying process. Request for proposal: Sending suppliers important information that the business needs, suppliers then send back their “proposal” as to why they should be chosen as a supplier for the business) ❖ Identify the roles within the buying center. Buying center: knowledgeable participants in an organizational buying action that share in the goals and rewards resulting from the decision The initiator, gatekeepers (lets outsiders in or not), influencers (influences decision, puts in knowledge), buyers (executes the decision), users (who is going to use/be involved with the decision), decider (actually makes the decision) ❖ In what ways are business markets different from consumer markets? B2B differs from B2C in size (there is a value chain involved), buying power (larger number of products are bought per transaction, fewer buyers means higher impact on revenue), relationship management (relationships in value chain are more like an alliance, success on both sides), geographic concentration (bc of early success stories, people starting supporting/competing businesses close by), demand influences (demand is inelastic in B2B, demand for businesses produce is often tied to B2C demand, called derived demand), digital maturity, purchase process, and time to purchase ❖ Distinguish between derived demand and inelastic demand in B2B markets. Derived demand: demand in B2B is tied to demand in B2C Inelastic demand: Change in price barely affects demand for product ❖ Terms: Request for Proposal (RFP), value chain Request for Proposal: See above Value chain: a product goes through a process until it’s ready to be sold, process can be done through multiple companies, each step of the process adds value to the product Week 5 - The Marketing Plan and Analytics Process Textbook learning objectives (chapter 16): ❖ Learn how the different elements of marketing fit together for a marketing plan Marketing plan: a comprehensive strategy covering the marketing management process for a product or service The 5 Cs (Customers, competitors, context, company, collaborators) are in the first step “understand” Positioning is within the second step “plan” The 4 Ps (Product, price, promotion, place) are within the third step “implement” ❖ Discuss why marketing analytics are important for tracking marketing success Marketing needs data to know how effective its efforts are, how to improve marketing performance, and to build credibility ❖ Define marketing analytics approaches and types of metrics to track. Marketing analytics: process for measuring and analyzing marketing data to better manage marketing performance and maximize ROI that a company makes in marketing Embracing analytics: 3 approaches No analytics process: marketing leaders rely on their instincts to lead and make decisions, judging team’s success is subjective, very reactive Vanity analysis process: using vanity metrics to show how busy a marketing team is, but doesn’t indicate how marketing’s work impacts things that really matter, often efficient Real analysis process: process links marketing’s work to revenue or some other measure that is strategically important to the company, uses analytics to inform the decisions they make Types of metrics to track Effectiveness metrics (class): measure important outcomes (how much revenue did marketing contribute? How many new customers were added?). Best indicators of marketing’s value and are the hardest to track Outcome metrics: show the business impact of marketing’s work Leading indicators metrics: show the likelihood of outcomes that are important to the business Predictive metrics: point to expected outcomes Efficiency metrics (class): measure how well marketing accomplishes tasks. Typically the easiest metrics to track Activity metrics: measure effort (often referred to as vanity) Output metrics: count the output of things that marketing has accomplished Operational metrics: measure the efficiency of the marketing team Class learning objectives: ❖ Summarize portfolio analysis (using the Boston Consulting Group matrix) and its use to evaluate market performance. Portfolio analysis allows businesses to evaluate “do we have the right mix of products?” Stars: Products with high industry growth rate and high market share. Exciting, attractive to investors. Biggest problem is cash flow due to speed of growth. Cash-cows: Products with low industry growth rate and high market share. Generates more cash than needed, not a lot of growth opportunities, extra cash should be used towards stars and questionables Questionable: Products with high industry growth rate and low market share. Questionable because it is unclear if the product will be successful or not Dogs: Products with low industry growth and low market share. The “losers” ❖ Describe how firms grow their businesses (through 4 basic growth options) ❖ ❖ Existing products ❖ New products ❖ C ore product focus: ❖ P roduct development: maintain, expand, or improve products; add ❖ E xisting market harvest current products. to product line segments Do more with existing (eventually gets products going to existing saturated) customers ❖ Market development: add ❖ D iversification: add new new market segments, product lines; expand ❖ N ew market new audiences into unrelated segments businesses (riskiest option) ❖ ❖ Identify the characteristics and benefits of using a SWOT summary. SWOT: Strengths, weaknesses, opportunities, threats Helps summarize what is going on internally in the company and externally in the environment before moving forward with a specific idea ❖ Understand different criteria for identifying a competitor. Competitor: any entity that competes for customers, resources, revenues, and/or future opportunities with a firm A competitor does not have to be directly related to what a firm does ❖ Explain common reasons marketing collaborations are sought. Co-marketing alliances: two firms market together/each other, each firm reaches audiences that they otherwise would not be able to reach by themselves Product development alliances: firms work together in product development, costs and investments are “split” and not all in one firm Global distribution alliances: Firms work together to flourish in markets internationally ❖ Identify characteristics of a strong objective. SMART: specific, measurable, achievable, relevant, timely ❖ What is the significance of points-of-parity & points-of-difference in planning (also covered earlier in segmentation). Helps businesses determine what is needed to be in a specific market and what is needed to stand out ❖ Marketing metrics: market share, wallet share, and category development index. Market share: share of sales among all customers that buy any brand in a category Wallet share: share of sales among customers that buy a specific brand
