Marketing Primer

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Information about Marketing Primer

Published on January 28, 2008

Author: mailtrinetra

Source: slideshare.net

THE BIG PICTURE: Summary Christie L. Nordhielm Kellogg School of Management Northwestern University

THE BIG PICTURE marketing objective source of volume evaluate business objective place price promotion execute product service position segment target STP goal time frame competence retention acquisition steal share demand- stimulation main variable dynamic variable TA description 5-box search experience credence value or competitive length breadth depth awareness information image behavior

THE BIG PICTURE Identify Prioritize Express

Identify

Prioritize

Express

THE BIG PICTURE marketing objective source of volume evaluate business objective place price promotion execute product service position segment target STP entity goal competence retention acquisition steal share demand- stimulation main variable dynamic variable TA description 5-box positioning statement search experience credence value or competitive length breadth depth awareness information image behavior Identify

Fundamental Unit of Analysis (FUA) Corporation Nike, McDonalds Business Unit Quaker Hot Cereals Brand Line Nabisco Crackers Brand Gatorade, Gap

Corporation

Nike, McDonalds

Business Unit

Quaker Hot Cereals

Brand Line

Nabisco Crackers

Brand

Gatorade, Gap

Business Objective Business Goal: measurable time frame realistic single-minded integrated with lower and higher-level goals Time Frame short-term vs. long term

Business Goal:

measurable

time frame

realistic

single-minded

integrated with lower and higher-level goals

Time Frame

short-term vs. long term

Core Competence A skill that leads to a sustainable competitive advantage Requires significant resource investment Generates strategic assets that in turn generate products FedEx: "Stanley Cup" Walmart

A skill that leads to a sustainable competitive advantage

Requires significant resource investment

Generates strategic assets that in turn generate products

Marketing Objective (primary) Acquisition acquire new customers more expensive (time & money) Retention maintain current customer base increase usage occasions among current users indicator of long term viability of firm Synoptic: "Bowling" Heinz: "Cow" Synoptic: "Bowling"

Acquisition

acquire new customers

more expensive (time & money)

Retention

maintain current customer base

increase usage occasions among current users

indicator of long term viability of firm

Source of Volume Stimulate Primary Demand category definition category benefit (main variable) #1 brand strategy brand name not as important Steal Share from whom? dynamic variable #2 brand strategy no “long-term place to live” Duracell: "Will"

Stimulate Primary Demand

category definition

category benefit (main variable)

#1 brand strategy

brand name not as important

Steal Share

from whom?

dynamic variable

#2 brand strategy

no “long-term place to live”

Source of Volume key activity: attract new category users attract new brand users increase consumption among current users increase consumption occasions among multi-brand users marketing objective source of volume retention acquisition stimulate demand steal share

Segmentation, Targeting and Positioning T P S 1. brainstorm segmentation variables 3. evaluate/ select variables 4. plot the market 5. select target 6. select position 7. articulate position 2. delete redundant variables

Consumer Segmentation Variables Demographic Behavioral Attitudinal Aspirational

Demographic

Behavioral

Attitudinal

Aspirational

Identify Segmentation Variables Main Variable “cost of entry” for category key variable for category leader will change as the category matures Dynamic Variable key variable for new entrants must dominate category leader to succeed

Main Variable

“cost of entry” for category

key variable for category leader

will change as the category matures

Dynamic Variable

key variable for new entrants

must dominate category leader to succeed

Identify Segmentation Variables segmentation variables: emphasize category variable emphasize dynamic variable emphasize category variable/new use emphasize dynamic variable marketing objective source of volume retention acquisition stimulate demand steal share

Target: Plot the market What business are we in? Competitors Variables main: “cost of entry to category” dynamic: steal share: variable to dominate on stimulate demand: future main variable for category

What business are we in?

Competitors

Variables

main: “cost of entry to category”

dynamic:

steal share: variable to dominate on

stimulate demand: future main variable for category

Target Target Audience description Rich description of single user Refer to segmentation brainstorm Should “paint a picture” for creatives, sales force, customer service

Target Audience description

Rich description of single user

Refer to segmentation brainstorm

Should “paint a picture” for creatives, sales force, customer service

Target Audience target audience: potential category users competitive brand users current users (loyal) current users using as part of brand set marketing objective source of volume retention acquisition stimulate demand steal share

Position current belief currently do consumer proposition desired do desired belief

Product Attributes Search: can be evaluated prior to consumption Experience: can be evaluated after consumption Credence: cannot be evaluated even after consumption Visa "Bob" Telenordia "Blind Date" Dunlopillo "Gorilla"

Search: can be evaluated prior to consumption

Experience: can be evaluated after consumption

Credence: cannot be evaluated even after consumption

Product Involvement & Product Attributes functional risk of loss ego-involved risk of loss utilitarian choice ego-involved choice low involvement search credence experience learn-do-feel feel-do-learn do-learn-(feel) Michelin

Product key product attribute search, experience (where feasible) search (compare to competitor) credence experience (compare to competitor) marketing objective source of volume retention acquisition stimulate demand steal share

Pricing variable cost price paid perceived value Consumer surplus Producer surplus “ true” value Unrealized surplus perceived value Consumer surplus

Pricing pricing objective trial value trial competitive continuitiy value continuity competitive marketing objective source of volume retention acquisition stimulate demand steal share

Channels – Channel Length # of intermediaries direct indirect

Channels – Channel Length # of intermediaries direct indirect

Channels – Channel Breadth # of outlets exclusive mass

Channels – Channel Depth integration minimal forward/backward integration maximal forward/backward integration

Channels channel objective direct exclusive/ selectiive direct selective/ intensive indirect selective/ intensive indirect intensive marketing objective source of volume retention acquisition stimulate demand steal share

Advertising Objective behavior image information basic awareness top-of-mind awareness $$$$$ increase retail inquiries from 100/week to 250/week increase % agreement with “brand x is contemporary” from 10% to 40% increase awareness of <information> from 15% to 50% increase % of “first mentions” from 25% to 60% among target increase aided awareness (recognition) among target from 5% to 25% $

increase retail inquiries from 100/week to 250/week

increase % agreement with “brand x is contemporary” from 10% to 40%

increase awareness of <information> from 15% to 50%

increase % of “first mentions” from 25% to 60% among target

increase aided awareness (recognition) among target from 5% to 25%

Advertising Spending target audience size segments advertising objective target # of exposures media type postioning total cost creative

Advertising advertising objective awareness information information behavior image behavior top of mind information behavior marketing objective source of volume retention acquisition stimulate demand steal share

THE BIG PICTURE marketing objective source of volume evaluate business objective place price promotion execute product service position segment target STP steal share Identify Prioritize increase revenues 10% logistics cc acquisition

THE BIG PICTURE marketing objective source of volume evaluate business objective place price promotion execute product service position segment target STP steal share Identify Prioritize Express stimulate demand increase revenues 10% logistics cc acquisition goal impediment solution

Problem statement: Goal Single-minded statement of primary BP goal Time frame Measurable Realistic Linked to higher and lower level goals Expressed in BP metric Marketing Objective: “acquire x new customers in x months” Source of Volume: “steal x% share from x in x months”

Single-minded statement of primary BP goal

Time frame

Measurable

Realistic

Linked to higher and lower level goals

Expressed in BP metric

Marketing Objective: “acquire x new customers in x months”

Source of Volume: “steal x% share from x in x months”

Problem statement : Impediment Current strategy that is preventing you from reaching your goal 1 box to the right of goal in BP

Current strategy that is preventing you from reaching your goal

1 box to the right of goal in BP

Problem Statement : Solution Fix impediment box in BP Fix remaining boxes to the right of impediment

Fix impediment box in BP

Fix remaining boxes to the right of impediment

THE BIG PICTURE marketing objective source of volume evaluate business objective place price promotion execute product service position segment target STP goal FUA competence retention acquisition steal share demand- stimulation main variable dynamic variable TA description 5-box search experience credence value or competitive length breadth depth awareness information image behavior

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