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Marketing Cheat Sheet.doc

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Wilfrid Laurier University
David R Lewis

-Gather Information & Identify Stakeholders CASE FORMAT SUPPLY CHAIN Foundation (5%) -Brainstorm & Evaluate Alternatives Raw materialManufacturerRetailerConsumer -Choose a course of action Decisions: identify key decision to be made Tests: Publicity, Moral Mentor, Admired Observer, Transparency, Problem/Opportunity: clear description of problem or MISSION STATEMENT Person in the Mirror, Golden Rule opportunity Main issues, symptoms of the problem -What type of business we are in? Relative importance, urgency -What do we need to do to meet goals + objectives? GENERATIONAL COHORTS Stakeholders: needs, interests, objectives -Sustainable competitive advantage Seniors: before 1946/ 63+, complain, need special attention, Analysis (20%) travel, $ Internal: Strengths & Weaknesses, resources, skills SEGMENTATION, TARGETING, POSITIONING Baby Boomers: 1946-1964/ 44-62, youthful, individualistic, ­ Current financial position, revenue, costs, profits, B/E (OVERVIEW) leisure ­ Current marketing strategy (positioning & target market) Generation X: 1965-1976/32-43, debt, cynical, more spending ­ Current marketing mix (4Ps) -Segmentation: market segment who responds similarly to power External: Opportunities & Threats, environmental trends (PEST) marketing Generation Y: 1977-1995/13-31, celebrate diversity, “too hard”, -Demographics, psychographics, behavioral, socio- techie ­ Market trends, industry trends & changes cultural Consumer Analysis: market segmentation, consumer needs, Tweens: 1996-2000/8-12, buying power, food + drinks + games behaviour -Targeting: evaluating each segment’s attractiveness Competitive Analysis: who are they? Strengths, weaknesses, -Positioning: defining the 4P’s so that customers have a clear MARKET RESEARCH & INFORMATION SYSTEMS strategy understanding of the Product compared to competitor Other: What is special about this case? i.e service business, Data mining- use stats. analysis to find previously unknown patterns B2B, international marketing, ethical issues MARKETING MIX 1 2 3 4 Listing case facts under analysis is not an analysis  ask Product 5 “so what?” Alternatives (Marketing Strategies) (25%) •Product, service, idea Decision Criteria: Identify decision criteria to evaluate •Create products that’s perceived as valuable enough to alternatives, assumptions, and constraints buy Alternatives: Quantitative and qualitative analysis & evaluation Price 2. Type of data needed – Secondary / Primary •Cost-based: Cost + margin = selling price 3. Exploratory Research: begin to understand something, initial ­ Rationale, specific, implementable, mutually exclusive info ­ Each alternative must be a solution to the •Competitive-based: below/above competitor’s price Observation + Ethnography / In-depth Interviews / problem/opportunity •Value-based: find the perceived value from customers Recommendation (Part of Implementation mark wise) POV Focus Group Interview / Projective Technique Decision: Which of the above alternatives (marketing strategy) Place (scenarios) Conclusive Research: confirm preliminary insights do you recommend? Why? Recommend how you will come over •Actual location (retail/wholesale) Survey [(un)structured Questionnaire] / Experimental any disadvantages identified •Online (manipulate 1 variable) / Scanner (UPC Codes) / Panel Implementation (50%) •Easily accessible by target market Marketing Strategy: Overall strategy, target market, positioning Promotion Marketing Mix: Product: product classification, lines, mix & PLC CONSUMER DECISION PROCESS Price: strategy, suggested price(s) & mark-up(s) •Internet, Personal Selling, TV, Radio, Print, Sample, Place: strategy, levels of channel, distribution intensity Coupon, etc. 1 2 3 4 5 Promotion: strategy, objectives, advertising, promotion, personal selling, PR, IMC, budgets & rationale GROWTH STRATEGIES Expected Results: Market share, income (operating) statement, timeline 1. Functional (performance) / Psychological (personal gratification) EXTERNAL FACTORS AFFECTING THE 4P’S 2. Internal (own memory) / External (outside personal (CDSTEP) knowledge) Market Penetration: existing mix, focus on existing customers 3. Decision Criteria (consumer, compensatory) Political / Regulatory Economic Market Development: existing mix, reach new target segments Heuristics (mental shortcuts): Price, Brand, Product Competitors Technology Product Development: offer new P/S to current target market Presentation Demographics Social / Cultural Trends Diversification: new P/S to a new target market 4. Ritual consumption 5. Reduce post-purchase dissonance Macro Strategies: (“Excellences”) HOW DO FIRMS BECOME VALUE DRIVEN? Customer (loyalty), Operational (Supply Chain), Product Sharing Information (internally + externally) – KSF, (Quality) CONSUMER BUYING BEHAVIOR Balance Benefits + Costs – perceived benefit Build Relationships with Customers ETHICS – Customer Relationship management (CRM)  Loyalty -Identify the Issues Late Majority: last to enter a new product market (34%) Laggards: avoid change use traditional P’s until they are obsolete (16% Factors affecting Diffusion Speed: -Compatibility: how it fits with culture / preference of target Factors Affecting Buying Behavior: 4.Segment Strategies
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