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Marketing Exam Notes
All The Frameworks
Porter’s Five Forces
Potential Entrants, Suppliers, Buyers, Substitutes, Rivalry Among Existing Firms
The Business Macroenvironment (PEST)
• Political / Legal
• Economic / ecological
• Social / Cultural
• Technology
Situation Analysis (SWOT): Strengths, Weaknesses, Opportunities, Threats
Situation Analysis (5Cs): competitors, climate (environment), collaborators, customers, company
Customer: DMU, DMP, Value Driver, Segment, Acquisition & retention, size growth potential
Marketing Strategy (STP): Segmentation, Targeting, Positioning
Marketing Mix (4Ps): Product, Price, Place, Promotion, Evaluation of Alternatives
Implementation & Monitoring: implement decision, monitor & control, adapt & renew
Profit = [Mkt. demand x mkt. Share x (Rev. per buyer – V Cost per buyer)] – Fixed Cost
Set profit to zero for break-even, but don’t forget cannibalization
Value Cycle
comparative advantage, value proposition, competitive advantage, perceived value, sales share and profit leadership, customer equity, superior market value, market orientation
Segmentation Scheme (AMISH): Per Market Segmentation PPT
o Accessible, measurable, identifiable, sustainable, homogenous
ATR (used in test marketing): Awareness, Trial, Repeat
Pricing Strategy:
i. know how buyers value your offering (EVC, competitor pricing), ii. assess price sensitivity (elasticity, conjoint), iii. look for variation (ex: across countries),
iv. anticipate competitive response,
v. identify appropriate pricing structure,
vi. check consistency with overall strategy,
vii. assess response and fine tune,
viii. assess whether it’s worth it to serve customer NTT DoCoMo
• Customer segmentation. Do a DMP, DMU.
Barco
• Marketing myopia
o Failure to adequately define, understand, anticipate and/or respond to the marketplace and marketplace dynamics o Narrowly focusing on one aspect of the organization, rather than taking a balanced approach o Causes: organizational inertia, internal focus is easier, each function has its own ideas, human judgment is involved • Market oriented firm vs. technology oriented firm
Marketing Myopia – Theodore Levitt
• Shadow of Obsolescence
o No such thing as a growth industry, only companies organized to take advantage of growth opportunities. Four danger signs: ▪ Belief that growth is assured by expanding and more affluent population ▪ Belief that there is no substitute
▪ Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises ▪ Preoccupation with a product that lends itself to scientific experimentation, improvement and manufacturing cost reduction
• Production Pressures
o Concern yourself with marketing not sales (volume)
• Dangers of R & D
o Don’t pay too much attention to r & d at the expense of considering marketing o Don’t believe that a great product will sell itself
SalesSoft
• Must understand DMU and DMP, can’t just have a great product • who is involved, has power; use of information; stages of purchasing • Customer Analysis Tools
• Customer Activity Cycle- customer’s view of benefits/costs of your product from pre-consumption to consumption to post-consumption • Economic Value to the Customer (EVC)- differentiation over reference value i. Ex: reduced startup and turnover, reduced sales cycle and implementation costs • Market Segmentation
• Determines target market and who competition is
Dolan Article: Low-tech Marketing Math
• Important!
• Can calculate break-even point (# of units)
• Can convert to share of market
• Profit Drivers = revenues – costs
• Sales volume x price; variable + fixed costs
• Numbers are more useful when...
All The Frameworks
Porter’s Five Forces
Potential Entrants, Suppliers, Buyers, Substitutes, Rivalry Among Existing Firms
The Business Macroenvironment (PEST)
• Political / Legal
• Economic / ecological
• Social / Cultural
• Technology
Situation Analysis (SWOT): Strengths, Weaknesses, Opportunities, Threats
Situation Analysis (5Cs): competitors, climate (environment), collaborators, customers, company
Customer: DMU, DMP, Value Driver, Segment, Acquisition & retention, size growth potential
Marketing Strategy (STP): Segmentation, Targeting, Positioning
Marketing Mix (4Ps): Product, Price, Place, Promotion, Evaluation of Alternatives
Implementation & Monitoring: implement decision, monitor & control, adapt & renew
Profit = [Mkt. demand x mkt. Share x (Rev. per buyer – V Cost per buyer)] – Fixed Cost
Set profit to zero for break-even, but don’t forget cannibalization
Value Cycle
comparative advantage, value proposition, competitive advantage, perceived value, sales share and profit leadership, customer equity, superior market value, market orientation
Segmentation Scheme (AMISH): Per Market Segmentation PPT
o Accessible, measurable, identifiable, sustainable, homogenous
ATR (used in test marketing): Awareness, Trial, Repeat
Pricing Strategy:
i. know how buyers value your offering (EVC, competitor pricing), ii. assess price sensitivity (elasticity, conjoint), iii. look for variation (ex: across countries),
iv. anticipate competitive response,
v. identify appropriate pricing structure,
vi. check consistency with overall strategy,
vii. assess response and fine tune,
viii. assess whether it’s worth it to serve customer NTT DoCoMo
• Customer segmentation. Do a DMP, DMU.
Barco
• Marketing myopia
o Failure to adequately define, understand, anticipate and/or respond to the marketplace and marketplace dynamics o Narrowly focusing on one aspect of the organization, rather than taking a balanced approach o Causes: organizational inertia, internal focus is easier, each function has its own ideas, human judgment is involved • Market oriented firm vs. technology oriented firm
Marketing Myopia – Theodore Levitt
• Shadow of Obsolescence
o No such thing as a growth industry, only companies organized to take advantage of growth opportunities. Four danger signs: ▪ Belief that growth is assured by expanding and more affluent population ▪ Belief that there is no substitute
▪ Too much faith in mass production and in the advantages of rapidly declining unit costs as output rises ▪ Preoccupation with a product that lends itself to scientific experimentation, improvement and manufacturing cost reduction
• Production Pressures
o Concern yourself with marketing not sales (volume)
• Dangers of R & D
o Don’t pay too much attention to r & d at the expense of considering marketing o Don’t believe that a great product will sell itself
SalesSoft
• Must understand DMU and DMP, can’t just have a great product • who is involved, has power; use of information; stages of purchasing • Customer Analysis Tools
• Customer Activity Cycle- customer’s view of benefits/costs of your product from pre-consumption to consumption to post-consumption • Economic Value to the Customer (EVC)- differentiation over reference value i. Ex: reduced startup and turnover, reduced sales cycle and implementation costs • Market Segmentation
• Determines target market and who competition is
Dolan Article: Low-tech Marketing Math
• Important!
• Can calculate break-even point (# of units)
• Can convert to share of market
• Profit Drivers = revenues – costs
• Sales volume x price; variable + fixed costs
• Numbers are more useful when...
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