monitor interpret and respond

cmi is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

charging a constant, everyday low price with few or no temporary price discounts. BiM practises everyday low pricing (EDLP).

Marketing research is the systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization.

Product Line Filling or Product Line Stretching. Filling adding more items within the present range of the line (different colors, designs, sizes, etc) Stretching introducing items at the lower end or the upper end or both

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• Purchase Occasion • Benefits Sought • User status • Usage rate • Loyalty status

Consumer insight is a deep understanding of what motivates consumer preferences and behaviors.

a system in which marketing information is formally gathered, stored, analysed and distributed to managers in accord with their informational needs on a regular basis.

involves charging higher prices on an everyday basis

• Overall Marketing Strategy, Objectives, and Mix • Organizational Considerations • The Market and Demand • The Economy • Other External Factors

better mouse fallacy

target market selection

Setting price based on buyers’ perceptions of value rather than on the seller’s cost

b

Demographic info guides marketers to target specific audience traits, boosting relevance and campaign effectiveness.

packaging,features,styling,brand name ,quality after sale service warranty installation delivery and credit

The identification of individuals with similar characteristics that have significant implications for the determination of marketing strategy

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Offering just the right combination of quality and good service at a fair price. Armani offers the less-expensive, more-casual Armani Exchange fashion line.

the company suppliers marketing intermediaries competitors publics customers

b

Creates the largest potential market, lowest costs & lower prices coca cola

company Value Consumer Perceptions & Preferences Barrier to Competition High Profits – strong brands associated with premium prices. Net profit margins! Base for Brand Extensions Quality Certification Trust

Market targeting is selecting a specific segment for focused marketing efforts, tailoring strategies to meet the needs of that chosen audience.

target market selection

Intangibility Inseparability Variability Perishability

Positioning strategy in marketing is about creating a unique and favorable perception of a product or brand relative to competitors, highlighting distinctive qualities.

• A strategic point of view • Central to creating customer value, not justimages • Key tool for creating & maintaining competitive advantage • Cultures that circulate in society as conventional stories

CRM involves managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

cultural social personal physchological buyer

A name, term, design, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers.

Costs set the floor for the price that the company can charge. • Cost-based pricing involves setting prices based on the costs of producing, distributing and selling the product plus a fair rate of return for the company’s effort and risk. • A company’s costs may be an important element in its pricing strategy

Purchase Occasion Benefits Sought User status Usage rate Loyalty status

Competitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

• Downward Stretch • Upward Stretch • Two-way Stretch

Economic factors affect consumer purchasing power and spending patterns. • Recessions • Crises • Income Distribution

Convenience Products – detergent, fast food, sugar, magazines, etc. • Shopping Products – furniture, clothing, used cars, plane tickets, etc. • Speciality Products – brands matter. Cars, branded clothing, medical and legal services, etc. • Unsought Products – life insurance, etc.

ompetitive marketing intelligence is the systematic collection and analysis of publicly available information about consumers, competitors, and developments in the marketing environment

tailoring products & marketing programs to the needs/preferences of individual customers. Haute-couture!

Niche marketing is focusing on a specific market segment with specialized products or services. nike athletic geae fir street hockey

•Age •Gender •Income •Occupation •Religion •Ethnicity

consumer insight is fresh marketing information based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and relationships.

Products/services are not just physical entities, they reflect deep-felt MEANINGS! Consumption rituals Symbolic values of goods/services

Each buyer has unique needs... so each buyer is potentially a separate market.

b

Demography: studies human populations in terms of size, density, location, age, gender, race, occupation, and other statistics

mass(undifferentiated marketing) segment marketing niche marketing micro marketing

Companies are forming customer insights teams • Include all company functional areas • Collect information from a wide variety of sources • Use insights to create more value for their customers

marketing concept

WIDTH: Number of different product lines carried. Unilever has: paper, food, household cleaning, cosmetics, & personal care products. LENGTH: Total number of items the company carries within its product lines. Nestle waters: Perrier, Vittel, & 70 others (Pellegrino, Buxton, etc.) DEPTH: Number of versions offered of each product in the line. Colgate toothpaste has 11 varieties

internal data marketing intelligence mrketing research

Product Mix: total set of brands marketed in a company. Sum of the product lines offered. Colgate divides its overall product mix into four major lines: oral care, personal care, home care, and pet nutrition. Each product line consists of many brands and items

b

A perceptual map is a useful positioning tool that identifies the important dimensions and then asks consumers to place competitors in this space. Marketers can then analyse similarities and differences between products and the opportunities for new products possessing attributes not represented by current brands

Measurable Accessible Substantial Differentiable Actionable

the production concept the product concept the selling concept the marketing concept the societal marketing concept the sustainable marketing concept

Price is the amount of money charged for a product or a service. • Only element of the marketing mix that generates revenue on the spot. • Price cannot be set in isolation. • You need to consider the other Ps and the consumers! Price is the amount of money charged for a product or a service. • Only element of the marketing mix that generates revenue on the spot. • Price cannot be set in isolation. • You need to consider the other Ps and the consumers!

•Age & Life Cycle •Gender •Income •Occupation •Religion •Ethnicity

A positioning statement is a statement that summarises company or brand positioning.

Personality Compulsive, gregarious, authoritarian, ambitious, etc. Not as useful as it sounds because the link between the buyer and brand personality changes by product category. Does not really work for detergents, cereals, etc.

Internal databases are collections of consumer and market information obtained from data sources within the company network

company Value Consumer Perceptions & Preferences Barrier to Competition High Profits – strong brands associated with premium prices. Net profit margins! Base for Brand Extensions Quality Certification Trust

target market selection tailored marketing mix differentiation opportunities and threats

Internal databases are collections of consumer and market information obtained from data sources within the company network

b

Examine 40 different characteristics of every item in the shopper’s basket to develop an understanding of the customer’s ‘DNA’ and to cluster customers into different types – ‘upmarket’, ‘price sensitive’, ‘green’ etc. They create stores which reflect local demographics and purchasing patterns with great precision.

life style personality social class

segmentation