Tuesday, December 04, 2012

basics of marketing - 551

These are my own notes for marketing 551
  1. Understanding fundamental concept  and frameworks . Think like a marketing manager.
  2. Scope of marketing is not just  getting people buy your product. Marketing means providing total customer value in terms of: Customer Service, Product design, Customer Analysis, Pricing, competitive strategy.
  3. Customer Value - Product Value, Image Value, Monetary cost, time cost, energy cost.
  4. Market- a verb to be avoided, because its too vauge.
  5. Marketing as a process: Strategic overview (Analysis of Customer, Company, Competition, collaborator and context). Creating value (definition of market, Segmentation,targeting, positioning, marketing mix) and Delivering value( Execution in market, Customer acquisition, analysis of results).
  6. Trend, Marketing research (primary data, secondary data)
  7. Customer life time value. Total value a customer will provide in its lifetime with the company.

Segmentation: Demographic, Geographic, Psycho-graphics, behavioral .
Targeting: Measurable, differentiable, Substantial, accessible, actionable.
Positioning the product-  Target Market, Product attributes, Firm capabilities, creating value.
Buyer Behavior- Model for low involvement new product: Awareness, Interest, Trial, Repeat
Product: Core benefits,  features and Value

New Product Development

Four Ps- Product, Price, Promotion, Placement.

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