"Marketing is like _______."

Mercury

What is a major risk of working in a narrow brand? 

Destruction of creativity

What are some advantages of working with intrinsic motivators?

Autonomy, Mastery, Purpose in work

What is a fad?

Fads are fleeting and short-lived (most often in fashion). 

What is a mega-trend?

Mega-trends have a lasting impact and influence, i.e. reshaping economies, culture, consumer mindset.

Name some examples of Mega-trends that are changing market dynamics.

• The End of Status
• The End of Ownership
• The Overthrow of Gatekeepers
• The Quest for Experience
• The End of Fashion
• The Power Button
• The End of Silence
• The End of Romance
• The Future is Immediate
• The Buy Button

Describe the 'End of Status' Mega-trend.

The End of Status refers to marketing shifting from one image prescribed for all to a personal image of status that's all about [the consumer]. 

Name some examples of 'Badge Brands'.

Rolex, Gucci, BMW, Ralph Lauren

Name some examples of 'Me-Brands'.

Nike ID, Nokia, iPod, True Match Foundation, Starbucks

Name some examples of 'Meaningful Brands'.

Prius, Dove, Body Shop

Name some examples of 'Weaningful Brands'. 

Toms Shoes, Bernie Sanders, Zipcar, Whole Foods

What is a positioning statement?

Name 7 key elements of brand positioning.

• Ideal consumer
• The challenge for this consumer
• Product name
• Product category
• Key benefit and reason to buy
• The competition of alternative
• Unique Selling Proposition (USP)

What is the basic formatting for a brand positioning statement?

Name the brand based on the Essense Wheel:

"Steve Jobs, Cuppertino, Creativity, Customization, iPad, iPod, Mac, iPhone."

Apple

Name the brand based on the 
Essense Wheel:

"Jenna Lyons, Catalogs, Classic but with a twist, Smart, Online, Partnerships & Collaborations, Liquor Store". 

J. Crew

Name the brand based on the Essense Wheel:

"Coco Chanel, Karl Lagerfeld, quilting, Marilyn Monroe, French, No. 5". 

Chanel

Name the brand based on the Essense Wheel:

"House of Cards, Instant, Streaming, Red, Orange is..."

Netflix

Name the brand based on the Essense Wheel:

"Instructor playlists, yellow, intense, pack energy".

SoulCycle

Name the brand based on the Essense Wheel:

"Spas, Juice Bars, Classes, Trainers, Provocative, Sexy, Luxury". 

Equinox

Describe the role of research.

The planning, collection, and analysis of data relevant to (marketing) decision making. 

The communication of the results of this analysis to brand management.

List the importance of marketing research.

• Improve the quality of decision making
• Trace problems
• Focus on keeping existing customers
• Understand changes in marketplace

Name some top market research activities.

• Market measurement
• New Product Development/Concept Testing
• Ad or Brand awareness monitoring/tracking
• Customer satisfaction (incl. Mystery Shopping)
• Usage and Attitude studies
• Media research & evaluation
• Advertising development and pre-testing
• Social surveys for central/local governments
• Brand/corporate reputation
• Omnibus studies

Name the main research approaches.

Primary and Secondary

Name some primary research sources.

Name some secondary research sources.

• Library
• Web
• Database
• Archive

Name some primary research methods.

• Survey
• Focus Group
• Depth Interview
• Projective Tech
• Observation

Name a secondary research method.

• Literature review

Name 3 marketing research methods by objectives.

• Exploratory
• Descriptive
• Causal

Describe the Exploratory research method.

Explaining data or actions to help define the problem.

(Small scale surveys, focus groups, interviews)

Describe the Descriptive research method.

Gathering and presenting factual statements: who, what, when, where, how.

(Larger scale surveys, observation)

Describe the Causal research method.

Probing cause-and-effect relationships; "What if?"

(Experiments, consumer panels)

Describe the steps of the market research process.

1. Define the research problem
2. Develop the research plan
3. Collect data
4. Analyze data
5. Report findings

What decisions are made while developing a research plan?

• Budget
• Data sources
• Research approaches
• Sampling plan
• Contact methods
• Methods of analysis

Name the 2 market research methodologies.

Quantitative and Qualitative

Describe quantitative research methodology.

• Involves collecting and measuring data
• Uses statistical methods to analyze data
• Aims to achieve objective/scientific view of the subject

Describe qualitative research methodology.

• Involves understanding human behavior and the reasons behind it
• Focus is on individuals and small groups
• Objectivity is NOT the goal; aim is to understand one point of view, not all.

Law #1: The Law of Leadership

"It's better to be first than it is to be better."

People remember the first brand that is introduced to them.

Law #2: The Law of the Category

"If you can't be first in a category, set up a new category you can be first in."

Ex: Amelia Earhart is first woman to fly solo across Atlantic. 

Law #3: The Law of the Mind

"It's better to be first in the mind than to be first in the marketplace."

Ammendment to Law #1; being first in the marketplace is only important if it allows you to get in the mind first. 

Law #4: The Law of Perception 

"Marketing is not a battle of products, it's a battle of perceptions." 

The only reality you can be sure about is in your own perceptions...Marketing is a manipulation of those perceptions. 

Law #5: The Law of Focus

"The most powerful concept in marketing is owning a word in the prospect's mind."

Ex: Volvo...safety, Pepsi-Cola...youth 

Law #6: The Law of Exclusivity

"Two companies cannot own the same word in the prospect's mind." 

Another brand can't 'own' the same word of a competitor once it's already in the mind of a consumer.

Law #7: The Law of the Ladder

"The strategy to use depends on which rung you occupy on the ladder." 

Your marketing strategy should depend on how soon you got into the mind and consequently which rung you occupy. 

Law #8: The Law of Duality 

"In the long run, every market becomes a two-horse race."

Law #9: The Law of the Opposite

"If you're shooting for second place, your success is determined by the leader." 

Discover the essense of the leader above you and present the prospect with the opposite (try to be different, not better). 

Law #10: The Law of Division

"Over time, a category will divide and become two or more categories."

Categories break up into segments. Ex: Computers = mainframes, personal computers, laptops, workstations. 

Law #11: The Law of Perspective

"Marketing effects take place over an extended period of time." 

Long term effects are often the exact opposite of the short term effects. Ex: sales increase revenue at first, but teache customers that items will go on sale and they should not buy at full price.

Law #12: The Law of Line Extension 

"There's an irresistible pressure to extend the equity of the brand." 

Brand tries to be all things to all people. Better to be strong in one thing than weak everywhere. Ex: Adidas cologne? (They are known for shoes)

Law #13: The Law of Sacrifice

"You have to give up something in order to get something." 

If you want to be successful, you should give something up: product line, target market, constant change. Ex: Kraft is successful because of Philadelphia cream cheese.

Law #14: The Law of Attributes

"For every attribute, there is an opposite, effective attribute." 

If you are to succeed, you must have an idea or attribute of your own to focus your efforts around. Ex: Crest toothpast fights cavities, but Colgate whitens teeth.

Law #15: The Law of Candor

"When you admit a negative, the prospect will give you a positive." 

Admitting a negative will earn trust with a consumer; once consumer's mind is open, drive in positive attribute. Ex: Listerine is bad tasting but cleans your mouth effectively. 

Law #16: The Law of Singularity

"In each situation, only one move will produce substantial results."

Often there is only one place where a competitor is vulnerable; this place should be the focus of the entire invading force. 

Law #17: The Law of Unpredictability

"Unless you write your competitor's plans, you can't predict the future." 

Failure to forecast competitive reaction is a major reason for marketing failures. 

Law #18: The Law of Success

"Success often leads to arrogance, and arrogance to failure."

Ego is the enemy of successful marketing, objectivity is what's needed.

Law #19: Law of Failure

"Failure is to be expected and accepted."

Admitting a mistake and not doing anything about it is bad...A better strategy is to recognize failure early and cut your losses. 

Law #20: The Law of Hype

"The situation is often the opposite of the way it apprears in the press." 

When things are going well, a company doesn't need hype. When you need the hype, it usually means you're in trouble. 

Law #21: The Law of Acceleration

"Successful programs are not built on fads, they're built on trends." 

Fads are short term and go up and down; Trends are nearly invisible and have a powerful long term impact.

Law #22: The Law of Resources

"Without adequate funding an idea won't get off the ground." 

You need money to get into the prospect's mind; and you need money to stay there. The best ideas won't go far without money to get off the ground.