Term
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Definition
Steal Share
OR
Stimulate Primary Demand |
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Term
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Definition
| Demand that expands the category |
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Term
| Two things to consider when developing a marketing forecast |
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Definition
Events that are within your control (new products, marketing spending, etc.)
AND
Events that are outside your control (Changes in the economy, competitive activity, etc.) |
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Term
| How to determine source of volume |
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Definition
What are customers currently doing?
What are customers thinking about your product and product category?
How does this relate to your marketing and business objectives? |
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Term
| Three ways to stimulate Primary Demand |
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Definition
1) New users
2) New volume (supersize that!)
3) New value (trade up) |
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Term
| What to identify when stealing share |
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Definition
1) identify the specific brand/segment from which we intend to steal share
2) specify clearly the key advantage of our brand vs. theirs |
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Term
| Acquisition / Stimulate Demand |
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Definition
| Attract New Category Users |
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Term
| Acquisition / Steal Share |
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Definition
| Attract New Brand Users (already in category |
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Term
| Retention / Stimulate Demand |
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Definition
| Increase consumption among current users |
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Term
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Definition
| Increase consumption among multi-brand users |
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Term
| How to create a perceptual map for stimulating demand |
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Definition
Don't worry about competitors. Rather, estimate latent / potential demand for the product...
Think of the map with music...first it was the radio, then the mp3 player, then the ... |
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Term
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Definition
| Evaluated prior to product purchase and consumption. The most common search attribute is price. Other examples include brand name, color, smell, size, nutritional information, performance attributes such as miles per gallon, warranties, etc. |
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Term
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Definition
| Evaluated after consumption. This includes taste, actual (rather than predicted) fuel efficiency, cleaning ability, shoe comfort, etc. |
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Term
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Definition
| Cannot be evaluated before or after consumption. Vitamins are an example of something with high credence attribute. It is impossible for the consumer to tell if the vitamins are the true cause of health improvement. Credence attributes are most important when customers have high ego-involvement in a category--when they are "feel-do-learning" within a category. |
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Term
| Steps to root cause analysis |
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Definition
1) Define the problem
2) Collect data
3) Identify possible causal factors
4) Identify the root cause
5) Recommend and implement solutions |
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Term
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Definition
| Market Size --> Awareness --> Perception --> Consideration Set --> Purchased --> Satisfaction --> Repeat Purchase |
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Term
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Definition
Strategy
Structure
Systems
Shared Values
Skills
Staff
Style |
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Term
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Definition
Suppliers
Potential Entrants: Substitutes
Potential Entrants
Buyers
Industry Competitors |
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Term
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Definition
| Who are we? i.e. What business are we in? As Walmart, we are the world's best supply chain. |
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Term
| Strategic Competitive Advantage |
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Definition
| What core competency will fuel our success? |
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Term
| Business Objective / Goal Creation |
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Definition
| What does success look like? Where are we going? Do we increase profits or increase share? |
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Term
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Definition
| Acquire New Customers or Retain Current Customers |
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Term
| User --> Buyer --> Influencers --> Gatekeepers --> Deciders |
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Definition
| The difference between a gatekeeper and a decider is that a gatekeeper controls the flow of information you receive. (Mom keeps you away from the toy isle at the store) |
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Term
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Definition
| Business Objective --> Marketing Objective --> Source of Volume --> STP --> 4Ps --> Evaluation/Control |
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Term
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Definition
| Specialists perform better than generalists |
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Term
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Definition
| 4Cs Analysis --> SWOT --> SCA --> Key I&I --> Objectives --> Goals --> Strategies --> Measures --> Initiatives (specific projects and actions for implementing strategies) |
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Term
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Definition
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Term
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Definition
Financial Goals (grow revenue)
Marketplace Goals (grow share)
Organizational Goals (zero overhead growth)
People Goals (reduce employee turnover) |
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Term
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Definition
Significant
Measurable
Achievable
Relevant
Time-bound
Smart goals consider FMOP goals. i.e. they are balanced and considers impact on FMOP |
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Term
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Definition
Goals are the WHAT...the measurable ends to what we want to achieve. Goals are mutually exclusive.
Strategies are the HOW. The actions we will take to achieve our goals. Not mutually exclusive (multiple strats for one goal, or one strat can support multiple goals) |
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Term
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Definition
| For [target market] the [name of product] is [single most important claim] among all [competitive frame] because [single most important support] |
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Term
| Three Components of Brand Positioning |
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Definition
1) Competitive Frames of Reference
2) Points of Difference (PODs)
3) Points of Parity (POPs) |
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Term
| Competitive Frames of Reference |
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Definition
Nature of competition
Target market |
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Term
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Definition
Points of Difference
1) Desirable to consumer
2) Deliverable by the brand
3) Differentiating from competitors |
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Term
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Definition
Points of Parity
1) Negate competitor points-of-difference
2) Demonstrate category credentials |
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Term
| Actual vs Augmented Product |
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Definition
Actual product includes: brand name, quality, packaging, design, features, etc.
Augmented product: Warranty, product support, delivery and credit, after sale service, etc. |
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Term
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Definition
| Top (highest brand loyalty): Personality --> Values of User --> Emotional Benefits --> Functional Benefits --> Attributes |
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Term
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Definition
Inelastic = A 1 unit decrease in price leads to a < 1 increase in Quantity sold
Elastic means a 1 unit decrease in price leads to a > 1 increase in Quantity sold. |
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Term
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Definition
Attention
Interest
Desire
Action
Fit (Personality)
Sustitutability |
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Term
| Warm Bodies Model - Pricing |
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Definition
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Term
| Warm Bodies Model - Positioning |
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Definition
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