Term
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Definition
Emotional, Functional, Economic. (Which was most critical?)
Emotional is most important |
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Term
| Superior Satisfaction of a Common Goal |
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Definition
common to other businesses of that kind)
Our hamburgers just taste better. (Burger King vs. McDonalds) |
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Term
| Uniquely Satisfying a Neglected Goal |
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Definition
(Blue Ocean does this)
Our fast food is nutritious. (Subway vs. McDonalds) |
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Term
| Satisfy a Unique Combination of Common Goals |
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Definition
Goals (e.g. one-stop shopping, turnkey solutions)
A meal and a playground (McDonalds has playland) |
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Term
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Definition
(e.g. good tasting and good for you too; for moms with a lot of love but not a lot of time)
It tastes good, and you can lose weight. (Subway again.) |
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Term
| Buyer Knowledge Leads to Market Stability |
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Definition
| Four Kinds of Knowledge: Categories, Perceptions, Preferences, Choice |
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Term
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Definition
| Clustering to reduce the (overwhelming) number of alternatives |
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Term
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Definition
| Useful simplification of reality. (Perceptions are sufficiently complete but always incomplete.) |
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Term
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Definition
| Judgments about the value of perceived similarities and differences. |
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Term
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Definition
| Constructing a logic for choosing. Shortcuts. (Heuristics) |
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Term
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Definition
| the social consensus that emerges from the knowledge consumers acquire about the product category |
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Term
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Definition
| A typical example or pattern of something. A model |
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Term
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Definition
| Clustering to reduce the (overwhelming) number of alternatives |
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Term
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Definition
| Useful simplification of reality. (Perceptions are sufficiently complete but always incomplete.) |
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Term
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Definition
| Good overall package. Strengths make up for weaknesses. |
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Term
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Definition
| Identify the most important goal and find the alternative that delivers the best on that single goal. |
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Term
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Definition
| Develop a set of minimum standards the product has to meet. Go down the list until you find a product that meets all of the standards. |
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Term
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Definition
| Similar to satisficing. Identify the most important criterion and eliminate every product that does not meet the cut-off level on that criterion. Then identify the second most important and eliminate the products that do not meet that standard. Continue until only one alternative remains. |
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Term
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Definition
| Combine strategies in a sequence. Early in the process, use one strategy to reduce the set of alternatives. Then use more elaborate strategy to choose among screened alternatives |
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Term
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Definition
| What causes buyer consensus to change over time? |
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Term
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Definition
| Differences between products that are visibly apparent to the consumer |
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Term
| Imperceptible differences |
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Definition
| imperceptible but existing differences that may affect the desirability of a product |
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Term
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Definition
| distinguishing characteristics or products effected through unique branding, packaging, distribution, merchandising, and advertising |
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Term
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Definition
Can occur in three ways: incremental, architectural, and discontinuous.
Incremental: Most common, easiest to adjust to.
Architectural: rare and have greater impact. Alter the ways subsystems relate to each other. (e.g. Canon’s smaller printers.)
Discontinuous: Fundamental change in crucial subsystems |
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Term
|
Definition
Changing the rules without new technology.
Novel Scope of the Market: Ignored buyers or underserved niches (e.g. Southwest Airlines, Tata Nano’s $2500 car)
Redefining Scope of Competitive Strategy: Blue Ocean Strategy and Apple’s IPOD |
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Term
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Definition
| Buyer needs and tastes change over time regardless of technology and strategy |
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Term
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Definition
| Different from biological rivalry. In biological rivalry, losers die. In social rivalry, losers can change their business model and get back in the game or find a way to redefine the rules of the game. (Losing business models might die off, but the companies themselves can change their business models.) |
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Term
| Defining the Game: Market Pioneering |
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Definition
| The battle to “define the future” (i.e. the rule of the game) begins with the definition of the market. Many pioneer brands (e.g. Wrigley’s Levi’s, Coke, Disney theme parks) continue to outsell competitors for years. Pioneers are better known and generally more trusted, and that makes customers less price sensitive. |
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Term
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Definition
| Not the pioneer, but the strong second brand. They enter strong and early and attract a lot of customers. (This takes scale, nimbleness, and resources that not all companies have.) (e.g. Yahoo introduces search engines and Google comes in and takes lead.) |
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Term
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Definition
| Sometimes based on real differences in value and sometimes more rooted in perceptions. (Think about Toyota’s reliability and Volvo’s safety. What about Hallmark’s “when you care enough to send the very best” image and Starbuck’s popular coffee shop brand.) Old textbook: Perceptible, Imperceptible, and Induced differences |
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Term
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Definition
| A study showed that pioneers enjoy clear advantages over imitative late movers, but innovative late movers created a disadvantage for the pioneers. (Used an example of the development of personal computing: IBM pioneered, Microsoft shifted the value to software, and now Google |
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Term
| What is an endorser brand and how is that different from a purpose brand? |
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Definition
| A brand becomes an “endorser brand” when it is used in connection with products whose job is incompatible with that of the original brand. (Imagine Disney endorsing kitchen cleaning products.) Using a brand as in endorser brand can harm brand equity. |
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Term
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Definition
| Grouping category users into subgroups based on meaningful differences in why and how they buy the product. |
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Term
| Three Approaches (to Standing Out): |
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Definition
| Operational Excellence, Product Leadership, Customer Intimacy (Elsewhere you read about Perceptible, Imperceptible, and Induced Differences, and about Functional, Image, and Experience Marketing) |
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Term
| Common Approaches to Segmentation: |
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Definition
Product Usage, Demographics, Psychographics, Geography
For Business Customers: Industry, Size of Business Customers |
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Term
|
Definition
Frequency of Use: Regular Users, Occasional Users, Non-Users
The way they purchase and use it |
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Term
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Definition
| Based on age, gender, race, ethnicity, income level, and other “check the box” kind of descriptors |
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Term
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Definition
| Based on lifestyle, activities, interests, and opinions. (Modern examples: Nerds, adrenaline junkies, conservatives, liberals) |
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Term
| Marketing myths of brand building |
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Definition
Myth #1: A brand community is a marketing strategy.
Myth #2: A brand community exists to serve a business.
Myth #3: Build the brand and the community will follow.
Myth #4: Brand communities should be love-fests for faithful brand advocates.
Myth #5: Opinion leaders build strong communities.
Myth #6: Online social networks are the key to a community strategy.
Myth #7: Successful brand communities are tightly managed and controlled. |
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Term
|
Definition
United by shared goals and values
Republicans, Democrats, Apple devotees) |
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Term
|
Definition
Based on strong one-to-one connections
Cancer Survivors Network) |
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Term
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Definition
| United by admiration of an individual (like a celebrity.) They need to have webs too in order to be stable. |
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Term
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Definition
| Brands of Authority offer expert affiliation and advice |
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Term
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Definition
| Brands of Conversation thrive on interaction and engagement |
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Term
| Nine archetypical community scripts: |
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Definition
The Tribe
The Fort
The Sewing Circle
The Patio
The Bar
The Tour Group
The Performance Space
The Barn Raising
The Summer Camp |
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Term
| eighteen social and cultural roles played by team members in communities |
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Definition
Mentor
Learner,
Back-Up, Partner,
Storyteller, Historian,
Hero, Celebrity
Decision Maker, Provider
Greeter, Guide, Catalyst
Performer
Supporter
Ambassador
Accountant
Talent Scout |
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Term
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Definition
| Teaches others and shares expertise |
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Term
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Definition
| Enjoys learning and seeks self-improvement |
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Term
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Definition
| Hosts and takes care of other members |
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Term
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Definition
| Promotes the community to outsiders |
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Term
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Definition
| Keeps track of people’s participation |
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Term
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Definition
| A group with deep interpersonal connections built through shared experiences, rituals, and traditions. |
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Term
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Definition
| An exclusive place for insiders to be safe and feel protected. |
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Term
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Definition
| An effective way to accomplish tasks while socializing. |
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Term
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Definition
| A way to participate in new experiences while staying inside a comfort zone. |
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Term
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Definition
| A periodic experience that reaffirms connections. |
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Term
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Definition
An identity, a name, a reputation
A brand is a name, symbol, or mark associated with a product or service and to which buyers attach psychological meanings. |
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Term
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Definition
| Consumers’ simplified ideas about what a brand represents. |
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Term
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Definition
| The value of the brand. (It ultimately resides in the mind of the consumer.) |
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Term
| The Three Types of Brands |
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Definition
| Functional, Image, and Experiential |
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Term
| Three dimensions of experience for experiential brands |
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Definition
| Valence (positive/negative), Potency (mild/intense), and Activity (passive/active) |
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Term
| Two great challenges for experiential brands |
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Definition
| 1) the ability to create the experience consistently (involves careful recruiting and training) and 2) the potential for satiation (e.g. the fifth trip to Disney World). |
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Term
|
Definition
| Brands can range along a continuum from functional to experiential rather than being all one thing or another. (A continuum: Something that isn’t all one thing or another. In the U.S. we talk about differences that are “shades of gray” rather than “black and white differences.” |
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Term
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Definition
| Product, Family, and Corporate Branding |
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Term
| Goal-Driven Marketing Research |
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Definition
STEP 1: Start by Preparing the Report: Prepare a draft of the report and see what data needs to be gathered to fill in the gaps.
STEP 2: Consider How to Analyze the Data
STEP 3: Decide How to Gather the Data
The chapter talks about types of samples. The two broad categories are probability and non-probability.
STEP 4: Determine the Research Instrument and Design
The three types of research designs are exploratory, descriptive, and causal. Different designs are often used at different stages of the project. |
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Term
|
Definition
| Nominal, Ordinal, interval, ratio |
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Term
| Kinds of Probability Samples |
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Definition
| Simple Random, Stratified Random, and Cluster (More common in descriptive stage) |
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Term
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Definition
| Every member of the population being studied has an equal chance of being chosen. (Ideal but hard to get.) |
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Term
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Definition
| A probability sample in which members of population are placed into mutually exclusive groups, then sample is chosen randomly from each of the separated pools. (e.g. Grouped by demographic factors first) |
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Term
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Definition
| A probability sample in which members of population are placed into mutually exclusive geographic clusters, then sample is chosen randomly from each cluster |
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Term
According to Malcolm Gladwell's presentation, Prego needed to find one best flavor of spaghetti sauce instead of dividing its resources by offering three different ones.
True
False |
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Definition
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Term
According to Chapter 1 of Kellogg on Marketing, the three buyer goal categories are emotional, functional, and economic and the economic category is the only one that really matters.
True
False |
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Definition
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|
Term
The market paradigm is the social consensus that emerges from the knowledge customers have about the product category.
True
False |
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Definition
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|
Term
Southwest Airlines, Tata's Nano, and Apple's iPod were all examples of technological innovations. that changed the market paradigm
True
False |
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Definition
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Term
Imperceptible differences in a product are based on tangible differences that are not immediately obvious to the senses, and induced differences are intangible differences that come more from branding and/or history.
True
False |
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Definition
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Term
Marketing Myopia (according to HBR reading 3) is when a company defines its market too broadly rather than focusing in.
True
False |
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Definition
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|
Term
CCO stands for Chief Customer Officer which is a relatively new (and sometimes ill-defined) position in many companies according to HBR Reading 1.
True
False |
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Definition
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Term
According to Chapter 2 of Kellogg's on Marketing, a company should segment its customers demographically before segmenting them psychographically.
True
False |
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Definition
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Term
Demographic segmentation is when a company segments its customers based on activities, interests, and opinions.
True
False |
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Definition
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Term
According to reading 9 in HBR's On Strategic Marketing, the one number you need to grow is net sales. A marketer should ignore everything else and focus on that.
True
False |
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Definition
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|
Term
Amazon's Kindle made it much less expensive for small publishers to publish their books, but getting someone to notice or read the books is still a challenge.
True
False |
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Definition
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Term
| After reading the Marcher Lord Press case, what challenges did you see Jeff Gerke facing as he tried to market his books to the science fiction/fantasy segment of the Christian market? (Or was it the Christian segment of the science fiction/fantasy market? Would that make a difference?) Do yo think he was clear on who he was trying to reach? If not, what other questions should he have tried to answer? |
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Definition
| Jeff Gerke was trying to market his books to a very small substrata of the Christian book reader market. I think he was marketing to the sci-fi/fantasy reading segment of the Christian market. I think it would make a difference, since there are so many people that happen to like sci-fi / fantasy books that may or may not be Christian or interested in Christian books. I think he had an idea on who he was trying to reach, but was not completely clear. He should have asked "who else might be interested in reading these particular books, how can I increase my customer base, and where can I find more customers". |
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Term
Christensen, in "Marketing Malpractice," says companies should approach branding and brand-building innovation by asking what jub the customer has hired the company or it's products to do.
True
False |
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Definition
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Term
According to Chapter 4, comparing a product to a competitor's product helps establish in the consumer's mind what kind of product it is and how it would be used. (The product category, in other words.)
True
False |
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Definition
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|
Term
The two approaches to product positioning described in Chapter 4 of Kellogg were...
Attribute-based and emotion-based
Competition-based and customer-based
Word-based and image-based
Essence-based and exemplar based |
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Definition
| Competition-based and customer-based |
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Term
When using the laddering process to build up to brand essence, functional benefits are more important to the customer's decision than emotional benefits.
True
False |
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Definition
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|
Term
With competition-based positioning, a customer needs to understand what a product is before they understand how it is different or better.
True
False |
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Definition
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Term
According to Keller in "The Brand Report Card," a company should reposition its brand often to keep customers from getting bored with it
True
False |
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Definition
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Term
In Chapter 5 of Kellogg, the author described ___________________ as "the extent to which consumers see the product as relevant to a larger, more encompassing experience, possibly even encompassing one's life as a whole." (The used the example of a car symbolizing one's place in society among Chinese customers.)
Engagement
Personality
Brand Story
Support |
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Definition
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Term
The visual elements of the brand design approach listed in Chapter 5 were picturing, symbolizing, and animating.
True
False |
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Definition
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Term
The verbal elements of McDonalds brand design were the picture of the food, the picture of the clown, and the company logo.
True
False |
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Definition
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|
Term
Experiential brands are about what the brand represents and image brands are about how the customer feels when using the product
True
False |
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Definition
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Term
| Competition-Based Positioning |
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Definition
Entails choosing a category and a point of difference. (e.g. Pilsbury Toaster Strudels are like Pop-Tarts only you cook them.)
The Category: Provides a frame of reference for product use. (Think about: Seven Up as a soft drink or a remedy for babies with stomach problems.)
Point of Difference: How it’s better, cheaper, more convenient, etc. (Seven Up: Crisp and clean and no caffeine. The UnCola. Subway is more nutritious than McDonalds hamburgers. Burger King lets you special order and uses flame broiled burgers.) |
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Term
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Definition
The authors describe the laddering process which starts with product attributes and works up to the benefits they’re supposed to offer.
Attribute: Contains Mouthwash>
Functional Benefit: Makes Your Breath Fresher>
Emotional Benefit: Makes you feel more attractive
Brand Essence: Helps You Find Love>Makes Life Happier) |
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Term
| Customer-Based Positioning |
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Definition
| Focuses on how consumption of the brand and the category is relevant to customers’ lives. (The authors describe brand essence and category essence.) |
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