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2
README.md
Normal file
2
README.md
Normal file
|
|
@ -0,0 +1,2 @@
|
|||
Intro-to-marketing-course-notes
|
||||
===============================
|
||||
780
Week1.md
Normal file
780
Week1.md
Normal file
|
|
@ -0,0 +1,780 @@
|
|||
---
|
||||
title: "Introduction to marketing: Part 1"
|
||||
author: "François Pelletier"
|
||||
output: pdf_document
|
||||
---
|
||||
|
||||
# Week 1: BRANDING: Marketing Strategy and Brand Positioning
|
||||
|
||||
## 1.1: Building Strong brands
|
||||
|
||||
What is marketing ?
|
||||
|
||||
- Study of market exchange between two or more partners.
|
||||
- This simpliest example is having one buyer and one seller.
|
||||
|
||||
### Spectrum between two extremes:
|
||||
|
||||
1. Seller's market:
|
||||
- Customer have to come to the seller.
|
||||
- There is a strong focus on products.
|
||||
- Profit comes from volume
|
||||
- Success is measured with market shares and economy of scale.
|
||||
|
||||
2. Buyer's market:
|
||||
- Seller have to meet the needs of the customer.
|
||||
- Every customer wants something different, so the seller has to pick and choose customers
|
||||
- Leads to segmentation.
|
||||
- Profit comes from creating value and selling at a premium price, building loyalty over time
|
||||
- Success is measured with customer share.
|
||||
- Expensive to acquire customers but cheaper to keep them over time
|
||||
- Use cross-sellong of complimentary products
|
||||
|
||||
3. Connected community:
|
||||
- Based on globalization and internet.
|
||||
- Can get good and bad opinions widely spread fast.
|
||||
- Notion of customer experience:
|
||||
- customer value
|
||||
- happens through the whole purchase process : before and after transaction
|
||||
|
||||
4. Economic uncertainty
|
||||
- Recession: people lose trust in market
|
||||
- Sellers have to be
|
||||
- authentic and deliver genuine services and value to keep trust over time
|
||||
- disciplined
|
||||
- adapting fast to changes
|
||||
|
||||
### 4 Orientations of marketing
|
||||
|
||||
1. Production: Persuade customer they want your product
|
||||
2. Marketing: Persuade firm to offer what the cusomer wants
|
||||
3. Experience: Manage entire experience with firm
|
||||
4. Trust: Building a relationship of trust and discipline
|
||||
|
||||
### Sources of value for the customer
|
||||
|
||||
1. Generic
|
||||
2. Differentiated product and services
|
||||
3. Experiential value
|
||||
4. Genuine value
|
||||
|
||||
### Competitive advantage
|
||||
|
||||
No. | Advantage | Measure
|
||||
---|---|---
|
||||
1. | Lowest cost | Market share
|
||||
2. | Quality and service: Customer knowledge and data | Customer share and loyalty
|
||||
3. | Transformation: custoemr as co-creator of value | Buzz / Word of mouth / Referrals
|
||||
4. | Trust: discipline | Reduced cost of acquisition of a customer
|
||||
|
||||
### Three principles of marketing
|
||||
|
||||
1. Customer value
|
||||
2. Differentiation
|
||||
3. Segmentation, targeting and positioning
|
||||
|
||||
### 4 P's of marketing (marketing mix)
|
||||
|
||||
Name | Refers to
|
||||
---|---
|
||||
Product | Seller
|
||||
Place | Distribution
|
||||
Promotion | Advertisement
|
||||
Price | Buyer
|
||||
|
||||
## 1.2 Strategic marketing
|
||||
|
||||
### Framework: Market-driven principles
|
||||
|
||||
1. Know your markets
|
||||
- What customers want
|
||||
- How competitors react
|
||||
- By doing market research
|
||||
2. Customers have the final say
|
||||
- Assume customers go through data in 3 bundles
|
||||
1. Price and functionality
|
||||
2. Product features and design
|
||||
3. Can be customized to meet needs
|
||||
- Focus on one bundle and be satisfactory on the two others
|
||||
3. Commit to being first in the markets you serve by looking at
|
||||
- Structure
|
||||
- Resources prioritization
|
||||
- People you hire
|
||||
|
||||
### Value map
|
||||
|
||||
|
||||
|
||||
Provide a fair value for 2 of the 3 bundles. Provide superior value for 1 on the 3 bundles.
|
||||
|
||||
### Strategies for leadership
|
||||
|
||||
|
||||
|
||||
1. Product attributes -> Operational excellence -> Customization
|
||||
2. What are customer expectations -> fair value
|
||||
3. Where you are vs. your competitors
|
||||
|
||||
Short term goals: Be at fair value for everything
|
||||
Long term goals: Be the best at one of the bundles, be good at others
|
||||
|
||||
### Examples
|
||||
|
||||
1. Operational company
|
||||
- Allocation of resources
|
||||
- Prioritize IT
|
||||
2. Performance superiority
|
||||
- R&D company
|
||||
- Innovative staff who doesn't like heavy hierarchy and structure
|
||||
3. Customer intimacy
|
||||
- Market research
|
||||
- Customer comes first
|
||||
|
||||
Mature products: High cost efficiency and high performance superiority
|
||||
Personal services: High customer intimacy, low cost efficiency
|
||||
|
||||
## 1.3 Segmentation and marketing
|
||||
|
||||
### Segmentation, targeting and positioning framework (STP)
|
||||
|
||||
1. Segmentation:
|
||||
Variables that allows segments
|
||||
2. Targeting:
|
||||
Evaluate attractiveness of each segment and choose one
|
||||
3. Positioning:
|
||||
Concept for each target segment, select best and communicate it
|
||||
|
||||
Market segment:
|
||||
|
||||
- Dividing into subsets
|
||||
- Marketing target
|
||||
- Reach with a distinct marketing mix (4P)
|
||||
|
||||
### How to divide market segments
|
||||
|
||||
1. Characteristics of the customer
|
||||
- Most common
|
||||
- Age, richness, gender
|
||||
2. Benefits sought
|
||||
3. Systematic, product-related
|
||||
- Purchasing behavior
|
||||
- By channel
|
||||
- Frequency
|
||||
- Shopper vs loyal
|
||||
4. Cohort analysis
|
||||
- Generations
|
||||
1. Great depression
|
||||
2. World War II
|
||||
3. Post War
|
||||
4. Boomers
|
||||
5. Generation X
|
||||
6. Generation Y
|
||||
- Likes:
|
||||
1. Free content
|
||||
2. Telecommunication
|
||||
3. Everything is social
|
||||
4. Wireless, right fit
|
||||
- Dislikes:
|
||||
1. Anonymous mass market
|
||||
2. Beaten paths
|
||||
3. Restricted access
|
||||
7. Millenials
|
||||
- Big shoppers:
|
||||
1. Co-purchase with parents
|
||||
2. Live or supported by parents
|
||||
- Information is experienced electronically
|
||||
1. Multi-tasking
|
||||
2. Co-creator of content / products / medias
|
||||
3. Connected
|
||||
4. Socially responsible
|
||||
5. Geographic segmentation
|
||||
- Regional segmentation
|
||||
- Zip clustering
|
||||
- PRIZM algorithm
|
||||
|
||||
### Select a target segment
|
||||
|
||||
What makes a segment attractive ?
|
||||
|
||||
1. Segment attractiveness vs capability
|
||||
2. Monitoring if actual buyers match segment
|
||||
3. Criteria
|
||||
- Segment size
|
||||
- Growth potential of segment
|
||||
- Value
|
||||
- Stability over time
|
||||
4. Competitors within segment
|
||||
- Number and strength of competitors
|
||||
- Current company position
|
||||
- Ease of entry
|
||||
- Easy of competitive entry
|
||||
|
||||
### Market targeting
|
||||
|
||||
- Develop measures of segment attractiveness
|
||||
- Select based on business capabilities
|
||||
|
||||
| | *Segment attractiveness* | |
|
||||
|----------------------|-------------------------|---------|
|
||||
| *Competitive strength* | *Low* | *High* |
|
||||
| Low | Stay away | Beware |
|
||||
| High | Domination is essential | Perfect |
|
||||
|
||||
## 1.4 Positioning
|
||||
|
||||
A brand is a proprietary trademark:
|
||||
|
||||
- An informal contract, a relationship:
|
||||
- Promise
|
||||
- Specific benefits
|
||||
- Quality
|
||||
- Value
|
||||
- It is whatever the customer thinks it is, in a relationship mindset
|
||||
|
||||
### Positioning:
|
||||
|
||||
1. Target segment (for whom)
|
||||
2. Point of difference (reason to but)
|
||||
3. Frame of reference (points of parity)
|
||||
|
||||
A positioning:
|
||||
|
||||
- Make use of all of the elements in the marketing mix
|
||||
- Focus on a few key benefits
|
||||
- Must be defendable
|
||||
- Require making choices, because you can't do everything
|
||||
|
||||
A strategic idea:
|
||||
|
||||
- Big picture:
|
||||
- What products to sell
|
||||
- Customers and competitors
|
||||
- Tactical
|
||||
- Messaging
|
||||
- Strategic and technological
|
||||
|
||||
### Points of parity
|
||||
|
||||
What is shared with other brands:
|
||||
|
||||
- Category: What is a grocery store (what it must have)
|
||||
- Competitive: Negate competitors' points of difference
|
||||
|
||||
### Points of difference
|
||||
|
||||
Points of difference are what differentiate from other brands:
|
||||
|
||||
- Strong, favorable, unique brand associations
|
||||
- Similar to notion of USP (Unique selling proposition)
|
||||
- SCA (Sustainable competitive advantage, long-term advantage)
|
||||
- Performance attributes, benefits, imagery, design
|
||||
|
||||
### Criteria:
|
||||
|
||||
1. Desirable:
|
||||
|
||||
- Relevant
|
||||
- Distinctive
|
||||
|
||||
2. Deliverable:
|
||||
|
||||
- Feasibility: affordability, possibility
|
||||
- Communicability
|
||||
- Sustainability: internal commitment, difficult to attack
|
||||
|
||||
## 1.5 Brand mantra (Elevator speech)
|
||||
|
||||
Define a brand in 30 seconds
|
||||
|
||||
Mental map: brand associations and responses for a target market. What comes to mind when you think about it ? Separate brand associations in categories.
|
||||
|
||||
Core brand values:
|
||||
|
||||
- Set of abstract concepts and phrases
|
||||
- Select 5-10 most important for points of parity and points of difference
|
||||
|
||||
Brand mantra:
|
||||
|
||||
- Heart and soul
|
||||
- Brand essence: core brand promise
|
||||
- Function (nature, type of experience)
|
||||
- Descriptive modifier (clarifies nature)
|
||||
- Emotional modifier (how provide benefits)
|
||||
- Communicate
|
||||
- Simplify
|
||||
- Inspire
|
||||
|
||||
Use internally to guide decisions and what should/shouldn't be associated with.
|
||||
|
||||
## 1.6 Experiential branding
|
||||
|
||||
### Connected community
|
||||
|
||||
Customer experience is:
|
||||
|
||||
- Social, behavioral, emotional
|
||||
- Triggered stimulations
|
||||
|
||||
Process / Result / Living / Undergoing / Situations
|
||||
|
||||
- Connect brand and company to customer lifestyle.
|
||||
- Put actions and purchase occasions in a broader social context
|
||||
|
||||
Traditional view | Experience view
|
||||
---|---
|
||||
Differentiation | Experience
|
||||
Promise | Relationship
|
||||
Attributes | Personality
|
||||
Static | Dynamic
|
||||
Mass | Individual
|
||||
Awareness | Relevance
|
||||
|
||||
### Experiential brand positioning
|
||||
|
||||
Experiential brand positioning is:
|
||||
|
||||
- Multisensory
|
||||
- Different from all competitors
|
||||
|
||||
Brand value promise: describe what customers:
|
||||
|
||||
- Gets, sense, feel, think, act, relate to, ...
|
||||
- For all channels of distirubtion
|
||||
|
||||
### Experiential components
|
||||
|
||||
Experiential components are: (Schmitt 1999)
|
||||
|
||||
- 5 senses: Across senses
|
||||
- Emotions: Mild / Strong positive feeling
|
||||
- Cognitive: appeal to intellect / creativity / surprise
|
||||
- Behave: Experience / lifestyle / enrich / alternative
|
||||
- Social: community, belonging, culture
|
||||
|
||||
### Strong vs weak brands
|
||||
|
||||
Strong | Weak
|
||||
---|---
|
||||
Make clear promises kept over time | Vague promise that change
|
||||
Rich unique brand equity | Very general equity
|
||||
Strong thoughts and feelings | Low emotional commitment
|
||||
Dependable, delivers consistently | Spatly reputation, create doubt
|
||||
Loyal frachise | little loyalty, pricing based and short-term
|
||||
Superior product and processes | Promotional incentives
|
||||
Distinctive | Not distinctive
|
||||
Alignment of internal and external commitment to the brand | No internal alignment
|
||||
Stay relevant | Gets outdated
|
||||
|
||||
# Week 2 - Customer Decision Making and the Role of Brand
|
||||
|
||||
## 2.1 Shopper marketing
|
||||
|
||||
How customers make decisions: shopping experience
|
||||
|
||||
- Impulse purchase
|
||||
- Habit, intuition, emotion
|
||||
- What they see and what they miss
|
||||
- Personal relevance
|
||||
|
||||
Multi-staged / Multi-channeled process
|
||||
|
||||
Simple stage models:
|
||||
|
||||
- Customer behavior
|
||||
- Marketing actions:
|
||||
1. Awareness of need
|
||||
2. Identification of products
|
||||
3. Information
|
||||
4. Evaluation
|
||||
5. Purchase
|
||||
6. Use
|
||||
7. Post-purchase evaluation
|
||||
|
||||
Strategy: Sources of information axis and time of day axis: focus on each stage at each time
|
||||
|
||||
## 2.2 Shopping process
|
||||
|
||||
The shooping process consists of the following steps:
|
||||
|
||||
- Recognise a need: Satisfy by buying a product
|
||||
- Natural need: food, replace a product
|
||||
- Create a need:
|
||||
1. Pay attention to product and brands
|
||||
2. Know the trigger events and when they occurs
|
||||
3. Create a new trigger event
|
||||
- Shopping goals:
|
||||
1. Seasons and holidays (triggers in store and online)
|
||||
2. Exclusive offers (emails)
|
||||
3. Oil change (reminders)
|
||||
4. Haircut (notices)
|
||||
- Create "news" for customers on website and social networks
|
||||
|
||||
## 2.3 Information search stage
|
||||
|
||||
The next stage after identifying a need:
|
||||
|
||||
- Different products
|
||||
- Consideration set:
|
||||
1. limited to 3-4 alternatives
|
||||
2. Evoked set (number of brands that you can remember)
|
||||
3. From all brands set, through:
|
||||
- In store considerations
|
||||
- Accidentally
|
||||
- Found through search
|
||||
- Evoked set
|
||||
- Branding advertisement
|
||||
- Unrecalled set
|
||||
4. Aim: The consideration set
|
||||
|
||||
Online:
|
||||
|
||||
- Interactive display
|
||||
- Website search
|
||||
- Online flagship store
|
||||
|
||||
In store:
|
||||
|
||||
- Flagship stores
|
||||
- External search (what drives attention, goal for going in store)
|
||||
- Social influences: social networks, salesperson, customer reviews
|
||||
|
||||
Get customer's attention:
|
||||
|
||||
- Capacity is limited
|
||||
- Information can be too much: filters, cocktail party effects
|
||||
- "get it"
|
||||
- Color blocks / packaging
|
||||
- Pack structures: different lines of quality / natural / flavours
|
||||
|
||||
## 2.4 Choice overload
|
||||
|
||||
Too much information = Choose not to choose
|
||||
|
||||
Perceived variaty vs actual variety: reconciling the paradox
|
||||
|
||||
- Assortment stage: Variety is good
|
||||
- Choice stage: Variety can be complex
|
||||
- Align the attributes (one shelf for a characteristic)
|
||||
- Have an expert on-site
|
||||
- Aligh products the way the customer thinks they should be
|
||||
|
||||
## 2.5 Purchase stage
|
||||
|
||||
1. Product must be in stock
|
||||
2. Evaluate alternatives and pick a brand
|
||||
- Fair price
|
||||
- Increase accessible variety (multiple purchases)
|
||||
|
||||
### Mindless shopping
|
||||
|
||||
- Price awareness is 12 seconds
|
||||
- 85% only chose the product they first handled
|
||||
- 90% only look at onesize
|
||||
- After putting in cart, 21% can't estimate price, 50% are right on price
|
||||
- Price is evaluated relatively to a reference price. Context matters:
|
||||
1. Internal benchmark
|
||||
2. External benchmark: list price vs. sale price
|
||||
3. Competitors
|
||||
- Discount too often : not a fair price
|
||||
- How much variety: attractive names for flavors and colours
|
||||
|
||||
## 2.6 Post-purchase
|
||||
|
||||
Choose to repurchase or tell others
|
||||
|
||||
Customer satisfaction:
|
||||
|
||||
- Actual performance not really evaluated
|
||||
- Perceived performance
|
||||
- Expectations are reasonable: happy or unhappy in respect to expectation
|
||||
|
||||
Positive | Negative
|
||||
--- | ---
|
||||
Repurchase | Switch to competitor
|
||||
Positive word of mouth | Negative word of mouth
|
||||
|| Complain to company (address complaint can result in positive)
|
||||
|| Lawsuit
|
||||
|
||||
- Customer reviews are effective.
|
||||
|
||||
### Messages that catch on
|
||||
|
||||
--- | --- | ---
|
||||
S|ocial currency | Share what makes us look good
|
||||
T|riggers | When reminded, one share
|
||||
E|motion | Emotional messages are more powerful
|
||||
P|ublic | Public is more catching
|
||||
P|ractical value | Useful and informative
|
||||
S|tories | Like to tell good stories (background of a product)
|
||||
|
||||
# Week 3 - Effective Brand Communications Strategies and Repositioning Strategies
|
||||
|
||||
## 3.1 Brand messaging and communication
|
||||
|
||||
Perception:
|
||||
|
||||
- Developing an interpretation of a stimulus
|
||||
- Most crucial process:
|
||||
- Affect actions
|
||||
- Affect what is "true"
|
||||
|
||||
Is constructive
|
||||
|
||||
- Function of context
|
||||
|
||||
Two major factors of bias:
|
||||
|
||||
1. Actual stimulus exposure and attention. No occasion to change or collect data
|
||||
2. Prior expectation and knowledge
|
||||
|
||||
Two kind of attention:
|
||||
|
||||
1. Involuntary : Collaect data without focus
|
||||
2. Voluntary: Choose exposure
|
||||
|
||||
Process:
|
||||
|
||||
1. Sensory inputs
|
||||
2. Exposure
|
||||
3. Attention
|
||||
4. Interpretation
|
||||
- Stroop test: slowing interpretation. Can't block this effect
|
||||
- Shape of product, optical illusion, proximity bias
|
||||
- Brand <> Product
|
||||
|
||||
## 3.2 Choosing a brand name
|
||||
|
||||
Choosing a brand name:
|
||||
|
||||
- Brand name, logo, symbol, character, packaging, slogan, colors
|
||||
- They all work together to provide an identity
|
||||
- What would they think about the product if they only see brand elements
|
||||
|
||||
Criteria:
|
||||
|
||||
- Memorable
|
||||
- Easily recognised
|
||||
- Easily recalled
|
||||
- Meaningful
|
||||
- Descriptive
|
||||
- Persuasive
|
||||
- Appealing
|
||||
- Fun and interesting aesthetically
|
||||
- Rich visual and verbal imagery
|
||||
- Protectable
|
||||
- Legally
|
||||
- Competitively
|
||||
- Adaptable
|
||||
- Flexible
|
||||
- Updateable
|
||||
- Transferable
|
||||
- Within / across categories
|
||||
- Geographical boundaries and cultures
|
||||
|
||||
Strength and weaknesses, strategically balance
|
||||
|
||||
Element | Advantages | Disavantages
|
||||
---|---|---
|
||||
Names | Anchor, Quick | Difficult to change, globalization
|
||||
Logos / Symbols | Attention calling / Associative / Transferable | Outdated / Ambiguous
|
||||
Characters | Rich meaning / Attention getting | Outdated / Globalization
|
||||
Slogan / Jingle | Highly memorable / catchy / meaningful | Translation / music taste
|
||||
Packages | Recognision / info / meaning | Production / Channel
|
||||
|
||||
## 3.3 Color and taglines
|
||||
|
||||
1. Color
|
||||
|
||||
- Ultimate goal: Own a color (Tiffany, Mary Kay's)
|
||||
- Separate product lines
|
||||
- Strong perceptions
|
||||
- Consistencty is difficult
|
||||
|
||||
|
||||
|
||||
### Color table
|
||||
|
||||
Color | Attributes
|
||||
---|---
|
||||
Red | Appetite, love, excitement
|
||||
Blue | Productive, men, curb appetite
|
||||
Green | Tranquillity, health, money, nature, fertility
|
||||
Brown | Reliable, boredom, practical
|
||||
White | Purity, innocence, empty, spacious
|
||||
Black | Evil, death, mourning, slim
|
||||
Yellow | Bright, energy, eye fatigue
|
||||
Orange | Excitement, enthusiasm, warmth, action
|
||||
Lavender | Calm, relaxation
|
||||
Purple | Royalty, waelth, success, wisdom
|
||||
Pink | Girl, calming, warm
|
||||
|
||||
### Color emotion guide (by The Logo Company)
|
||||
|
||||
|
||||
|
||||
2. Symbols
|
||||
- Communicate associations
|
||||
- Multiple associations
|
||||
- Positive feelings: liking
|
||||
- Can get outdated
|
||||
|
||||
3. Slogans
|
||||
- Positioning strategy
|
||||
- Remove ambiguity
|
||||
- Create equity and emotion
|
||||
- Reinforce the name and symbol
|
||||
|
||||
Basics:
|
||||
|
||||
- Short
|
||||
- Differentiated from competition
|
||||
- Unique
|
||||
- Easy to say and remember
|
||||
- Cannt have any connotation
|
||||
- Protect and trademark
|
||||
- Emotion
|
||||
|
||||
Types:
|
||||
|
||||
- Imperative
|
||||
- Descriptive
|
||||
- Superlative
|
||||
- Provocative
|
||||
- Clever
|
||||
|
||||
## 3.4 Brand elements: Packaging
|
||||
|
||||
1930's packaging research: self-service supermarkets
|
||||
|
||||
Detergent in two boxes: Circle better than triangle for some products
|
||||
|
||||
Aesthetic and function: Grab attention and work well
|
||||
|
||||
Distribution channels:
|
||||
|
||||
- Retailers
|
||||
- Changing channels
|
||||
- Which Retailer like which package
|
||||
|
||||
Colors:
|
||||
|
||||
- See preceding section
|
||||
|
||||
Shape:
|
||||
|
||||
- excuse for a new product
|
||||
- Really strong brand image
|
||||
|
||||
## 3.5 Brand elements: Persuasion
|
||||
|
||||
Objective: Changing people's attitude
|
||||
|
||||
Elaboration likelihood model: Celebrity spokesperson
|
||||
|
||||
Difficult ! Interpret what they already believe
|
||||
|
||||
### 2 routes to persuasion
|
||||
|
||||
1. Central route:
|
||||
- Motivation (involvment), opportunity and ability to process marketing messages is high
|
||||
- central cues in messages
|
||||
|
||||
2. Peripheral route:
|
||||
- Motivation is low
|
||||
- Peripheral cues in messages
|
||||
- Heuristic way:
|
||||
1. Classical conditioning (associations)
|
||||
2. Social proof: everybody is doing it
|
||||
3. Reciprocity: You owe me something
|
||||
4. Consistency: Always done it that way
|
||||
5. Liking: Like me, like my ideas
|
||||
6. Authority: Because I say so
|
||||
7. Scarcity: Quick, before they are all gone
|
||||
|
||||
### Celebrity endorser
|
||||
|
||||
A good celebrity endorser is:
|
||||
|
||||
- Expert: Information
|
||||
- Peripheral: Attractive
|
||||
|
||||
1. Considerations:
|
||||
- Audience fit
|
||||
- Brand fit
|
||||
- Attractiveness
|
||||
- Cost / Exposure / Risk
|
||||
- Social networks
|
||||
2. High Q-Rating:
|
||||
- Appealing to those who do know them
|
||||
- Ratio of popularity / familiarity
|
||||
- Marketing evaluations Inc.
|
||||
3. Transfer of meaning model:
|
||||
- Appropriate symbolic properties
|
||||
- Derive from celebrity to product
|
||||
- Mode brain activity
|
||||
4. Source models:
|
||||
- Source credibility:
|
||||
- Expertise
|
||||
- Trustworthyness
|
||||
- Attraactiveness:
|
||||
- Familiarity
|
||||
- Likability
|
||||
- Similarity
|
||||
|
||||
Why some companies kept Tiger Woods and others not ?
|
||||
|
||||
### Use of celebrity
|
||||
|
||||
---|---
|
||||
Explicit| Endorse product
|
||||
Implicit| Use product
|
||||
Imperative| Should use product
|
||||
Co-present| Appears with product
|
||||
|
||||
Exposure to marketing cues:
|
||||
- Motivation to elaborate + ability -> Central route
|
||||
- Else -> Peripheral route
|
||||
|
||||
## 3.6 Repositioning a brand
|
||||
|
||||
Brand equity must be actively managed over time: must be reinforced
|
||||
|
||||
### 5 rationale for brand change
|
||||
|
||||
---|---
|
||||
Initial identity and execution was poorly conceived | Consumer interest, brand association, sales
|
||||
Target for identity and execution is limited | Reach a broader market
|
||||
Identity and execution is out of date | keep up to date
|
||||
Identity and execution loses its edge | old fashioned
|
||||
Identity and execution just became tired | Change generate "news"
|
||||
|
||||
**Consistency**
|
||||
|
||||
Cognitive drive to maintain consistency (Oldsmobile = Dad)
|
||||
|
||||
1. Evolving brand associations:
|
||||
- Symbols: Update without changing meaning
|
||||
- Brand name: Hard to change
|
||||
- Slogans: Easier to change than name
|
||||
- New products: Add a modern element
|
||||
2. Small noticeable differences (Ivory soap)
|
||||
3. Butterfly effect
|
||||
- Not so extreme but really noticeable (Green giant)
|
||||
4. Change the brand name:
|
||||
- Boston chicken -> Boston market
|
||||
- Weather channel -> Weather companies
|
||||
- Starbucks -> (logo only)
|
||||
5. Evolving brand image of BMW:
|
||||
- Unpratical
|
||||
- Wasteful (money)
|
||||
- Stodgy (German)
|
||||
- Stuffy (Boomers)
|
||||
|
||||
Important that people believe changes
|
||||
|
||||
Major points:
|
||||
|
||||
- Consistency is valuable for strong brands
|
||||
- All elements works in harmony
|
||||
- Change is sometimes necessary but be cautious
|
||||
- Understand sources of equity: Point of parity / Points of differentiation
|
||||
326
Week2.md
Normal file
326
Week2.md
Normal file
|
|
@ -0,0 +1,326 @@
|
|||
---
|
||||
title: "Introduction to marketing: Part 2"
|
||||
author: "François Pelletier"
|
||||
output: pdf_document
|
||||
---
|
||||
|
||||
# Week 4: Customer centricity
|
||||
|
||||
## 4.1 From product-centric to customer-centric management
|
||||
|
||||
Three axis of marketing
|
||||
|
||||
- Performance superiority: Having the best products
|
||||
- Operational excellence: Low cost and efficiency
|
||||
- Customer intimacy: Who is the customer. How intimate we want to get to add value.
|
||||
|
||||
What stores are customer inmtimate ?
|
||||
|
||||
### Product-centric approach
|
||||
|
||||
All about making money by maximising the value of the company
|
||||
Total value of the company = time value of money -> Maximising shareholders value
|
||||
Volume and cost reduction:
|
||||
|
||||
- Will it scale : Can we deliver our products and services at scale ?
|
||||
- Different metrics:
|
||||
- Volume
|
||||
- Costs
|
||||
- Market share (how well you will do right in the future)
|
||||
|
||||
1. Fine tuning the metrics
|
||||
2. Growth
|
||||
- PS and OE are now standard
|
||||
- Search new sources of growth:
|
||||
- New customer segments and geographies
|
||||
- Innovation (extending products)
|
||||
- Companies work in product/service expertise (silos).
|
||||
- Competitive advantage
|
||||
4. Mental process: Divergent thinking, different uses for the same product
|
||||
|
||||
## 4.2 Cracks in the product centric approach
|
||||
|
||||
Changes in the last 15-20 years:
|
||||
|
||||
- Emerging trends are here to stay
|
||||
Leading factors:
|
||||
|
||||
- Commoditization (technology enables product development)
|
||||
- Lifecycle is shorter
|
||||
- Always must have a new product coming
|
||||
- No more natural monopoly power
|
||||
- Smart customers
|
||||
- Technology enabled informatino flow
|
||||
- Aware of options availabl for them
|
||||
- Put mode demand of companies
|
||||
- Have to extract value from product
|
||||
- Retail saturation
|
||||
- Tech enabled delivery
|
||||
- Instant availability
|
||||
- Globalisation
|
||||
- Deregularization : Must be more competitive
|
||||
|
||||
More demanding customers:
|
||||
|
||||
- How will the product solve my problem
|
||||
- end-to-end solutions with products form multiple vendors
|
||||
- Example: IBM
|
||||
- Customer centric solutions provider
|
||||
- Harder to commoditize
|
||||
- Left building and slling products
|
||||
|
||||
Information systems allow customer tracking
|
||||
|
||||
- Before:
|
||||
Know the sales
|
||||
Don't know who buys and how many they buy
|
||||
- Now: Know who buys what and when
|
||||
|
||||
## 4.3 Data driven business models
|
||||
|
||||
Harrahs:
|
||||
|
||||
- Casino chain in the US
|
||||
- Loyalty programs
|
||||
- Games / meals / rooms at a really granular data
|
||||
- Detect thresholds (when to offer a meal, ...)
|
||||
|
||||
Tesco:
|
||||
|
||||
- Grocery chain in UK
|
||||
- Loyalty program
|
||||
- What products are boucht in Tesco vs. products bought elsewhere.
|
||||
- Know which customer can switch to competition easilyDefending against Wal-Mart
|
||||
|
||||
## 4.4 Three cheers from direct marketing
|
||||
|
||||
Individual customers = unit of analysis:
|
||||
|
||||
- Who they are, what they buy
|
||||
- Determine marketing communication
|
||||
- Segmentation / Customer lifetime value comes from direct marketing
|
||||
|
||||
What kind of product for the most valuable customers and how to attract them. Capacity to learn and leverage customer information: Should inspire from direct marketing books
|
||||
|
||||
[Being Direct Making Advertising Pay](http://www.amazon.ca/Being-Direct-Making-Advertising-Pay/dp/1558508341/ref=sr_1_fkmr0_1/187-5149283-2579953?ie=UTF8&qid=1415582982&sr=8-1-fkmr0&keywords=lester+winderman+marketing)
|
||||
|
||||
## 4.5 Which firms are customer centric ?
|
||||
|
||||
None of the big firms are really customer centric:
|
||||
|
||||
- Walmart: Best at product-centric
|
||||
- Apple: Best at product superiority, begins to collect data abour customers with iStore
|
||||
- Starbucks: Customer-centric only at local level.
|
||||
- Nordstorm: Great personalized service, but not based on CLV, so does not target the best customers but all of them.
|
||||
|
||||
# Week 5: The Opportunities and Challenges of Customer Centricity
|
||||
|
||||
## 5.1 What is customer centricity
|
||||
|
||||
How do you define customer centricity ?
|
||||
|
||||
- Development and delivery of product and services
|
||||
- Fulfill the current and future needs of a select set of customers
|
||||
- Maximise their long-term value to the firm
|
||||
|
||||
You have to be willing to change:
|
||||
|
||||
- Risky
|
||||
- Require data and models
|
||||
|
||||
Do something even if someone is not an actual customer because he/she will be one later
|
||||
|
||||
## 5.2 Living in a customer-centric world
|
||||
|
||||
- The main goal is still maximising the shareholder's value
|
||||
- Distinguish the profitable customers from the less profitables ones
|
||||
- Past is of some guidance for the future
|
||||
- Focus of future profitability instead of short-term profitability
|
||||
|
||||
- Three tactics:
|
||||
1. Acquisition
|
||||
2. Retention
|
||||
3. Development
|
||||
|
||||
- Customer-centric organisational structure
|
||||
- Customer data can't be commoditized easily
|
||||
- Divergent (different uses for the same product)
|
||||
to convergent thinking (different products for the same customer)
|
||||
|
||||
## 5.3 More reflections on customer-centricity
|
||||
|
||||
There is a balance between really valuable customers and not so valuable ones.
|
||||
The latter ones add stability to the business like cash or bonds in an investment portfolio.
|
||||
|
||||
*Paradox of customer-centricity*
|
||||
The more you focus on the most valuable customers, the most you need the other customers too.
|
||||
|
||||
## 5.4 Questions on customer-centricity
|
||||
|
||||
Who is your customer ?
|
||||
|
||||
Example: Healthcare:
|
||||
|
||||
- Patient
|
||||
- Doctor
|
||||
- Hospital
|
||||
- Insurance company
|
||||
|
||||
Procter & Gamble: Customer = Retailers
|
||||
|
||||
- It could be the customers in a few years: get ready for a direct marketing approach
|
||||
|
||||
Barriers to customer-centricity:
|
||||
|
||||
- Data
|
||||
- Regulatory issues
|
||||
- Control: Impossible to move
|
||||
- Specific challenges for each company
|
||||
- Resources available
|
||||
- Build IT, hire employees
|
||||
|
||||
What competitors are doing in this area:
|
||||
|
||||
- Financial services
|
||||
- Hotels and hospitality
|
||||
- Be the first ones !
|
||||
|
||||
Does it make sense to be customer-centric ?
|
||||
|
||||
- Technology initiatives
|
||||
- Experiments
|
||||
|
||||
You have to prepare before taking the big step.
|
||||
|
||||
# Week 6: How Can Customer Centricity Be Profitable?
|
||||
|
||||
## 6.1 How Can Customer Centricity Be Profitable?
|
||||
|
||||
Focus on the right customers for strategic advantage
|
||||
|
||||
Product-centric approach have some cracks:
|
||||
|
||||
- Commoditization
|
||||
- Well-informed customers
|
||||
- Globalization
|
||||
|
||||
Customer-centric:
|
||||
|
||||
- Promising alternative
|
||||
- Not clearly understood
|
||||
- Many firms are tauted to be customer-centric but are not really
|
||||
|
||||
Clear definition:
|
||||
|
||||
- Celebration of customer heterogeneity
|
||||
- Customer lifetime value
|
||||
|
||||
How to manage tactics:
|
||||
|
||||
- "Show me the money"
|
||||
- Can't be world-calss on 3 tactics
|
||||
- Doing one well can be really lucrative
|
||||
- A lot trickier than we think of
|
||||
|
||||
Where tu put the extra dollar ?
|
||||
- Most managers would put it either in retention or development
|
||||
|
||||
### Acquisition
|
||||
|
||||
Metric: Cost per acquisition (CPA): Big mistake to guide customer acquisition performance
|
||||
|
||||
For employees, lawyers, technology: we focus on the best, not the cheapest
|
||||
Why for customers we would like the cheapest to acquire ?
|
||||
|
||||
VPA: Value per acquisition = Customer lifetime value
|
||||
|
||||
- Upper bound for spending to acquire a new customer
|
||||
- A lot of value in customers that we don't appreciate
|
||||
- Match info with what customer prove to be over time
|
||||
|
||||
### Customer acquisition summary
|
||||
|
||||
- Avoid CPA mentality
|
||||
- Ceiling instead of floors
|
||||
- Heterogeneity with CLV (search words, geographical, social)
|
||||
- Be more patient and forward-looking when judging acquisition efforts
|
||||
- Firms tends to underspend on acquisition
|
||||
|
||||
## 6.2 Customer retention
|
||||
|
||||
Metric: Churn / Attrition / Retention rate
|
||||
|
||||
- Good measure, but need to examine it at the right levevl
|
||||
- How the retentino rate variaes across customers
|
||||
|
||||
Average retention rate = bad calculation
|
||||
|
||||
[The Loyalty Effect: The Hidden Force Behind Growth, Profits, and Lasting Value](http://www.amazon.com/Loyalty-Effect-Hidden-Profits-Lasting/dp/1578516870/ref=sr_1_1?ie=UTF8&qid=1416192465&sr=8-1&keywords=the+loyalty+effect+reichheld)
|
||||
|
||||
Right calculation:
|
||||
Average expected lifetime: Accounts for customer heterogeneity.
|
||||
|
||||
### Customer retention summary
|
||||
|
||||
- There is no average customer
|
||||
- Difference can be huge between average measures and accounting for heterogeneity
|
||||
- Attrition elasticity is much lower than in the homogeneous case
|
||||
- Investment in reducing attrition give more modest returns than expected
|
||||
|
||||
## 6.3 Customer development I
|
||||
|
||||
Make existing customers as valuable as possible
|
||||
Loyalty programs themselves are not a tool for customer development
|
||||
|
||||
- Cross selling
|
||||
- Up-selling
|
||||
- Increase frequency and volume
|
||||
- Premium pricing
|
||||
|
||||
## 6.4 Customer development II
|
||||
|
||||
Metric:
|
||||
|
||||
- Share of wallet: How many needs are met by this firm
|
||||
- Amount of product and services
|
||||
|
||||
Share of wallet is not correlated with size of wallet
|
||||
|
||||
Good and bad news about cross-selling
|
||||
|
||||
Good: Customer's share are correlated
|
||||
Bad: Some customer will not become better customers
|
||||
|
||||
- Upside of developmenet opportunities is more limited than managers think
|
||||
- Icing on the cake: Not to change the customer but unlock value that is already there
|
||||
|
||||
But: Acquisition is not valuable in saturated markets
|
||||
|
||||
### Overall summary
|
||||
|
||||
- Celebrating heterogeneity
|
||||
- Smart acquisition
|
||||
- Don't overspend retention:
|
||||
flighty customers will fly away no matter what you do or will become unprofitable
|
||||
|
||||
## 6.5 Wrap-up
|
||||
|
||||
Making customer centricity profitable:
|
||||
|
||||
- Need to have the technology to track data and do projections
|
||||
- Update regularly the CLV
|
||||
- Break customers into segments that we cam measure:
|
||||
- When they reach us
|
||||
- What products they buy first
|
||||
- What campaign bring them to us
|
||||
- Allocate retention and development ressources appropriately:
|
||||
target marketing communications based on a segment characteristics
|
||||
- Constantly experiment with these tactics
|
||||
- Send different messages to different people
|
||||
- Bottom up perspectives to drive product line decisions
|
||||
- Think about competition identifying the same high-value customers too
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
812
Week3.md
Normal file
812
Week3.md
Normal file
|
|
@ -0,0 +1,812 @@
|
|||
---
|
||||
title: "Introduction to marketing: Part 3"
|
||||
author: "François Pelletier"
|
||||
output: pdf_document
|
||||
---
|
||||
|
||||
#Week 7 : Go to market strategies
|
||||
|
||||
## 7.1 Introduction and execution
|
||||
|
||||
Great idea + Great brand + Target customers = time for execution
|
||||
|
||||
## 7.2 Go to market strategies: Introduction
|
||||
|
||||
1. Omni-channel strategy and online-offline interaction
|
||||
2. How to find lead users and facilitate influence and contagion
|
||||
3. Targeting and messaging, pricing to value, customer access and distribution
|
||||
|
||||
### Recap
|
||||
|
||||
- 5c's (Constraints)
|
||||
+ customers (need)
|
||||
+ Competitors (Relative strength)
|
||||
+ Company (Resources)
|
||||
+ Collaborators (Partnership)
|
||||
+ Context (Change)
|
||||
|
||||
- 4P's (Parameters)
|
||||
+ Product
|
||||
+ Price
|
||||
+ Promotion
|
||||
+ Place
|
||||
|
||||
- STP
|
||||
+ Segmentation
|
||||
+ Targeting
|
||||
+ Positioning
|
||||
|
||||
- The product should:
|
||||
+ Deliver exceptional value
|
||||
+ Address a large market
|
||||
+ Be easy to explain and describe
|
||||
+ Require not much capital to test and scale
|
||||
|
||||
**Execution - The key question:**
|
||||
|
||||
What is wrong with the status-quo ?
|
||||
|
||||
### Marketing math 101
|
||||
|
||||
Success = Product x Marketing
|
||||
|
||||
You have to be good at both, on a scale of 0 to 10:
|
||||
- Have a great product
|
||||
- Have the right customer, brand fit, STP and 4P's
|
||||
|
||||
## 7.3 Friction
|
||||
|
||||
2 most important frictions
|
||||
|
||||
- Search frictions:
|
||||
|
||||
+ Where do I buy a TV ?
|
||||
+ Who will have the best price and assortment
|
||||
+ Search cost to get a better deal
|
||||
|
||||
- Geographical frictions:
|
||||
|
||||
+ Cost vs benefits
|
||||
+ Leave the tyranny of local options
|
||||
|
||||
## 7.4 Goods and information
|
||||
|
||||
Prior to the internet: all markets were local
|
||||
|
||||
Internet: Allow businesses to pool customers
|
||||
- In smaller markets: get unavailable goods
|
||||
- Get information: How to spend our time (complement)
|
||||
|
||||
## 7.5 Academic research
|
||||
|
||||
Content:
|
||||
- A lot is purely local (services, restaurants, people to date)
|
||||
- Websites: Yelp, OKCupid
|
||||
|
||||
1 million population yiends 50-60 websites
|
||||
|
||||
Product: Farther you live from physical retail location: go virtual else go to nearby store.
|
||||
|
||||
Online:
|
||||
- Lower prices or lower search costs
|
||||
- Transact with others more efficiently
|
||||
- Better information about local activities
|
||||
- Improved customer convenience
|
||||
|
||||
## 7.7 The long tail
|
||||
|
||||
|
||||
|
||||
Historically: World of hits
|
||||
Now: Infinite slots
|
||||
|
||||
Long tail exists:
|
||||
|
||||
- Economics of storage and distribution (supply side)
|
||||
- Endogenous: moreways to discover variety (demand side)
|
||||
|
||||
Old-new economics:
|
||||
- Pareto: 80%/20% rule
|
||||
- Zipf: 2nd: 1/2 of the first, 3rd = 1/3 of the first
|
||||
|
||||
Key principles: tyranny of locality
|
||||
- Once upon a time in India
|
||||
|
||||
Not enough demand for a movie theater but profitable from renting.
|
||||
|
||||
1. Q1: range Quality/Satisfaction ?
|
||||
2. Q2: Implies for filtering ? (more variance in satisfaction)
|
||||
|
||||
The ratio Niche/Hits is changing
|
||||
Distribution efficiency is amplifying
|
||||
Recommendations and reviews drive sales
|
||||
Collective sales of niche products > Hits
|
||||
|
||||
## 7.8 The long tail II
|
||||
|
||||
Research findings:
|
||||
|
||||
Disentangling supply side from demand side
|
||||
|
||||
Study: Data from retailer with two distribution channels: internet and catalog.
|
||||
|
||||
Differences between 2 channels:
|
||||
- Gini coefficient: G = A/(A+B)
|
||||
- Lorenz curve
|
||||
|
||||
|
||||
|
||||
Internet: More evenly distributed sales. differences not attributed to price and availability. More niche products sold.
|
||||
|
||||
- Directed search
|
||||
- Non directed search
|
||||
- Recommendation systems
|
||||
|
||||
**Critiques**
|
||||
|
||||
- Natural monopoly (hits)
|
||||
- Double jeopardy: Unfamiliar are less liked ([Million short](https://millionshort.com/))
|
||||
|
||||
[Chris Anderson: Technology's long tail](http://www.ted.com/talks/chris_anderson_of_wired_on_tech_s_long_tail?language=en)
|
||||
|
||||
## 7.9 How internet retailing startups grows
|
||||
|
||||
Data required
|
||||
|
||||
- Gather sales info
|
||||
- Customer ID / Date / Transaction / Value / Zip code
|
||||
- Geo-demo "real world" data
|
||||
|
||||
Question:
|
||||
- Why do some locations have more customers than others ?
|
||||
|
||||
What matters the most in internet retailing:
|
||||
|
||||
1. Alter cost-benefit tradeoff: Making things closer sometime at a better price
|
||||
2. Sales evolution is structured and predictable: sales-time patterns
|
||||
- Customers talking to each others
|
||||
- Observation (packaging is a brand)
|
||||
3. Good to great
|
||||
- Expansion to niche locations
|
||||
- Spacial structure
|
||||
- Find your doppelganger (similar locations far from each other)
|
||||
- Physical distance vs. social distance
|
||||
- More chances of interactions if customers have similar tastes in different products and services.
|
||||
|
||||
2 important patterns:
|
||||
|
||||
1. Sales start in larger cities and spread through proximity
|
||||
2. Sales in smaller areas with "similar" kinds of people (age, education, occupation, ...)
|
||||
|
||||
Long tail over location
|
||||
|
||||
|
||||
|
||||
## 7.10 Preference isolation
|
||||
|
||||
Shelf space allocation: Similar % of shelf space than % of population. In total same shelf space in the market for a same amount of customers but is distributed evenly across different stores, indementently of the size of the market.
|
||||
|
||||
Preference minority is correlated to internet sales.
|
||||
|
||||
# Week 8
|
||||
|
||||
## 8.1 Brands and digital marketing
|
||||
|
||||
Use of connected devices. It is still marketing.
|
||||
|
||||
1. Social commerce: reviews, blogs, network of curators
|
||||
|
||||
2. Digital ad, behavioral targeting / big data, micro-level targeting
|
||||
|
||||
3. Experimentation and testing
|
||||
|
||||
Intangible assets are 50% of the valuation of a business, against 20% in the 50's
|
||||
|
||||
A third of the value is attributed to brands.
|
||||
|
||||
[Stocks for the long run](http://www.amazon.com/Stocks-Long-Run-Definitive-Investment/dp/0071800514)
|
||||
|
||||
|
||||
|
||||
Goals and tactics:
|
||||
|
||||
- Brand goals:
|
||||
+ Heart
|
||||
+ Mind
|
||||
+ Thinking
|
||||
+ Feeling
|
||||
- Key tactic:
|
||||
+ Real world events
|
||||
|
||||
- Outstanding value and positioning:
|
||||
+ Authenticity and transparency (all stakeholders)
|
||||
+ Brand personality and "hjumanization"
|
||||
+ "Infinite" life and potential for serendipity (finding valuable or pleasant things that are not looked for)
|
||||
|
||||
Example: Jetblue
|
||||
- All you can jet (599$ for 30 days)
|
||||
- 10m blog refs
|
||||
- 31m search queries
|
||||
- 700% lift in traffic
|
||||
|
||||
[29 days until 29](http://www.29daysuntil29.com/)
|
||||
|
||||
\#McDStories -> Negative stories
|
||||
|
||||
Organic celebrity: [Ree Drummond](http://thepioneerwoman.com/), one of the larget blogs in the USA
|
||||
|
||||
## 8.2 Customers and digital marketing
|
||||
|
||||
Customer goals:
|
||||
|
||||
- Attract
|
||||
- Engage
|
||||
- Retain
|
||||
|
||||
Subject to:
|
||||
|
||||
1. Never pay more to acquire than you will recoup (CLV > AV)
|
||||
2. CLV need to incorporate RLV (referral lifetime value)
|
||||
- 8% of customers are marketing agents
|
||||
- Top 100 will generate 15000 other customers
|
||||
|
||||
Attractive target customer:
|
||||
|
||||
- Monologue to conversation with technology
|
||||
- Amplification through virtual and real world synergy
|
||||
- Long tail leverage
|
||||
- Marketing "spend" as an asset
|
||||
|
||||
Food for thoughht:
|
||||
- Status-quo experience that is broken
|
||||
- [Warby Parker](http://warbyparker.com/)
|
||||
|
||||
## 8.3 Reputation and reviews
|
||||
|
||||
Apparently more than 60% of users read reviews before making a purchase and positive reviews increase conversion rates.
|
||||
|
||||
One friction of market: we don't want to try new stuff
|
||||
|
||||
- Many "up" to build a reputation. One "down" to lose reputation (Franklin)
|
||||
- Reputation is got without merit, lost without deserve (Shakespeare)
|
||||
|
||||
Lots of sites for vacation, restaurants, cars, movies, contractors:
|
||||
|
||||
- Chris Dixon from Trip Advisor:
|
||||
Startup build from bringing information into market.
|
||||
- More info: Almost always better
|
||||
- Information by firms: might affect behavior as well (better or worse)
|
||||
|
||||
Data:
|
||||
|
||||
- Hygiene grades cards shown in window of restaurants (mandatory in LA/NYC)
|
||||
- Impact of demand:
|
||||
- A: increase of 5,7%
|
||||
- B: Increase of 0.7%
|
||||
- C: Decrease of 1%
|
||||
- Objective quality went up: Hospital admission for gfood-borne illnesses down 13%
|
||||
|
||||
Principles:
|
||||
|
||||
- Review systems change behavior
|
||||
- Should be objective and verifiable, not actually the case
|
||||
|
||||
** Amazon and BN **
|
||||
|
||||
Reviews: 5* are frequent, 1* are rare. Average 4.14/4.45
|
||||
Key findings:
|
||||
- Customer WOM affect sales
|
||||
- Better eviews boost sales
|
||||
- Downside effect of 1* is larger than upside effect of 5*
|
||||
- Text is actually read
|
||||
|
||||
Might motivate to review their own books. Review writing service/ fake reviews. Real reviewer, more than 25000 reviews. So many reviews does not mean fake reviews. Need algorithms.
|
||||
|
||||
According to Bing Lui, a data mining expert:
|
||||
|
||||
- 1/3 reviews are fake
|
||||
- A lot of money is involved in this market
|
||||
|
||||
[This Man Made $28,000 A Month Writing Fake Book Reviews Online](read.bi/OiuMh0)
|
||||
|
||||
Difficult for a data mining algorithm because of sarcasm, jokes, ...
|
||||
|
||||
Summary: Reviews could be helpful but authenticity is a concern.
|
||||
|
||||
** Trip Advisor **
|
||||
|
||||
Approach and key findings:
|
||||
|
||||
- Examine distributions of reviews
|
||||
- Net gains should be highest for independent hotels with single-unit owners.
|
||||
- Such hotels have more 5* and neighbors have more 1*
|
||||
|
||||
## 8.4 Product life cycle
|
||||
|
||||
|
||||
|
||||
1. Innovators (Research and Development)
|
||||
2. Early adopters (Introduction)
|
||||
3. Early majority (Growth)
|
||||
4. Late majority (Maturity)
|
||||
5. Laggards (Decline)
|
||||
|
||||
Pricing, customers and distribution are different in 5 stages
|
||||
|
||||
## 8.5 Influence and how information spreads
|
||||
|
||||
Obesity: Controversial / Spreads like a virus (video)
|
||||
|
||||
Network:
|
||||
|
||||
- Pathways through which information, advice, resources, support flows between people.
|
||||
|
||||
- Physical or virtual
|
||||
- Homophily:
|
||||
+ Characteristics of participants that are similar (cultural, taste, income)
|
||||
- Can be simple (dyad) or complex (hundred, thousand of nodes)
|
||||
- Nodes and connections
|
||||
- Ability to share information and resources
|
||||
- Constraints / geography
|
||||
|
||||
Participation in a network is a choice. You decide how many contacts you have, how you will be central and how transitive (embedded) you will be.
|
||||
|
||||
You are being affected ny a network:
|
||||
|
||||
- Strangers and loose connectinos can affect us
|
||||
- 1 person is 4% of influence
|
||||
- 15 people are 40% of influence
|
||||
|
||||
Six degrees of separation between you and anyone in the world
|
||||
|
||||
## 8.6 Elements of neighborhoods and examples
|
||||
|
||||
Unit of analysis: Zip code, city blocks
|
||||
|
||||
First order contiguity
|
||||
|
||||
|
||||
|
||||
* [Social contagion and trial on the internet: Evidence from online grocery retailing](http://d1c25a6gwz7q5e.cloudfront.net/papers/1283.pdf)
|
||||
|
||||
Influence parameter is positive and statistically significant after controlling for demographics.
|
||||
|
||||
## 8.7 More examples of influence
|
||||
|
||||
Observations:
|
||||
|
||||
Connections:
|
||||
|
||||
- Numerous friends
|
||||
- Few carry a lot of influence
|
||||
|
||||
Scale:
|
||||
|
||||
- Inferring who is influencial to whom is difficult
|
||||
|
||||
First social networks:
|
||||
- Classmates.com
|
||||
- Myspace
|
||||
- Facebook
|
||||
|
||||
Heterogeneity: Significant variance (to be expected), influence vs susceptibility to influence.
|
||||
|
||||
Average: 20% of friends have an influence. 1/3 are not influences by anyone.
|
||||
Distriubtion of posteriori mean
|
||||
|
||||
Regression involving influence parameters: female influience male but not the opposite.
|
||||
|
||||
Simple metrics: Friend count, profile views are inadequate.
|
||||
|
||||
Retention: If top user defects then disproportionate negative effect
|
||||
|
||||
Advantage: Superior identification of best customers.
|
||||
|
||||
## 8.8 More examples of influence pt. 2
|
||||
|
||||
Helpful to understand network structure as unexpected leaders emerge
|
||||
|
||||
Contagion was at work and is very important in the diffusion process
|
||||
|
||||
Social capital:
|
||||
|
||||
- Ability of individual to secure benefits due to trust, cohesion, reciprocity.
|
||||
- Frequency and quality of informatino in a community
|
||||
|
||||
High social capital = more efficient transfer of information
|
||||
|
||||
Example: Bonobos.com
|
||||
|
||||
- Apparel category has a non digital attribute. Fit and feel is difficult online.
|
||||
|
||||
- Focus on new trials: incomplete knowledge ex ante.
|
||||
|
||||
- Socially visible
|
||||
|
||||
- 50% of trials would not have happened if no additional information about non-digital attributes was transmitted through social learning
|
||||
|
||||
- Later trials: Driven by better information about non-digital attributes. Through communication with earlier triers
|
||||
|
||||
- Customer category in product life-cycle
|
||||
|
||||
- Proxy for offline social capital in target segment ?
|
||||
(20-45 men fashion forward)
|
||||
=> Number of bars and liquor stores in area.
|
||||
|
||||
How could other firms use this idea ?
|
||||
|
||||
# Week 9: Targeting and Messaging, Pricing to Value, Customer Access and Distribution
|
||||
|
||||
## 9.1 Pricing strategies 1: Introduction
|
||||
|
||||
Overview:
|
||||
|
||||
- Motivation and puzzles
|
||||
- Inputs to the pricing decision
|
||||
+ Floor, ceiling bound to the EVC (Economic value to the customer) metric
|
||||
+ 5C's affect the final location of the actual price between floor and ceiling
|
||||
- Getting deeper into customer factors
|
||||
- Price sensitivity: Driver and measurement
|
||||
- Psychological factors
|
||||
|
||||
**Motivation and puzzles**
|
||||
|
||||
Pricing have a huge impact on profit but is often neglected.
|
||||
Can't find a private label everywhere else so evaluate the pricing is hard.
|
||||
|
||||
Trader Joe's: Mainly private brands
|
||||
|
||||
Price is more than a number: It sends signals to customer (premium/discount)
|
||||
|
||||
** Relate 5c's and pricing **
|
||||
|
||||
- Company issues
|
||||
|
||||
- Target margin or IRR (Internal rate of return)
|
||||
- Consistency in the product line: Price of the new Toyota Camry is influenced by proces of the Honda Accord or Ford Taurus but also by the prices of Toyota Corolla and Toyota Avalon
|
||||
- Consistency in image: It's difficult for Neiman Marcus to cut proces in response to competition
|
||||
|
||||
- Competitor issues
|
||||
|
||||
- Competitive aggressiveness: Ability of the competitor to sustain a price-based response. Deep pockets / irrational behavior
|
||||
- willingness to respond on price: Direct financial cost to competition
|
||||
- Competitor position: Market leaders will initiate, followers will imitate.
|
||||
|
||||
- Collaborator issues
|
||||
|
||||
Incentives:
|
||||
|
||||
- How hard will he work to push your product
|
||||
- What kind of pull support do they expect
|
||||
- What other fucntions will perform, how much influence do they have.
|
||||
- Also, it's not jsut abour margins: ROA also matters
|
||||
- ROA = Profit/Assets = Profit/Sales * Sales/Assets = Margin * Rotation
|
||||
|
||||
- Customer issues:
|
||||
|
||||
- Price sensitivity (elasticity)
|
||||
- What drives it ?
|
||||
- How can we measure it ?
|
||||
|
||||
- Psychological issues
|
||||
- Odd numbered endings
|
||||
- Mental accounting
|
||||
- Prospect theory
|
||||
- Endowment effect
|
||||
|
||||
## 9.2 Pricing strategies 2: customer factors
|
||||
|
||||
**Price sensitivity is affected by:**
|
||||
|
||||
- Ease of comparison:
|
||||
|
||||
- Private next to branded:
|
||||
- \+ ease of comparison
|
||||
- \+ Price sensivity
|
||||
- You want price comparison to be somewhat difficult
|
||||
|
||||
- Expenditure
|
||||
|
||||
- Large volume users are more price sensitive
|
||||
- Focal component is large part of total cost: more price sensitive
|
||||
|
||||
- Shared expenses
|
||||
|
||||
- Separation between customer and payer: lessen price sensitivity
|
||||
- Feeling the "pain" of payment : more price sensitive
|
||||
|
||||
- Price quality inferences:
|
||||
- Higher price = higher quality
|
||||
- It lowers the price sensitivity
|
||||
|
||||
|
||||
| Var measured | Natural | Experimental |
|
||||
| --- | --- | --- |
|
||||
| Actual purchase | Sales data | Field experiment
|
||||
|Reference / Intention | Surveys | Tradeoff analysis
|
||||
|
||||
Field experiment:
|
||||
|
||||
|
||||
|
||||
In a grocery in the 1990's
|
||||
|
||||
Conjoint analysis:
|
||||
|
||||
- Warby Parker: Demand is highest at 79$ but gets flat before 95$. Sets price at 95$.
|
||||
|
||||
Survey:
|
||||
|
||||
- How likely to buy X at Y price.
|
||||
- Calculate elasticity through statistical analysis
|
||||
|
||||
** Psychological factors **
|
||||
|
||||
9 endings: "Discount, in western culture"
|
||||
|
||||
Experiment:
|
||||
|
||||
Reg: 0,83$, 2817 Sales
|
||||
Disc: 0,63$, + 194% sales
|
||||
Disc: 0,59$, + 406% sales
|
||||
|
||||
## 9.3 Pricing strategies 3: Psychological factors
|
||||
|
||||
**Mental accounting: who's happier ?**
|
||||
|
||||
A: Won 50$ and 25$ on two tickets
|
||||
B: Won 75$
|
||||
|
||||
A: 56, B: 16, No difference: 15
|
||||
|
||||
One big box for gifts or several smaller boxes
|
||||
|
||||
Bad news: Should be aggregated
|
||||
|
||||
Listing the details: Increase the unhappiness sentiment.
|
||||
Charge more and give a rebate
|
||||
|
||||
** Prospect theory **
|
||||
|
||||
[Prospect theory](https://en.wikipedia.org/wiki/Prospect_theory)
|
||||
|
||||
- Internal reference point
|
||||
- Respond differently to deviation from reference point whether negative or positive. (loss aversion)
|
||||
- Drive the reference point down with a rebate
|
||||
- Unhappiness when increased
|
||||
|
||||
**Summary**
|
||||
|
||||
4 inputs to pricing process:
|
||||
|
||||
- Marginal cost
|
||||
- willingness to pay
|
||||
- Competitive pressure
|
||||
- Distributor margins
|
||||
|
||||
Consumer price sensitivity:
|
||||
- EVC
|
||||
- Statistical and marketing research methods, regression and conjoint analysis
|
||||
|
||||
Consider human psychology
|
||||
|
||||
|
||||
## 9.4 Distribution strategies 1: Introduction
|
||||
|
||||
Overview:
|
||||
|
||||
- Channel structure (who is doing what)
|
||||
- Channel coordination (who gets compensated)
|
||||
- Place: final frontier
|
||||
- Often the less appreciated of the 4 P's
|
||||
- Managers often underestimate
|
||||
- Sustainable competitive advantage
|
||||
- Increasing return to scale
|
||||
- Source of customer value
|
||||
- Hard good to soft good
|
||||
|
||||
- Channel structure: Who are the players
|
||||
|
||||
Direct vs. Indirect
|
||||
|
||||
|
||||
|
||||
Indirect reduce the amount of transactions
|
||||
|
||||
Strategic advantage of direct:
|
||||
|
||||
- erecting barriers to entry
|
||||
- quality of direct marketing feedback
|
||||
- Bundling with high margin products and services
|
||||
|
||||
Channel flow / functions
|
||||
|
||||
|
||||
|
||||
How it can be disrupted by technology
|
||||
|
||||
----
|
||||
|
||||
Physical flows:
|
||||
|
||||
- Breaking bulk
|
||||
- Assorting
|
||||
- Assuring availability (Inventory or BTO)
|
||||
- Customization
|
||||
- Delivery
|
||||
- Installation
|
||||
- Maintenance and repair
|
||||
|
||||
Information flows:
|
||||
|
||||
- Identify needs and solutions
|
||||
- Identify customers and suppliers
|
||||
- Matching needs and solutions
|
||||
- Matching customers ans suppliers
|
||||
- Assessing and certifying quality
|
||||
- Negociation / closing the deal
|
||||
- Ordering
|
||||
- Market feedback
|
||||
|
||||
Tools and framework: Hybrid grid
|
||||
|
||||
X axis: Activities
|
||||
Y axis: Individuals and entities
|
||||
|
||||
System optimized / operates efficiently and smoothly
|
||||
|
||||
Example: Posilac, controversial genetically engineered bovine growth hormone
|
||||
|
||||
|
||||
## 9.5 Distribution strategies II: Channel design
|
||||
|
||||
Intensive:
|
||||
|
||||
- Selling support not vital
|
||||
- Minimize cost over customer
|
||||
|
||||
Selective:
|
||||
|
||||
- Tradeoff
|
||||
- Both are important
|
||||
|
||||
Exclusive:
|
||||
|
||||
- Strongest selling support
|
||||
- Customer cost of obtaining offering not considered vital
|
||||
|
||||
Implications of functional view:
|
||||
|
||||
- Function or activities required to succeed depends on the nature of your offering
|
||||
- You can eliminate intermediaries but not functions. Functions are shifted forwards:
|
||||
|
||||
- Forwards: IKEA (Delivery and installation)
|
||||
- Backwards: Apple store to assure consultative selling
|
||||
- Sideways: Amazon use FedEx/UPS for delivery
|
||||
|
||||
### Conflict betwen manufacturers and distributors:
|
||||
|
||||
Manufacturers:
|
||||
|
||||
- Carry out full line (no cherry picking)
|
||||
- Need active involvment in selling new products
|
||||
- Know more about "your" customers to make better products
|
||||
- Need to improve sales efforts
|
||||
- Channel margins are too high
|
||||
|
||||
Distributors:
|
||||
|
||||
- Who wants the dogs ?
|
||||
- We need exclusive territories
|
||||
- We do not keep any such records
|
||||
- Need more trade promotions and discounts
|
||||
- Your prices are too high
|
||||
|
||||
Solutions:
|
||||
- Conflict might have some good side
|
||||
- Vertical conflicts vs. horizontal conflicts
|
||||
|
||||
### Vertical conflict:
|
||||
|
||||
Nike <-> Foot locker
|
||||
|
||||
Managing:
|
||||
- Integrate (flagship stores)
|
||||
- Have franchises (downstream)
|
||||
- Monitor downstream partners (mystery shoppers, surprise visits)
|
||||
- Alter incentives via trade promotion policies
|
||||
|
||||
### Horizontal conflicts
|
||||
|
||||
Problem between retailers
|
||||
|
||||
**Free riding**
|
||||
|
||||
- Low price and low service vs. High price and high service (customer gets educated)
|
||||
- Establish boundaries between channels (territories)
|
||||
- Set appropriate level of distribution intensity
|
||||
- As distribution becomes more selective. reseller support and merchandising efforts increase
|
||||
|
||||
## 9.6 Horizontal conflict
|
||||
|
||||
Smartphone to find a better price
|
||||
|
||||
Buy online, pickup in store (BOPS)
|
||||
Some physical inspection: increase store sales and lowers online sales
|
||||
Research online, purchase offline (ROPO)
|
||||
|
||||
Mores strategies to manage horizontal conflict:
|
||||
|
||||
- Boundaries between channels (how many intermediaries)
|
||||
- Length (how many intermediaries)
|
||||
(conflict proportional to length)
|
||||
- Autonomy
|
||||
(conflict proportional to autonomy)
|
||||
- Density
|
||||
(high conflict at average density)
|
||||
|
||||
- Set appropriate level of distribution intensity
|
||||
- Multiple brands for each retailers
|
||||
|
||||
## 9.7 The 7 M's
|
||||
|
||||
Overview:
|
||||
- Trends and data
|
||||
- "Classic" campaign (Milk)
|
||||
- 7M Framework
|
||||
- Mission and message: rational and emotional appeals
|
||||
|
||||
### Classic campaign
|
||||
|
||||
- California milk processor board
|
||||
- Decrease in consumption
|
||||
- Milk advertising in 1992 (+ indicators)
|
||||
|
||||
### The 7M's
|
||||
|
||||
- Market (target audience)
|
||||
- People who currently drinks milk
|
||||
- Message content (key benefit/positioning)
|
||||
- Make sure you have enough milk (it compliments many other meals)
|
||||
- Mission (Awareness, knowledge, interest, trial)
|
||||
- Increase milk consumption by one glass per week within a year
|
||||
- Message design (creative solution)
|
||||
- Got milk? deprivation campaign
|
||||
- Media strategy (How do I reach them)
|
||||
- TV, print
|
||||
- Money (how much do I need to spend ?)
|
||||
|
||||
- Measurement (Was it worth it ?)
|
||||
- 60% aided recall in 3 months
|
||||
- 2,67% (30M) increase in annual sales
|
||||
|
||||
## 9.8 The mission and message (rational appeals)
|
||||
|
||||
What are we tying to influence ?
|
||||
|
||||
Rational appeals
|
||||
- Demonstration (appropriate: key features)
|
||||
- Spokesperson (positive characteristic get transfered to the product)
|
||||
- Testimonial (May end up using a long period of time)
|
||||
- Comparative (Framing, surveys can easily be biased)
|
||||
|
||||
## 9.9 The mission and message (emotional appeals)
|
||||
|
||||
Negative (fear: financial services, public interest)
|
||||
|
||||
Too much fear is not effective
|
||||
|
||||
### Money
|
||||
|
||||
Methods of setting advertising budget:
|
||||
- Percentage of sales
|
||||
- Match of better competition
|
||||
- Objective and tasks methods
|
||||
|
||||
Simplified Parfitt-Colling model:
|
||||
|
||||
- Break even market share: 6%
|
||||
- 30% of awary try the product
|
||||
- 40% of those who try will buy again
|
||||
- aware × try × repeat = market share
|
||||
- 50% must be aware
|
||||
BIN
color-emotion-guide-small.png
Normal file
BIN
color-emotion-guide-small.png
Normal file
Binary file not shown.
|
After Width: | Height: | Size: 158 KiB |
BIN
color-emotion-guide.png
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BIN
color-emotion-guide.png
Normal file
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|
After Width: | Height: | Size: 1.2 MiB |
24
matrices.tex
Normal file
24
matrices.tex
Normal file
|
|
@ -0,0 +1,24 @@
|
|||
\documentclass[11pt,english,francais]{article}
|
||||
\usepackage[utf8]{inputenc}
|
||||
\usepackage{amsmath} % recommandé pour les mathématiques
|
||||
\numberwithin{equation}{section} % pour numéroter les équations selon les sections
|
||||
\usepackage{amsfonts} \usepackage{amsthm} \usepackage{thmtools}
|
||||
|
||||
\begin{document}
|
||||
|
||||
\begin{equation*}
|
||||
\begin{bmatrix}
|
||||
0&1&1&0\\
|
||||
1&0&1&1\\
|
||||
1&1&0&1\\
|
||||
0&1&1&0\\
|
||||
\end{bmatrix}
|
||||
\Longrightarrow_{standardization}
|
||||
\begin{bmatrix}
|
||||
0&\frac{1}{2}&\frac{1}{2}&0\\
|
||||
\frac{1}{3}&0&\frac{1}{3}&\frac{1}{3}\\
|
||||
\frac{1}{3}&\frac{1}{3}&0&\frac{1}{3}\\
|
||||
0&\frac{1}{2}&\frac{1}{2}&0\\
|
||||
\end{bmatrix}
|
||||
\end{equation*}
|
||||
\end{document}
|
||||
20
template.html
Normal file
20
template.html
Normal file
|
|
@ -0,0 +1,20 @@
|
|||
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN">
|
||||
<html>
|
||||
<head>
|
||||
<meta http-equiv="content-type" content="text/html; charset=utf-8">
|
||||
<meta name="generator" content="%GENERATOR%">
|
||||
<link rel="stylesheet" type="text/css" href="style.css">
|
||||
<title>%PAGENAME%</title>
|
||||
%EXTRAHEADERS%</head>
|
||||
<body>
|
||||
<table class="page-areas">
|
||||
<tr class="area-toppanel"><td>Welcome! | <a href="index.html">Main page</a></td></tr>
|
||||
<tr class="area-content"><td>
|
||||
<div class="content">
|
||||
%CONTENT%
|
||||
</div>
|
||||
</td></tr>
|
||||
<tr class="area-footer"><td>Generated by %APPINFO% from %MARKUPNAME% source</td></tr>
|
||||
</table>
|
||||
</body>
|
||||
</html>
|
||||
Loading…
Reference in a new issue