Chpt 5: Marketing Analytics
CRM steps |
ID cust, differentiate cust, interact with cust (improve efficiency), customize good |
touchpoint |
any direct interface b/w cust & company |
sentiment analysis |
positive/negative/neutral assoc |
emotion analysis |
emotional reaction to product |
market basket analysis |
focused promo strategies based on previous purchases |
a/b test |
method to test 2 variations of same thing (a vs b) |
churn rate |
% of cust who will no longer be cust @ end of time period |
cost-per-order |
cost of gaining cust in terms of mkting expense |
Chpt 6: Business & Cust Mkts
types of decisions |
habitual: low involvement, low perceived risk |
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limited: |
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extended problem solving: high involvement, high percieved risk |
heuristics |
rules of thumb |
3 main categories of influence |
internal, situational, social |
internal influences |
perception, motivation, learning, attitude, personality, self-esteem, lifestyle |
classical conditioning |
pavlov's dog |
operant conditioning |
rewards & punishments |
behavioral learning |
how consumer behavior is changed by ext stimuli |
cognitive learning |
internal mental processes; ppl as problem solvers |
observational learning |
learning from observations |
affect |
feelings of attitudes |
cognition |
knowing of attitudes |
behavior |
doing of attitudes |
psychographics |
psych, socy, anthro factors to create mkt segs |
buying center |
group of ppl in org who make buying decision |
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Chpt 7: Segmentation, Target Mkting, Positioning
parts of segmentation |
demographics, psychographics, behavior |
PRIZM |
geodemographic system |
geotargeting |
targeted ads based on location |
usage rate |
quantity purchased or freq of use among |
usage occassions |
indicator based on when consumers use a product most |
phases of targeting |
eval mkt segs, develop seg profiles, choose targeting strategy, |
undifferentiated targeting |
appealing to broad spectrum o fppl |
differentiated targeting |
developing diff products for distinct cust groups; products are kept separate on mktplace |
concentrated targeting |
1/+ products to single market seg |
customized targeting |
targets specific products & msgs ab them to individ cust |
positioning |
mkt strategy focused on how cust percieve a product in comparison to competitors |
Chpt 8: Innovation & New Product Development
core product |
all benefits product will provide cust |
actual product |
physical good/delivered service |
augmented product |
actual product + supporting features (warranty, etc) |
CPG/FMGG |
low cost,fast moving prepack item |
unsought products |
products cust have little interest in until brought to attn |
adopter categories |
innovators, early adopters, early majority, late majority, laggards |
factors in rate of adoption |
relative advantage, compatibility, complexity, trialability, observability |
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Chpt 9: Product Strategy, Branding, & Mgmt
product line length |
number of separate items in same catergory |
full line |
targets many cust seg |
limited line |
fewer product variations |
upward stretching |
filling line with higher priced options |
two way stretching |
adding higher & lower price options |
filling out strategy |
adding sizes or styles |
cannibalization |
loss of sales when new item is added |
product mix |
total set of all products firm offers |
product mix width |
number of diff product lines firm produces |
intro stage |
no profit bc recovering R&D costs |
growth stage |
profits increase & peak |
maturity stage |
sales peak & profit margins narrow |
decline stage |
market shrinks, sales fall, & profits fall |
brand equity |
value of brand to org (brand vs generic) |
private label brands |
store brands |
universal product code |
UPC; barcode |
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