Marketing in the Age of Disruption
What is the foundation of Marketing?
Value
What are the 7 tactics of Marketing?
product, service, brand, price, incentives, communication, and distribution
What does the CRAAP test evaluate?
source credibility
What is another name for marketing orientation strategy?
Customer-centric marketing
What are some of the factors responsible for current disruption in Marketing?
greater availability of data
democratization of data analysis tools
AI
fragmentation
lifestyle digitization
growing global middle class
strategy - identifying where a company will compete and position itself to create market value.
Tactics - arranging the 7 attributes of marketing to create that value
What is a primary research method?
new, firsthand data directly for a specific purpose through methods like surveys, interviews, and experiments
How is market-driving strategy different from market-orientation strategy?
Proactive vs. reactive
shape people's preferences
In which era of Marketing did customers become the focus?
Marketing era
What does strategic marketing planning determine?
long-term value creation & direction
What are the 3 pillars of data analytics strategy?
Collecting data
Analyzing data
Providing insights from the data and analysis
What are the 4 components of the buyer learning model?
Goals - problems - opportunities - value
What are the drivers of satisfaction?
Form utility - distinctive features & quality
Time utility - available when the customer wants
Place utility - available where the customer wants
Possession utility - allows product/service to be consumed
Psychological utility - positive experiential activities that bring satsifaction
Identify each component of SWOT.
S - Strengths - what a firm does well
W - Weaknesses - what a firm is lacking or does poorly
O - Opportunities - factors external to the firm that could be used as an advantage
T - Threats - factors external to the firm that could cause issues
What is big data?
Large structured and unstructured datasets
Which factors explains why irrelevant differentiation can work?
Confirmation bias, pragmatism, novelty
What are the 5 main steps of strategic planning?
1. Research & Analysis
2. Competitive Advantage
3. Market Segmentation & Targeting
4. Branding & Positioning
5. Implementation
Explain an executive summary.
A concise overview of the marketing plan that can be shared with key constituents to help them understand their roles
What are the benefits of big data collection and analysis?
forecasting, trend prediction, pricing, personalization, service, sales
Brand status competition follows what type of logic?
Social logic