Case questions Flashcards
AIDA Model
Attention
You need to get the customers attention somehow. Snappy email heading, etc
Interest
Need to get them interested. What are the advantages of the product over others?
Desire
With the customers interest piqued, you need to conince them that they want your product
Action
Desiring customer takes an action to buy the product
REAN model
Reach
The customer is aware of your product
Engage
The customer is engaged and considering your product
Activate
The customer takes action to purchase your product
Nurture
The cusomter has purchased the product and now it’s your responsibility to nurture this relationship
Marketing mix
Ways to understand the different aspects of a products approach to marketing
Product
The prduct being offered. How does it cater to a customers needs or wants?
Price
Price of product
Promotion
Advertising, PR, word of mouth, sales staff
Place
Channels where a product are offered: storefronts, a website, etc. Sometimes less distribution is better.
Swot analysis
Stengths
Internal factors that benefit a product
Weakesses
Internal factors that are a challenge for a product
Opportunities
Opporutnities in the external market: market growth, technology changes, competition, legal
Threats
External challenges: regulations, etc
Launching questions
The product
Vision of product, strenghts, weaknesses, risks. What does the product hope to achieve? Target market? Who are the competitors and how are they positioned?
Launch goals
What are the goals of the launch. As many users as psosbile? Profitability? Product meets markets needs? What are the tradeoffs (good product, bad growth, etc)
Launch design
What market would be a good test bed? How does the invitation system work? Can you release a limited version that will launch earlier? Create huge splash and get as many users as possible
Launch implementation (pre, during, post)
Describe all tasks broken out into the various phases
types of pricing
Cost plus pricing
Analyze production costs and add a little on
Value pricing
Demonstrate the efficiencies using the product would cost, if this is clear to demonstrate
Competitive Pricing
Look at competitors pricing and determine based on particular positioning if it should be lower or higher
What do do: falling profit
Decline in revenue or increase in costs
What to do: falling revenue
decrease in sales volume or a decrease in price. This could result from a shift in purchasing behavior across tiers of the product.
What to do: falling sales volume
Results from a decline in new customers comin in or lower retention from existing customers
What to do: declining new customers
Results from a decline in traffic or in conversion rate. Either of tehse could come from repeat visitors versus new vistors on a website
What to do: decline in traffic
Can be result of a decline in the nunmber of new vistors, a decline in the number of returning vistors, or a decline in the engagement for either of those types of users
What to do: decline in new vistors
can be the result of a decline in search traffic, a decline in referral traffic or a decline in direct traffic
Questions to isloate issues
Has this happened in all regions?
How many product lines do we have? Has this hapened in all our products?
Have competitors had similar issues, to the best of our knowledge?
Have other related products experienced the same effect?
Have we seen any seaonality?
Have we made any changes to our product line?
Have new competitors entered the market?
If we speerate our customers by new versus returning, what differences do we see?
How is customer retention?
What have customers been saying? Have we been getting more complaints recently?
Do we notice any changes in referal traffic?
Types of pricing (business models)
Free, ad-supported
Freemium
Tiered
A la carte
Subscriptions
Free Trial
Razor blade model
Launch implementation topics
Target market
User types/Components
MVP or Full Product
Distribution
Rollout
Buzz
Partnerships
Risks
