chapter 15 Flashcards
what does a good launch plan consist of?
- customer analysis
- competitive analysis
- company analysis (4 ps)
explain cost based pricing
price = cost to make the product + a bit of extra
explain performance based pricing
price depends on how much value the product gives to the customer
explain product line pricing
setting different prices for various products within the same line
explain perceived value pricing
price based on how good customers think your product is compared to competitors
explain freemium and premium
basic version is free but customers pay for extra features
explain complementary pricing
one product is cheap to get you to buy a related product thats more expensive
explain subscription pricing
customers pay regularly to use the product or service
3 types of selection of distribution
- direct
- indirect
- omnichannel
explain direct distribution
right to customer
pros of direct distribution
more control, higher margins
cons of direct distribution
higher marketing and transaction costs
explain indirect distribution
presence of middlemen like retailers and distributors to sell
pros of indirect distribution
lower marketing and transaction costs
cons of indirect distribution
less control
explain omnichannel distribution
mix of both direct and indirect methods
what is assumption made in go to market testing
using search engine ads (ex, google ads) is the most cost-effective way to attract customers
what does go to market testing test?
tests if you can do this without spending money on ads. looks at which test should be done first, cost based? increased engagement based?
what type of selling is not scalable?
founder
what should you do for scaling sales and marketing regarding sales strategy?
learn the founders sales process and turn it into a step by step guide (playbook) for future sales reps
what should you do for scaling sales and marketing regarding CAC and customer relations?
keep CAC low and keep customer relations high
examples of promotion
- paid ads
- physical signage
- blog
- social media influencer partnerships
- KPI metrics to track
examples of KPIs
- CAC
- market share
- customer satisfaction
- conversion rates
- customer retention rate
- net promoter score
- revenue growth
stages of test marketing
- product development
- testing phases
- market testing
- marketing plan integration
- final national launch
explain product development
-product concept
-prototypes (R&D prototype vs production prototype)
-final product
what is R&D prototype?
functionality based
what is production prototype?
polished version
what are the tests in the testing phase
- concept test
- product use test
- marketing components test
explain concept testing
checks if an idea appeals to audience
explain product use test
ensures the product works and meets user needs
explain market component testing
evaluates target audience, demand, competition, pricing, distribution, and trends to assess a product’s market viability.
- ad copy, pricing, promo strategies
explain market test
product + market tests to stimulate real world launch on a small scale
explain marketing plan integration
aligns messaging, channels, and departments to deliver a cohesive strategy
- audience, product positioning, price, promo, distribution, packaging
give some examples of the pre launch activity of pre-announcements
press release, SM campaigns, leaks, previews, sales training
what are some ways to launch a product?
- geographic rollout
- launch with little promo at a retail store to see how it does
- launch management system –> what would be a problem and how could others respond?
what things could be done in a launch management review
- spot problems
- track ATAR and customer satisfaction
- prioritize a few problems
- contingency plans
- track and trigger points
- CAC
- awareness
- sales increases
