Lecture 2 Flashcards
Satisfied Customers
They buy higher margin products and services which result in higher % margin on total sales.
The marketing process
Involves 6 steps: 1.Strategy 2.Planning 3.Programming 4.Implementation 5.Monitoring/Auditing 6.Analysis and Research
Marketing Strategy Framework
this includes 3 steps: 1.Analysis 2.Decisions 3.Outcomes
What composes analysis in the marketing strategy Framework
The 5 C’s: 1.Company 2.Collaborator 3.Competition 4.Customer 5.Context
What composes Decisions in the marketing analysis framework
There are 2 kinds of decisions: 1. Aspiration decision 2. Action Plan Decisions
Aspiration decisions include: 1. Segmentation 2. Targeting 3. Positioning
Action Plan decisions include: 1. Product 2. Promotion 3. Price 4 Place
What are outcomes in the marketing strategy framework
The outcomes of the aspiration decisions are: 1. Acquisition 2. Retention 3. Buy Rate
Outcomes for action plan decisions are: 1. Sales 2. Profits 3. Franchise
What is a decision making unit
The group of people involved in the whole decision making process.
What are the different parts of the DMU?
- Initiators 2.Gatekeepers 3. Purchasers 4. Influencers 5. Users 6. Deciders
Role of Initiators(DMU)
Realize need for product and start search
Role of Gatekeepers(DMU)
These are the product experts and control information access to the DMU
Role of Deciders(DMU)
Make purchasing choice
Role of influencers(DMU)
Influence the deciders
Role of Purchasers(DMU)
Who do the final billing
Role of Users(DMU)
Who consume the product
Points to consider for an effective pricing program.
- Value based approach
- Price customization
- Customer price sensitivity
