Marketing

Question 1

session 01
Marketing has these pillars:
1. customers
2. competition
3. company 
1)segmentation 
2) targeting
3)positioning
4. marketing tactics 
1) product
2)placement
3) pricing
4)promotion

Answer 1

session 02
The Buying Path of a customer:
problem recognition –> information search –> evaluation –>purchase
Question: instinctively, where do most products or services fail on the buying path?

2 types of problem recognition:

1. active problem recognition
2. inactive problem recognition

Question 2

Active problem recognition prompted by change in:

• physical state
• operability
• environment

Answer 2

Inactive problem recognition suppressed by:
- refusal (fear)
- unconsciousness
2 strategies for Inactive problem recognition:
1. change target market
2. target unaware customers

Question 3

Buying path – Information search

1. depth of search: benefits, costs,
2. prior expertise decides research: novices of the product or services, experts
3. potential strategies
   - for novices: they count on experts, channels, brands
   - for experts: they count on key opinion leaders

Answer 3

Buying path – Evaluation (+heuristics):
Customers evaluate a product based on:
1. trade-off attributes
2. heuristics
3. emotions (i.e. the excitement and satisfaction when customers buy a Channel bag)

Question 4

Buying path – Purchase

1. pricing
2. complexity (i.e. internet adds complexity)

Answer 4

Buying path – for B2B

• conflicts between sales and marketing
• decision making unit varies

Question 5

Other things to remember about buying path:

1. Inactive problem recognition demands marketing prowess
2. Expertise does not imply search
3. Complexity prevents closure

Answer 5

session 03
Need to map data on to measurable stages of buying path by segment in order to improve:
1. the old state of the art: funnel analysis, which blends multiple different data collection techniques
1) calculation:
TAM (when gaining 100% market share): top-down approach by making estimations + bottom-up approach by using surveys. now you can also use placeholder webs or count people who are willing to be contacted
2. survey customers: to identify awareness set, inept set, consideration set
3. interpretation - google task
1) objective: illuminate information search, availability of digital data
2) identify search terms for general class of products, specific product, competitors
4. segmentation: since customer are not the same