The Marketing Mindset

Question 1

What is marketing

Answer 1

Growl and Levy 2015

it creates value, satisfies wants and needs of the consumer, and an exchange occurs

Question 2

4 Ps

Answer 2

Product, Price, Placement, Promotion

Question 3

History of Eras (Name them)

Answer 3

Product-oriented era
Sales-oriented era
Market-driven era
value-based era

Question 4

market driven eras

Answer 4

Jaworski et al 2000
it’s based on the understanding and reacting to different players in the market
post ww2 shoppers had options

Question 5

value-based market era

Answer 5

still market driven: know how to satisfy customers by wanting to provide more value than competitors

Question 6

how to be value-driven

Answer 6

1. sharing info about consumers and competitors across the organization
2. balance customer costs and benefits
3. build relationships with customers
4. use social and mobile media

Question 7

why is marketing important?

Answer 7

it advises production
it creates valuable relationships (with the supply chain and consumer)
allows for global expansion
can spread info through a variety of channels
can enrich society

Question 8

life time value chain

Answer 8

when firms focus on the relationships with customers, not one-time transactions

Question 9

Examples of lifetime value chain (food and diapers)

Answer 9

McDonalds: customers start with a happy meal and continue to the consumption of adult meals
Pampers: get maternity nurses to ensure babies start in pampers, meaning parents will probably purchase afterwards

Question 10

CRM

Answer 10

customer relationship management: a set of strategies to identify and build loyalty among a firm’s most valued customers … you want to collect info on their needs and target them with what’s most important to them

Question 11

metaphors for consuming

Answer 11

Holt 1995
consuming as an experience (emotional state)
consuming as integration (self-identity)
classifying through consumption (signaling)
consuming as play (sharing experience with others)

Question 12

example of consuming as an experience

Answer 12

starbucks: it’s not coffee its them spelling your name wrong its the people there, it’s the atmostphere

Question 13

example of consuming as integration

Answer 13

spectators at a chelsea match: you become part of stamford bridge and join the atmosphere - part of identity

Question 14

classifying through consumption

Answer 14

buying louis vuitton: rich bitch/elite/wealth

Question 15

example of consuming as play

Answer 15

could cycle: spinning studio “tribe”

Question 16

winning marketing characteristics

Answer 16

Swaan Arons et al
big data for insight: better anticipate how to meet needs
purpose: must be clear, powerful
total experience: for customer loyalty

Question 17

Why contribute to twitter

Answer 17

Toubia and Stephen 2013
-no economic reason to contribute so must either be for intrinsic utility (doing the activity for inherent satisfaction) or image-related utility (perceptions of others, status seeking)
found that as users gain followers they go from intrinsic to image-related utility

Question 18

implications of Toubia and Stephen’s findings

Answer 18

following consumers is a bad idea because they post less and engage with the brand less

Question 19

audience size and self v others

Answer 19

Branch and Berger 2014
broadcasting: more self presentation and avoidance of negativity - social media - designer clothes
narrowcastingL increased other focus and more useful content: web-forum/blog - healthcare/charity

Question 20

Micro celebrity

Answer 20

Marwick 2013
the state of being famous to a nicee group of people - this status is achieved through self promotion, not merit (a self-branding system)

Question 21

localizing markets v standardizing

Answer 21

Singh 2016

standardize: cost saving, unified brand with better global recognition
localize: different enviro, politics, culture

better to localize because individuals are cultural beings and culture has direct implications on consumption

Question 22

standardization gone bad

Answer 22

Colgate: toothpaste in france called CUE, name of a notorious porn magazine
Pepsi: expanded into china with slogan: “pepsi brings you back to life” but translated into “Pepsi brings your ancestors back from the grave”

Question 23

localization done well

Answer 23

McDonalds - fast food in US, but there are cheaper alternatives in China so they rebranded to fit this: nicer restaurant.. same in Singapore: gave delivery option

Question 24

CRM (Asos)

Answer 24

CEO “do what is right for customer, not Asos
free delivery and returns
data: real time, use analytics to know what products are trending and how to maximize on it/when to offer discounts
mil lineal is demographic so quick delivery, lots of options, heavy amount of social media marketing

Question 25

CRM (Cocacola)

Answer 25

"friendly with a twist" campaign in colombia: gave freshers a bottle that could only be opened by clocking caps with another bottle - encouraged introductions and making friends on the first day - reflected brand image of friendship, long-lasting memories

Question 26

Marquee Case

Answer 26

launched in 2003 and focused on what clubgoers want: purse drawer and hard to get in 40% of ppl bottle customers and brought in 80% of revenue marquee red card for hotels after 5 years revamped.. 2013: focus on electronic Dance music and start dj's who they borrow the social capital of and converted fro expensive bottles to A-list DJS