week 1 Flashcards
what is marketed
people, services, goods, places, experiences, events, properties, organizations, info, ideas
who markets?
marketer -> prospect
1. attention
2. purchase
3. donation
4. vote
what are key customer markets
- global markets
- business markets
- consumer market
- government market
what are core marketing concepts
- needs, wants, and demands
- offerings and brands
- target markets, positioning and segmentation
- marketing channels
- marketing environment
- supply chain
- competition
what exchange does marketing entail?
goods/services producers (sellers) -> communications /delivery
money/info <- customers/consumers (buyers)
what are the 4 p’s?
product, price, promotion, place
product:
- functionality
- brand
- packaging
- services
price:
- list price
- discounts
- bundling
- credit terms
promotion:
- advertising
- sales force
- publicity
- sales promotion
place:
- channel
- inventory
- logistics
- distribution
what is a simple marketing system?
industry -> goods/services, communication -> market
industry <- money, info <- market
what is marketing engineering
developing and using interactive, customizable, computer-decision models for analyzing, planning and implementing marketing tactics/strategies
concepts, frameworks, and tools to the rescue
what is a model
- stylized representations of reality that structure thinking abt how the world works
- indicate which factors should be considered/ignored
- useful bc they facilitate top down processing (opposed to bottom up processing)
what are diff types of analytics and their competitive implications?
optimization -> what’s the best that can happen
predictive modelling -> what will happen next
forecasting/extrapolation -> what if these trends cont
statistical analysis -> why is this happening?
alerts -> what actions are needed
query/drill down -> where exactly is the problem
ad hoc reports -> how many/how often/where?
standard reports -> what happened
what are issues in using models?
- assembling an arsenal of models for a domain of interest
- retrieving relevant mental models in a given situation
- being aware of the limitations of mental models (they may overrepresent and underrepresent, or even malrepresent)
what are types of models?
- verbal
- box and arrow
- graphical
- mathematical
what is an example of a model?
atar model -> awareness, trial, availability, (rebuy/repeat)
what model benefits?
- small models can offer insight - can change goals/priorities, even if they don’t influence decisions
- even simple models can align mgmt beliefs w/ marketing policy
- you don’t need hard data to get value from models - judgements and intuition are enough usually
- digi data capture enables large model roi
what is the connected marketing analytics process?
marketing engineering opportunities:
guide implementation:
- action guidelines/reports
- what if capabilities
- integration w/ comp processes
achieve targeted performance metrics:
- roi/profit
- effectiveness
- competitive advantage
support opportunity identification:
- new revenue
- cost reduction
- productivity gains
promote reasoned decisions:
- structured decision process:
– real time
– interactive
– distributed across org
build an analytic foundation:
- models
- data
- digital infrastructure
