Class 1 - MKT Overview
Marketing is creating value by solving problems
Designing, communicating, and delivering solutions that create unique value for a set of customers and the organization
There are wrong answers in Marketing - there are better ways to target and segment the customers you want to create value for.
We need to first identify the problem, know what solution we will be providing them, and bringing a product
Class 2 - AI Overview
- What you are tying to do in a whole is the following:
Two main segments of ML
Supervised Learning
- This includes regressions and classification
Unsupervised Learning
- Dimensional Reduction and Clustering / Association
1st, 2nd and 3rd party data - 1st party data is the best for when you are trying to get the most data. Firms are trying to do this and set up for this, but you need to understand if your product can be set up to provide you with 1st party data.
Class 3 - Value B2C
Need to increase perceived benefit of your product so you can sell it. Homogeneity makes it very hard for anyone to sell something if you are just competing on price. Need to have “it”
Find best strategy when you are competing on price - very hard to just compete on price. Remember Renovo - it went BLACK.
What unique value can you provide? How can you differentiate yourself from other homogeneous products when you can’t compete on price.
Class 4 - Managing Value B2C
Marketing Math!!
Class 5 - Goals
Very important to have goals established - need to ensure that everyone has agreed to these goals.
We need to know
- What do we want (i.e Goal Focus)?
- Performance benchmark (i.e specifics of the key metrics)
Need to break down your goals into manageable portions - break down the bigger lofty goals and visions into bite sized specific achievable bits
Understand the path to growth: Penetration or Usage? What is the impedance? How can we get rid of the impedance?
Class 6 - Situation Analysis
Situation Analysis depends on the 5Cs Framework
What can you specifically be good at? Can we take a differentiated path or highlight a differentiated path to our customers (which is at the center of every brainstorm) - understand clearly who the customer is.
Identify your competitors based on their ability to solve your customer needs, not based on the product similarity!! You are trying to target a customer and see where you can differentiate yourself.
Class 7 - Red Lobster
To Target, product is the competitive frame of reference that differentiating benefit by Reason to Believe
You have to pick your target very strategically and try and put them at the center of your product. Don’t “half ass” two targets.
If you change your target everything changes and you need to re-evaluate your 5Cs
Class 8 - Segmentation and Targetting
People dont value the same thing and we need to figure out how to segment our customer and target their needs directly. A product for everyone is a product for no one.
Geography and demographics are what segmentation people do. The best segmentation is by NEEDS.
The true end goal is simply to better focus your resources and decisions on your best customers, so any movement you can make towards that goal is helpful
You can do this via ML with k-mean clusters and do cluster analysis to understand your different customers
You might not be the best fit for the most attractive customer group!
Select target segments that are:
Good for you: that fit the organization’s strategic goals & resources
Good for them: to which the organization can deliver superior value
Class 9 - Caylx
Use needs-based approach to identify target customer. Remember in Caylx, we first identified our value proposition and our competitors value proposition. Identify the customers that you are targeting and how well you do capturing them. This will help you figure out who to target. There is a table to below to summarize this.
Talked a bit about positioning statement and how to make a positioning statement - very important that you have your target identified.
Class 10 - Positioning
To have a better way to target your customers - applications go past the marketing.
Need a frame of reference so that your customers can understand your product and can establish a context in which your value is unique.
We need to understand the key value proposition - superiority on a key attribute is a compelling reason for choice.
There are 4 tools to identify the main benefit
Benefit laddering need to understand / communicate on more than just level. Remember the Tampax ad, and the dove ad. But you need to not jump to the highest level.
Done framework is also something that we should be remember
Class 11 - Distribution and Tower
The 7Ts framework as a grouping of the major tactical areas you employ to bring your value proposition to life for your target - this is the expansion of the 4Ps (Price, Product, Place, Promotion)
Need to know when you leverage collaborators when the value of their core competencies outweigh your own, but consider the long terms risks. This is where Porters 5 Forces comes into play. Strategy and marketing seem to be going hand in hand.
Make sure you are not dependent on one distribution channel - need to diversify your portfolio. Like in the paddle case, best to diversify and minimize your risk with one distribution channel.
Class 12 - Pricing and Soren
Two main types of key learnings –> Push and Pull.
Push: incentives and communications “pushed” through our distribution partners usually to influence sales at point of purchase
Pull: incentives and communication sent directly to customers and used to “pull” them into our retail partners. Basically used to create demand prior to sales oriented visit.
How do we price? We need to figure out the perceived value and the COGS / Cost and need to price somewhere in between. We need to build the perceived value, if we can build that up then we can charge more for our product.
AI is moving to dynamic personalized pricing.
Class 13 - Gap
Example of why we need a target - look at what happened with GAP. Without specific target and a very specific way to going at this group of people you will not succeed.
ML is a cool thing, but garbage in = garbage out. You need to understand why and what you are trying to do. ML only looks at the past and what data you are giving it so make sure you understand its limitation. ML cannot be a strategy - exactly where GAP failed.
Class 14 - DCE and Experience
Brands are moving to “experiences” need to able to convey an experience.
Product differentiation is just as important as experience. Look at Disney, the cement truck company.
Understand the customer journey and how you can eliminate a pain point or introduce an experience that can add value.
Need to manage expectation of customers, do not promise too much and then under-deliver - just make sure you are understanding your experience as compared to the competition as well.
Empower, Inform, Motivate and Control are key tools for managing service organizations
Class 15 - Stella Branding
Purpose driven marketing is where things are going - but you cant just jump right to it. You need to understand how and what your product delivers and then you can jump up the ladder. Jumping right to the top could just go right over your customers head.
It seems to work on “the masses” and purpose is something people will say they care about; however, you need to have functional benefit.
Purpose driven marketing can be very powerful if they are done properly - but can also be really bad. So make sure you know to what extend you are going.
Class 16 / 17 - Branding and Communication
- ADPLAN - is my key takeway for this! Make sure your brand and value is communicated well!
Class 18 - Unilever Brazil
- This was an interesting case about how to market to lower income and understanding their needs. We need to make sure that we are understanding what new value we can add to the customer. Dont just think of yourself as the market you need to understand the demographic and then understand how you can add value.