Marketing myopia
focusing too much on the short term
Who is who and what is what
first pre-step to working a case is to identify
Sales Funnel
inbound management tool to place customers in groups/stages based on how interested they are in the product, willingness to buy, purchase process, etc. monitors progress in moving customers through the process
Personality
you can attitudinally segment customers long-term by
4 P's
a good first step when analyzing why a product or service isn't selling
behavioral segmentation
includes looking at the current vs. non-current customers
Churn rate
the rate of people leaving the company
Retention rate
rate of people staying with the company
Brand Positioning
looking at the category, target segment, and customer needs
3 C's or CLV
use this to figure out what customers to target
Point of competitive parody
an asset that is only valuable, not RIO
Temporary competitive advantage
make as much money as you can before competitors catch up. asset that is V and R but not I or O
scenario analysis
includes looking at scenarios as pessimistic, optimistic, and realistic
focus on core competencies
after doing your VRIO analysis you should do this if they are all V,R,I,O
Marketing Strategy
the reason a company exists
Unexploited competitive advantage
assets that are valuable, rare, and inimitable but your company is not set up/organized to exploit them
immediacy
probability of trend occurring, time frame, how soon the company can adapt
Incremental innovation
small, added feature, tweak
Substantial innovation
medium, "new generation" of a product, enhanced
Transformational innovation
completely change the market, new product
Constant vigilance
pay attention to outside your industry as well
Inimitable
impossible to copy or imitate. Casual ambiguity, patents, social complexity
Market penetration
current customers, same product
Market development
non-current customers, same product
Geodemography
the geographical location of demographics
Asymmetric customer insights
info you have that competitor's don't
Commoditization
all one market becoming the same, indistinguishable between brands,
Strategy
vague, timeless, broad
Tactic
specific, targeted
Marketing
techniques to meet means to exist, the reason a company exists
Marketing from the outside in
Thinking first about the customer's needs and wants and then determine what product service to provide your customers with
Targeting
choosing which segment of customers to focus on
Brand positioning statement
Category, target segment, and customer needs met are all included in one of these
Positioning
which magazines to advertising in is an example of this type of decision
Inbound marketing
Especially good for complex B2B products
advantage of outbound
Easy to target your chosen customer segment
Outbound marketing
Relatively homogeneous set of customer
VRIO
takes a resource based view of the firm
Impact Analysis
helps firms to decide what factors in the external environment to focus on
strategic uncertainties
Trend that might have strategic implications for a company
monitor and analyze; contingent strategies considered
high impact low immediacy
Monitor
low impact, low immediacy
Analyze in depth, develop strategy
high impact, high immediacy
Monitor and analyze
low impact, high immediacy
affects impact
the number of different aspects of your business an environmental trend might affect
one step in scenario analysis
estimating scenario probabilities
customer insights
uncovering what job your product is doing for your customers, learning from other industries