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What is an ally and anarchist  in marketing? (Birgit Zimola)

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What is an ally and anarchist  in marketing? (Birgit Zimola)

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ally: an ally is anyone who supports or empowers another person or group. Opportunities to do this are peppered throughout our work and personal lives. But we may not see them, or we may think that we don’t have anything to contribute.

anarchist: Free-market anarchism, or market anarchism, includes several branches ofanarchism that advocate an economic system based on voluntary marketinteractions without the involvement of the state.

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What is the difference between the market size and the accessible market size? (Sophie Wiesner)

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What is the difference between the market size and the accessible market size? (Sophie Wiesner)

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Example of used paper:
Market size:
Austria = 8.4 Mio. people with an average usage of 250kg/per person --> 2 Mio. tons of paper
India = 30 Mio. people with an average usage of 25kg/per person --> 32 Mio. tons

acccessable market size:
also includes the price, how much are the people willing to pay and the competition.

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Customer Relationship Management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

Example for customer relationship management: Apple: Once you bought one product it is more convenient to use the same data, apps or other information on different products of the apple. They actively push you to use more products of them because then it is easy for them to address your needs.

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A product bundling strategy is a marketing approach where multiple products or components are packed together into one bundled solution

·       Overcome costs of acquisition, costs are lower than individual purchase

·       Effective bundling offers benefits for customer and company

·       Bundle less selling objects with hot selling items

·       Bundle can probably address more customer needs à increases customer satisfaction

E.g. Electronic retailers bundle hardware, software and accessories (Notebook + windows + Case), banks, loans, restaurants, etc.

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Captive Pricing strategy – description (types, time frame, geography) and examples (Anna Zabolotneva

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Captive Pricing strategy – description (types, time frame, geography) and examples (Anna Zabolotneva

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Premium pricing level is applied to components of a product that a customer has already purchased.

à the customer is “forced” to buy the component to a high price in order not to sacrifice the value of the core product (e.g. razor blades of a shaver). This way much higher profit margins can be reached than with regular products. It is some sort of customer “lock-in”.

e.g. phone contract (mobile phone is cheap, but contract has to be signed. Phones are also locked to particular cellular network)

e.g. frequent buyer programs that reward customers with a free item after a certain number of purchases

·       Most captive pricing strategies are “loss-leader”

à initial purchase is made very attractive

e.g. razor costs nothing, razor blades at premium price, but not too expensive to make customer switch the brand)

e.g. designer item which must be matched with other articles from same designer to fit

·       Time frame:

lifetime of the product / customer / company

razor is maybe used and replaced with one of the same company if brand loyalty is high

à still the same razor blades

Brand loyalty can also be passed on to children

·       Geography: captive pricing strategies can be implemented based on the location when customers are short of alternatives and there is no local competition with a lower price (e.g. the cost of a bathing suit at the beach is much higher compared to the price in a sports shop)

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14.      Describe the CRM process

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14.	Describe the CRM process on an example chosen by you

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14.	Describe the CRM process on an example chosen by you

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What Is Earned, Owned & Paid Media? (Federica Cappelletti )

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What Is Earned, Owned & Paid Media? (Federica Cappelletti )

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EARNED MEDIA
Earned media is an essentially online word of mouth, usually seen in the form of ‘viral’ tendencies, mentions, shares, reposts, reviews, recommendations, or content picked up by 3rd party sites. It's a self-running picture: content is shared and thus, distributed.

PAID MEDIA
Social Media sites like Facebook, Twitter and LinkedIn offer advertising that could potentially help boost your content as well as your website. Using retargeting, Pay Per Click, and display ads is an effective and more direct way to drive searchers to your owned media sites like your website, to help increase traffic and/or conversions. (An example is also sponsor content in newspapers)

OWNED MEDIA
Owned media is any web property that you can control and is unique to your brand. One of the most common examples is a website, although blog sites and social media channels are other examples of owned media properties too.

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Describe the Stimulus Response Model of buyer behaviour?: (Kezia Efendi)

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Describe the Stimulus Response Model of buyer behaviour?: (Kezia Efendi)

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It shows stimuli as input and buyer response as output with the process of decision-making in the middle which depends on the buyer's characteristics.

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How can you use Hofstede in Marketing? What are different criteria of Hofstede? (Carmen Groiß)

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How can you use Hofstede in Marketing? What are different criteria of Hofstede? (Carmen Groiß)

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If it comes to global marketing regarding your product you have to develop marketing strategies which fit to the different countries/cultures -> The concept of Hofstede has collected cultural data over a long period and describes six cultural dimensions you can use in order to develop the right marketing strategy

1)      Power distance: high power distance means strong hierarchy and powerful leaders, marketing has to appeal to the leadership, low power distance means you have to reach a broad range of ordinary people

2)      Individualism vs. collectivism: countries with high individualism need marketing strategies showing how people can increase their personal freedom (reward themselves, …), whereas collectivism needs emphasis on how the community will benefit from the product

3)      Masculinity Vs. Femininity: high masculinity means you have to take care to target the correct gender for each product (strongly differentiate between men and women), low masculinity means a neutral marketing approach regarding gender is the right way, markets would react negatively to gender oriented promotion

4)      Uncertainty avoidance: high uncertainty avoidance level means the market wants product advantages and disadvantages spelled out clearly, whereas low level markets accept lifestyle promotions and generalizations about the product

5)      Time orientation: long term orientation means the markets focus on traditions and the link to the past (especially eastern countries), short term orientation means you can focus on short term benefits (western countries)

6)      Indulgence: high indulgence cultures value leisure time, sports and relaxed sexual standards which means a marketing strategy focusing on sex appeal would fit very good, whereas in low indulgence cultures you should promote the social benefit of a product, how it fits to the existing social structure

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23. 	Which elements does a marketing plan include?

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23. 	Which elements does a marketing plan include?

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A marketing plan should include:
1) Executive Summary:
a brief statement of goals and recommendations based on hard data
2) Current market situation:
Data on external and internal situation

Market Situation: Target market, size, growth, customer needs, perceptions and buying behavior trends

Product situation: Sales, prices, contribution margins, net profit for each product line

Competitive situation: describe major competitors in size, goals, market share, product quality, marketing strategy

Distribution situation: size and importance of each distribution channel

Macro-environment and trends: demographic, economic, technological, polititcal/legal, socio-cultural that could influence the products

3) Opportunity and Issues Analysis:

SWOT/TOWS

Issue Analysis - Use SWOT to define main issues the plan must adress

4) Objectives - financial and marketing goals

sales forecast

profit margin forecast

turnover + price development etc.

5) Marketing Strategy

Target Market

Positioning

Product Line

Price

Distribution Outlets

Sales Force

Advertising and Sales Promotions

R&D and Marketing Research

6) Action Programs
Special programs designed to achieve objectives
7) Projected Profits and Losses
8) Control - Monitoring

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What do you have to consider when segmenting a market? (Sergiy Tykhonov)

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What do you have to consider when segmenting a market? (Sergiy Tykhonov)

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Segmentation means to divide a whole market into smaller, more homogenous groups which share similar patterns regarding buyer`s needs. Like a pie, you divide pie into pieces, according to your taste, and then take the right piece (targeting)

·       New markets: explore key segmentation variables through market research

·       Known markets: define key segmentation variables by experience

Different customers want different things, are able to pay different prices, have different information sources and buy at different places!

Developing different marketing programs for each customer segment is expensive, therefore addressing multiple segments with one program is desirable.

Market segments should be:

·       measurable

·       accessible (identify barriers)

·       substantial (size and value should justify the activities)

·       unique in its response (it is worth to distinguish from others)

·       appropriate to the company`s objectives and resources

·       stable (predictable)

Segmentation criteria in B2C: geographic-, demographic-, benefit-measures

Segmentation criteria in B2B: usage rate, loyalty and location

Lately there is a growing interest in behavioral segmentation (knowledge, attitude, …), benefit segmentation, lifestyle segmentation, …

Approaches for Segmenting Industrial Markets

Organizational buying has four dimensions:

1)    Familiarity with the buying task (new task, modified rebuy and straight rebuy)

2)    The type of product and the degree of standardization

3)    The significance of the purchase to the buying organization

4)    The level of uncertainity in the purchase situation

Buyers also try to segment potential suppliers!

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What are the 4 B2B-Business Types? Describe them quickly. (Sagar Mule)

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What are the 4 B2B-Business Types? Describe them quickly. (Sagar Mule)

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1)    Project: single customer – single transaction (individual solutions, marketing before service performance)

2)    Integration: single customer – cross selling (focus on business relations, supplier)

3)    Product: anonymous market – single transaction (service performance before marketing, marketing similar to B2C)

4)    System: anonymous market – cross selling (standardized components)

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Classic 4 Ps

Product - The Product should fit the task consumers want it for, it should work and it should be what the consumers are expecting to get.

Place – The product should be available from where your target consumer finds it easiest to shop. This may be High Street, Mail Order or the more current option via e-commerce or an online shop.

Price – The Product should always be seen as representing good value for money. This does not necessarily mean it should be the cheapest available; one of the main tenets of the marketing concept is that customers are usually happy to pay a little more for something that works really well for them.

Promotion – Advertising, PR, Sales Promotion, Personal Selling and, in more recent times, Social Media are all key communication tools for an organisation. These tools should be used to put across the organisation’s message to the correct audiences  in the manner they would most like to hear, whether it be informative or appealing to their emotions.

Additional 3 Ps

People – All companies are reliant on the people who run them from front line Sales staff to the Managing Director. Having the right people is essential because they are as much a part of your business offering as the products/services you are offering.

Processes –The delivery of your service is usually done with the customer present so how the service is delivered is once again part of what the consumer is paying for.

Physical Evidence – Almost all services include some physical elements even if the bulk of what the consumer is paying for is intangible. For example a hair salon would provide their client with a completed hairdo and an insurance company would give their customers some form of printed material. Even if the material is not physically printed (in the case of PDFs) they are still receiving a “physical product” by this definition.

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What is the Stimulus Respons Model of Buyer Behavior? (Sophie Wiesner)

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What is the Stimulus Respons Model of Buyer Behavior? (Sophie Wiesner)

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1. reason for choosing this ...
2. producer, brand, sub-brand, product name, size, weight
3. price (low/medium/high)
4. outside: packaging, design, colour, usp, target group
5. any logos/seals of quality
6. ingredients
7. quality guess (low/medium/high/premium)
8. price-quality ratio
9. place - where to buy
10. promotion - how is it advertised? Any special shop?
11. unpack - experience (easy to difficult), special features in the packaging
12. unpacked product: visual inspection, smell, aroma, flavour, general appearance, practical, logo on the product
13. taste it - how does it taste
14. would you buy it?

it was our chocolate experiment.

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11.	What are buyer personas? (Lourdes Gomez)

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11.	What are buyer personas? (Lourdes Gomez)

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A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers.

Descriptions of buyer personas include: demographic data, background, goals, hobbies & interests, behavior patterns, motivations, common objections, biggest fears, etc. à the more detailed the better.

They provide insight for your company, help to focus your activities, guide product development and attract the most valuable customers for your product.

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Explain the different pricing strategies. (Maria Alcaraz)

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Explain the different pricing strategies. (Maria Alcaraz)

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Captive pricing strategy: Premium pricing level applied to components of a product that a customer has already purchased ~ the customer is “forced” to buy the component to a high price in order to not lower the value of the core product (e.g. razor blades of a shaver)

Bundle pricing strategy: A product bundling strategy is a marketing approach where multiple products or components are packed together into one bundle solution, e.g. Electronic retailers bundle hardware, software and accessories (Notebook + windows + Case), bundle less selling objects with hot selling items

Product line pricing strategy: refers to the practice of reviewing and setting prices for multiple products that a company offers in coordination with one another

Premium pricing: higher price than the competitors to reflect the exclusiveness of the product, when there is something unique about the product

Penetration pricing: capture market share by entering the market with a lower price compared to competitors, increase sales and market share

Economy pricing: companies take a very basic and low-cost approach regarding marketing, nothing fancy, e.g. Aldi / Hofer

Price skimming: if significant competitive advantage is given enter market with a price to maximize revenue before other begin to offer similar products or alternatives, then you slowly lower the prize

Psychological pricing: consider psychology of price, e.g. 0,99 € instead of 1,00 €

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6.	How can consumer’s behavior be influenced? (Gabriela Ponce)

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6.	How can consumer’s behavior be influenced? (Gabriela Ponce)

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The consumer’s buying behavior can be influenced by several factors, including:

1. Cultural factors

- Culture (tangible items, e.g. clothes, food, architecture, …)

- Subculture (e.g. religions, nationalities, racial groups, …)

- Social class (groups that share similar values, interests, behaviors, …)

2. Social Factors
- Family
- Role and status

- Reference groups

- Memberships

3. Personal Factors

- Age and family life cycle stage
- Economic situation

- Occupation

- Lifestyle

4. Psychological Factors
- Motivation: Maslow`s    hierarchy of needs
- Perception: how perception influences a person`s reaction, different perception of same situation)

- Learning: change of behavior arising from experience

- Beliefs: a thought that a person holds about something

- Attitudes: consistent evaluations, feelings towards an object

5. The buyer itself

- Buying roles within the decision-making unit (Initiator, Influencer, Decider, Buyer, User)

- Types of buying behavior
- Decision process

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Describe the Ansoff Matrix: (P.Bezrucka)

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Describe the Ansoff Matrix: (P.Bezrucka)

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As part of a larger strategic planning initiative, an Ansoff matrix is a communication tool which helps you see the possible growth strategies for your organization.

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Explain the Lock-in effect and Captive Pricing: 

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Explain the Lock-in effect and Captive Pricing: 

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on an example?

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Perception to buying decision? How does it work? (P. Bezrucka

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Perception to buying decision? How does it work? (P. Bezrucka

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The customer is usually comparing the product with the competitors products. At every single product he rates quality and performance as well as functions with his own perception of needs. The product which fulfills his needs and maybe add´s additional satisfactory to him or her within a reasonable price compared to others will be the best choice.

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On what preferences does a customer can make a buying decision? Give at least  different points: (P. Bezrucka)

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On what preferences does a customer can make a buying decision? Give at least  different points: (P. Bezrucka)

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Recognition of the product
Price
Look
Sustainability
Quality
Advertisement
Product placement
Packaging
Senses: Smell, Taste, Sound, ...
Subconscious

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Loyal customers are 6 times more likely to …

•Buy your products

•Buy your products more often

•Recommend your products to friends and family

•Invest in publicly traded companies

•Rebuff competitive offers, especially price based offers

•Give your company or brand the benefit of the doubt in tough circumstances

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Describe different customer type (Federica Cappelletti)

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Describe different customer type (Federica Cappelletti)

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Difference regarding attitude: positive or negative.

Difference regarding activity: active or passive.

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1.	The Hook – Explain the four parts and give examples(Tejan Desai)

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1.	The Hook – Explain the four parts and give examples(Tejan Desai)

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The hook is defined as an experience designed to connect your user’s problem to your solution with enough frequency to form a habit.
Following are four basic steps of a hook
(1) Trigger
New habits need a foundation upon which to build. Triggers provide the basis for sustained behavior change. A trigger is the actuator of behaviour.
There are two type of triggers, first is external: Habit-forming technologies start changing behavior by first cueing users with a call-to-action which are  embedded with information, which tells the user what to do next. For example, on website pop ups "buy now"," play this" etc. Second is Internal trigger: When a product becomes tightly coupled with a thought, an emotion or a pre-existing routine, it leverages an internal trigger. It is intangible and manifest automatically in mind. for example, People suffering from loneliness, depression tends to use their smartphone more.
(2) Action
The action phase is habit itself and it's defined as simplest behavior done in anticipation of reward. for example, scrolling on Instagram, searching on Google and pushing play button on youtube. These very small discrete simple actions done for an immediate reward.
Fogg Behaviour Model -> B = MAT, where B = behaviour, M = motivation, A = ability, T = trigger
(3) Reward
In this phase users get what they came for. To keep users engaged, products need to deliver on their promises. reward users by solving a problem, reinforcing their motivation for the action taken in the previous phase. for example, feed mechanism in social media, by scrolling person gets new interesting stuff in term of reward, notification on phone.
(4) Investment
In this phase user puts something into the product in anticipation of a future benefits. The more users invest time and effort into a product or service, the more they value it. subscribe netflix free 1-month plan and giving all personal detail like email, bank detail, telephone number etc.
(source:

Hooked: How to Build Habit-Forming Products by Nir Eyal)

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STP - Market Segmentation, Targeting and Positioning (Bernhard D.)

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STP - Market Segmentation, Targeting and Positioning (Bernhard D.)

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STP marketing is a three-step approach to building a targeted marketing plan. The "S" stands for segmenting, the "T" for targeting and the "P" for positioning. Going through this process allows a business owner and marketing consultants or employees to formulate a marketing strategy that ties company, brand and product benefits to specific customer market segments.

Segmenting

The segmenting step is essentially a brainstorming activity. You list out all the potential market segments you could target in a marketing campaign. Niche companies sometimes have only one target market, while other businesses may have five or 10 possible segments, or more. Cell phone providers, for instance, often separate customers by benefits. Some buyers want high-tech gadgetry while others want dependable communication for travel and emergencies.

Targeting

When you have multiple, distinct market segments, you typically need to customize marketing campaigns that appeal to each. As you go through the STP process, you select which segment to target with your upcoming campaign. Using the cell phone example, you might decide to launch a new campaign to promote advanced mobile features, media, apps and texting tools to younger, tech-savvy audiences. For this campaign, you would develop messages and use media tailored to that market.

Positioning

Positioning is how you align your brand or products in the target market. The goal is to offer something that is bigger, better or more valuable than your competitors to a particular market segment. For example, Apple attempts to position itself as an innovative, cutting-edge technology provider to discerning tech buyers who want top-quality solutions. Your positioning serves as your big-picture guide in building your marketing campaign.

Implementation

Once you have strategized using the STP process, the next step is to implement your marketing tasks to achieve intended goals. If you want to increase brand awareness within an emerging market, you would design commercials or ads that introduce your brand and develop an image. You pick media commonly used by that target group. If you are a new outdoor sports gear retailer, for instance, you would create print, radio, TV, magazine, Internet or other ads that promote your quality or value to campers, hunters or outdoor enthusiasts.

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24. PESTEL analysis – What is it and for what can it be used? (Jamila Karner)

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24. PESTEL analysis – What is it and for what can it be used? (Jamila Karner)

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A PESTEL analysis is a framework or tool used by marketers to analyse and monitor the macro-environmental (external marketing environment) factors that have an impact on an organisation. The result of which is used to identify threats and weaknesses which is used in a SWOT Analysis.

PESTEL stands for:

P – Political

E – Economic

S – Social

T – Technological

E – Environmental

L – Legal

Political Factors

These are all about how and to what degree a government intervenes in the economy. This can include – government policy, political stability or instability in overseas markets, foreign trade policy, tax policy, labour law, environmental law, trade restrictions and so on.

It is clear from the list above that political factors often have an impact on organisations and how they do business. Organisations need to be able to respond to the current and anticipated future legislation, and adjust their marketing policy accordingly.

Economic Factors

Economic factors have a significant impact on how an organisation does business and also how profitable they are. Factors include – economic growth, interest rates, exchange rates, inflation, disposable income of consumers and businesses and so on.

These factors can be further broken down into macro-economical and micro-economical factors.

Social Factors

Also known as socio-cultural factors, are the areas that involve the shared belief and attitudes of the population. These factors include – population growth, age distribution, health consciousness, career attitudes and so on. These factors are of particular interest as they have a direct effect on how marketers understand customers and what drives them.

Technological Factors

We all know how fast the technological landscape changes and how this impacts the way we market our products. Technological factors affect marketing and the management thereof in three distinct ways:

·         New ways of producing goods and services

·         New ways of distributing goods and services

·         New ways of communicating with target markets

Environmental Factors

These factors have only really come to the forefront in the last fifteen years or so. They have become important due to the increasing scarcity of raw materials, polution targets, doing business as an ethical and sustainable company, carbon footprint targets set by governments. More and more consumers are demanding that the products they buy are sourced ethically, and if possible from a sustainable source.

Legal Factors

Legal factors include - health and safety, equal opportunities, advertising standards, consumer rights and laws, product labelling and product safety. It is clear that companies need to know what is and what is not legal in order to trade successfully. If an organisation trades globally this becomes a very tricky area to get right as each country has its own set of rules and regulations.
(Source: Professional Academy)

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13.	What is Neuromarketing and Sensory Marketing? Describe briefly & give a short example (Tobias Kunz)

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13.	What is Neuromarketing and Sensory Marketing? Describe briefly & give a short example (Tobias Kunz)

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Neuromarketing is a new field of marketing that applies medical tools like MRI to deepen the knowledge of customer needs. Commonly visuals like photos and videos are presented to the subjects while being present in a MRI scan in a laboratory. Brain activities and therefore brain responses to specific marketing stimuli are observed. Researchers measure the changes of different brain regions to identify customer needs. This methodology presents an authentic overview into a consumer’s decision making process compared to classical interviews. Henceforth, it can be detected if i.e. the color was the main stimulus (push) for purchasing the product. Nonetheless limitations can be detected. This methodology can only be applied in a controlled environment, meaning a laboratory is necessary. Hence, this approach is rather time and technology intensive (Source: Neuromarketing by Roger Dooley et al.)

Sensory Marketing is a technique that is applied to reach customers’ senses and influence their behavior based on how your brand and tactics make them feel. Humans’ five senses are sight, hearing, taste, touch and smell. Sensory marketing is simply the process of winning a customer’s trust and attention by appealing to each of these five senses, i.e. smell of a new Macbook, adequate music in a store, etc.  (Source: Thrive).