490 test 2

New product development process: Three major activities: 1) Identify product opportunities, 2) Define the product opportunity and 3) Develop the product opportunity: More detailed steps?

1: identify product opportunities: generate new ideas, screen and evaluate ideas, prioritize ideas that pass initial screening and evaluation 2: define the product opportunity: define and test the product concept, create a marketing strategy, conduct business case analysis 3: develop the product opportunity: product testing, test the market, product launch

The CRM process cycle: What is it? 4 elements?

1: knowledge and discovery 2: marketing planning 3: customer interaction 4: analysis and refinement

Brand and Brand strategy: What are these?

A brandis "a name, term, sign, symbol, or design, or any feature that identifies one seller's goods or services as distinct from those of other sellers." Branding strategy is an integral part of the product development process because companies know that successful new products result from a well conceived branding strategy.

CRM (Customer Relationship Management): What is it? 3 major objectives of CRM?

A comprehensive business model for increasing revenues and profit by focusing on customers. 3 major objectives: customer acquisition, customer retention, customer profitability.

Marketing Analytics: What is it?

A set of methods facilitated by technology that utilize individual-level and market-level data to identify and communicate meaningful patters within the data for the purpose of improving marketing-related decisions.

. Product classifications: Tangibility vs. Durability and Consumers vs. Businesses

By nature of the products: tangibility, physical aspects of the product experience Durability: product usage By who uses the products: consumers businesses

Consumer Goods: Convenience Goods vs. Shopping Goods vs. Specialty Goods vs. Unsought Goods: What are these?

Convenience Goods: Staples, Impulse, Emergency Shopping Goods: Furniture, Clothes, Appliances Specialty Goods: Unique characteristics iPhone Unsought Goods: Insurance

Roles that Brands Play

Customer Brand Roles vs. Company Brand Roles vs. Competitor Brand Roles

CRM Metrics: 2 widely used measures: Customer lifetime value vs. Return on customer investment

Customer lifetime value: relationships pay off in terms of cost savings, revenue growth, profits, referrals. Return on customer investment: can be calculated to see if a firm should fire a customer. A customer who exhibits Low CLV.

descriptive

Descriptive analytics uses data to provide summary insights. Raw data is transformed into measurements. Often presented in a visual format like histrogramsor pie charts. Appropriate first step before more complex and expensive analyses.

diagnostic

Diagnostic analytics uses data to explore relationships between different marketing factors that influence the firm's performance. uses linear regression

Product characteristics (A.K.A. 3 component model): What are 'Essential benefit,' 'Core product,' and 'Enhanced product?'

Essential benefit is the fundamental need met by the product (getting from point A to point B on anSouthwest Airlines). •Coreproductis the physical, tangible elements (e.g., one kind of aircraft, low fares, good website). •Enhancedproductincludes additional features, designs, and innovation that exceed expectations (e.g., frequent flyer program, fun and entertaining flight attendants).

Convience Goods

Frequently purchased, relatively low-cost products for which customers have little interest in seeking new information or considering other options and rely heavily on prior brand experience and purchase behavior.

5. Product life cycle (PLC): What is it? 4 stages? Characteristics of each stage?

Introduction: build awareness growth: differentiate product from competitors, promote rapid expansion maturity: transition product from high growth to sales stability decline: determine future of the product

predictive

Predictive analytics utilizes data to make predictions about future marketing outcomes of interest. Some use historical data to extrapolate into the future. Others make predictions between a set of factors and an outcome of influencing factors.

prescriptive

Prescriptive analytics involves determining the optimal level of marketing relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes. Most advanced and costly; draws on the other three approaches. "What if" questions allows the firm to evaluate the value of different decisions.

unsought goods

Products that consumersdo not seek out and, indeed, often would rather not purchase at all.

Shopping goods:

Products that require consumers to do more research and compare across product dimensions such as color, size, features, and price.

Categories of Big Data: Structured vs. Unstructured?

Structured: generates logical organization, easy to categorize, numeric or text limited to certain input values. unstructured: no specific organizational structures, rich source of customer insights, social media posts, customer service rep, and sales force interactions.

Big Data: What is it? Characteristics of Big Data (4 Vs + 5th V)?

The ever-increasing quantity and complexity of data being continuously produced by technological sources such as laptops, smartphones, and other smart devices. 4 characteristics: 1.Volume: the amount of data produced in bytes 2.Velocity: the frequency and speed of analysis 3.Variety: different types of data 4.Veracity: reliability and validity value is considered the fifth v.

specialty goods

a unique purchase made based on a defining characteristic for the consumer. The characteristic might be a real or perceived product feature.

Product (what is it)

anything that delivers value to satisfy a need or want and includes physical merchandise, services, events, people, places, organizations, information, or ideas.

Reasons why new products fail

because of company, customers, competitors, and environment

New products defined: Company perspective vs. Customer's perspective

company perspective: new to the world, reposition existing products, cost reduction customer perspective: •much more narrow and self directed. •The customer is most interested in an answer to the fundamental question: Is this new product new to me?

Customer loyalty & Customer satisfaction: What are these?

customer loyalty: implies repeat purchases. high level of satisfaction & perceived value, strong relationship with the brand. customer satisfaction: means that the offerings meet or exceeds the customer's expectations.

Compare these four types of marketing analytics: Descriptive vs. Diagnostic vs. Predictive vs. Prescriptive

descriptive: summary insights diagnostic: explore relationships between different marketing factors that influence the firm's performance. predictive: make predictions about future marketing outcomes of interest. prescriptive: determining the optimal level of marketing relevant factors for a specific context by considering how adjusting their levels in varying ways will impact different marketing outcomes.

3 Requirements for labeling?

legal requirements, marketing requirements, and consumer requirements.

Package Objectives: What arethe 3 objectives?

protect, promote usage, communicate

Branding Decisions: 4 basic strategic decisions in defining a brand?

stand alone or family, national or store, licensing, and co-branding

Brand Equity: What is it? 5 Dimensions?

•A set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm or that firm's customers. Five Dimensions of Brand Equity •Brand awareness •Brand loyalty •Perceived quality •Brand association •Brand assets

Effective Packaging: Aesthetics and Harmony with marketing mix

•Aesthetics: •Color plays a significant role in package design and in the entire branding strategy. •Designs that are appropriate, interesting, and persuasive to the target market are critical. •Harmonizes with all elements of marketing mix: •The package reinforces marketing communications by connecting advertising images (logo, pictures on the package) to the customer.

Customer Brand Roles

•Brands convey information about the product. •Brands educate the customer about the product. •Brands help reassure the customer in the purchase decision.

Company Brand Roles

•Brands offer legal protection for the product through a trademark. •Brands offer an effective and efficient methodology for categorizing products.

Big Data Sources?

•Businesssystems •Social media platforms •Internet-connected devices •Mobile apps •Commercial entities •Government entities

Competitor Brand Roles

•Market-leading brands provide competitors with a benchmark against which to compete. For example, Huawei and LG compare their smartphones to brands like Samsung and Apple to get noticed.