CH 13-16 MKTG

eco-branding strategy

Create a credible green brand

Timeliness (customer service policy)

Deliver the good or service completely and in a timely manner.

1. Establish & maintain a strong social presence 2. Know what customers want from the social channel 3. Social media can help build a successful brand (allows firm to develop deeper relationship w/ the customer & can generate positive word-of-mouth communication)

Engaging consumers through social media involves: (3 things)

Order cycle (customer service policy)

Ensure that the process for taking and fulfilling customer orders is reliable

Environmental Cost Leadership strategy

Firms seek a price premium

1. Lack of awareness and knowledge 2. Negative perceptions 3. Distrust 4. High prices 5. Low availability

Five barriers to encouraging sustainable consumer behavior

beyond compliance leadership strategy

Focus on communicating company's attempts to adopt environmentally-friendly practices

brand ambassadors

Fully engaged customers have a strong emotional attachment to a company. They act as ________ ___________ for the company.

-Integrating social media into loyalty rewards programs -Give customer a specific hashtag and CTA so company can monitor and reward mentions -Assign a social currency or value to the social actions customers take -Be prepared to surprise and delight someone for his or her actions

How can a company improve brand loyalty and customer advocacy?

- Build an index of all web content using web crawlers or spiders - Provide user with ranked list of websites - Google dominates desktop search market

How does online search work?

domain name (phase 1)

Making a memorable first impression with online consumers begins with the choice of a ________ _____________—the organization's Internet address. This is a critical consideration during the planning phase and an important marketing decision

More noise

More competitors + more channels =

Human method (customer service)

Ordering a catalogue item directly by talking with a customer service representative (CSR)

Mechanical method (customer service)

Placing an order for a product on a company's web page

Sustainable Value Innovation strategy

Re-shape industry through creation of differential value for consumer

Eco-efficiency strategy

Seek to reduce costs and environmental impact

Geo-fencing

Some companies use ______-__________ to send promotions to customers' smartphones when they enter a store, mall, or neighborhood

conversion rate, amplification rate, applause rate

Taking raw engagement metrics and dividing by the number of Facebook friends, Twitter followers, or another platform audience measure, digital marketers can add meaning to the raw engagement metrics by producing ratios reflecting

usability testing

The most effective way of understanding what works and what doesn't with any human-computer interface is to watch people actually use it—a process referred to as • Learnability • Efficiency • Memorability • Errors • Satisfaction

ranking algorithm

The search engine's _________ __________ checks each search query against billions of pages. It tries to determine how relevant each page is to the search terms that were entered. This operation is so complex that companies closely guard their own ranking algorithms as patented industry secrets.

1. Tactical greening 2. Quasi-strategic greening 3. Strategic greening

Three levels of environmental marketing strategies

inventory reduction due to lean manufacturing principles and good inventory management practices.

Two major trends drive the desire for shortened order cycles

-Replace a generic wording -Add visual cues -Write CTA headlines in first person

Ways to improve conversion rates

1. Understand customer and provide valuable content 2. Make content visible in places where customers spend time 3. Make sure message is accessible to customer when he or she needs it

What are the three things marketers must produce to create relevant messages to each consumer?

Design

What is the first phase of website design?

Planning

What is the first phase of website design? - Understand online motivations - To learn: for self-education, for research, to keep informed. - To have fun: to pass the time, be entertained, to escape. - To socialize: to connect, to share, to discuss, to be part of a community. - To express oneself: to share opinions, to entertain, to emote, to be creative. - To advocate: to influence others, to actively support, to join a cause. - To do business: to work, to manage finances, to sell. - To shop: to compare, to purchase.

Testing and launching

What is the fourth phase of website design where the functional site is created?

Development

What is the third phase of website design where the functional site is created?

Traditional media channels

_________ _________ ________ are diminishing in important. -More and more households are "cutting the cord" and dropping pay cable and satellite TV in favor of Internet-based options like Hulu and Netflix. Popular new social media platforms seem to emerge every year.

Mobile technologies

__________ ____________ are becoming increasingly important in how people find and share information. Access to social media content and apps has been a huge driver in smartphone & tablet adoption by consumers.

Digital communication

___________ _____________________ has lowered barriers to market entry (Easier market entry enables smaller, more nimble competitors to compete head-to-head with established brands)

Sociologist/organizational scientists

______________ and _____________ ______________ have expressed growing concern that constant use of social media to check on and strengthen virtual connection is actually making users less social in face-to-face settings

Live streaming

a new branded content approach that is catching on with content creators and audiences- broadcasting real-time, live video footage or video feed to an audience accessing the video stream over the Internet

data mining

a process that involves the computerized search for meaningful trends in a large amount of data.

Sentiment analysis

also known as opinion mining, is the analysis of the feelings(attitudes, emotions, and opinions) behind the words, using natural language processing tools

Touch point

any point at which a customer and the company come into contact

Digital technologies

are forcing all marketers to reassess, alter, and even in some cases, forgo many tried and true ways of thinking about and doing marketing.

projective techniques (qualitative method)

are tools used to uncover true opinions and feelings of consumers when they are unwilling or otherwise unable to express themselves. A common projective strategy involves asking a consumer to compare a brand to a person, animal, car, or country

Location- Based marketing

bringing relevance to digital content uses GPS data to adapt message to target's location

Lifetime value analysis (LTV)

compares the costs of retaining customers with the costs of acquiring new customers, to determine how much money each type of customer requires.

Share of voice

demonstrates brand comparison

Share of customer

differs from market share in that it measures the quantity of purchase dollars each customer spends on the company's products, rather than the number of customers

stakeholder responsibility

focuses on the obligations an organization has to its stakeholders--those who can affect or are affected by a firm's actions

Mobile Computing

gives social media a sense of immediacy. It is technology that allows transmission of data, voice, and video via any wireless-enabled computing device, without a fixed physical connection

post-incident surverys

help measure customers' service experience with the company

Infographics

highly sharable, catchy to the eye, and more fun to read than a generic blog post

brand

identifies and differentiates a firm's products

Political barriers

in some countries this can limit the availability of or increase prices on sustainable goods for consumers. One political barrier, for example, is a lack of political will on the part of leaders to enact sustainability-focused legislation

Customer Service

involves all activities a firm engages in to satisfy needs and wants of customer -Human methods -Mechanical methods

Free association (qualitative method)

involves asking consumers what comes to mind when they think about the brand

Recency-frequency-monetary analysis

involves categorizing customers by their buying patterns

customer segmentation analysis

involves creating customer profiles based on demographic characteristics, purchase patterns, and other criteria and placing them into various categories

Global brand

is a brand that is marketed under the same name in multiple countries

Sustainability

is a commitment to a lifestyle that meets the needs of the present without compromising the ability of future generations to meet their own needs

Green market

is a group of sustainability-oriented customers and the businesses that serve them

Search marketing

is a marketing practice whose goal is to generate traffic from search engines through both paid and unpaid efforts.

Environmentalism

is a movement of citizens, government agencies, and the business community that advocates the preservation, restoration, and improvement of the natural environment

Consumerism

is a movement, made up of citizens and government entities, that focuses on protecting consumers and promoting their interests

Customer equity

is a ratio that compares the financial investments a company puts into gaining and keeping customers to the financial return on those investments

Location-based service

is a social, entertainment, or information service that allows a company to reach and engage with its audience using tools and platforms that capture the geographic location of the audience

Search engine

is a software system designed to search for information on the World Wide Web

Co-branding

is a strategy in which two or more companies issue a single product in an effort to capitalize on the equity of each company's brand. This has many benefits, but negative publicity for one of the brands could affect the ____________ partner in a negative way

relationship marketing

is a strategy that focuses on attracting, maintaining, and enhancing customer relationships, thus building brand loyalty.

Brand revitalization (rebranding)

is a strategy to recapture lost sources of brand equity and identify and establish new sources of brand equity

Life Cycle Assessment

is a technique used to assess environmental impacts associated with all the stages of producing and delivering a firm's products

website usability

is all about how easy it is for visitors to achieve their objectives when interacting with a website

Digital Marketing

is an umbrella term that refers to the marketing of goods or services using digital media, such as email, websites, search engines, and social media platforms.

Social Media

is an umbrella term that refers to the marketing of goods or services using digital media, such as email, websites, search engines, and social media platforms.

Personal Selling

is another way to build relationships between companies

web host

is basically a company that has many computers connected to the Internet. When an individual or business places web pages on the host's computers, everyone in the world will be able to connect to it and view them.

corporate philanthropy

is the act of organizations voluntarily donating some of their profits or resources to charitable causes

Second Moment of Truth (SMOT)

is the actual experience a customer has with a product once he or she buys it and returns home

brand recognition

is the degree to which customers can identify the brand under a variety of circumstances. Firms like Nike and McDonald's employ brand marks, which are the elements of a brand, not expressed in words, that a consumer instantly recognizes, such as a symbol, color, or design.

Fill rate

is the percentage of an order shipped on time and complete.

corporate volunteerism

is the policy or practice of employees volunteering their time or talents for charitable, educational, or other worthwhile activities, especially in the community.

Sustainable tourism

is the practice of recreational traveling in a way that maximizes the social and economic benefits to the local community and minimizes the negative impact on cultural heritage and the environment.

Customer Relationship Management (CRM)

is the process by which companies get new customers, keep the customers they already have, and grow the business by increasing their share of customers' purchases

Brand extension

is the process of broadening the use of an organization's current brand to include new products.

search engine marketing (SEM)

is the process of generating website traffic by purchasing advertisements on search engines; i.e., SEM uses paid listings

Social Media monitoring and social listening

is the process of identifying and assessing what is being said about a company, individual, product, or brand on the Internet

hold time

is the time a customer has to wait to talk to or receive a text back from a CSR

Customer Lifetime Value (CLV)

is the total amount a customer will spend from acquisition through the end of a relationship with a brand -Average value of a sale x number of repeat transactions x average retention time in months or years for a typical customer

Lifetime value

is the total profit a customer brings to a company while a customer

brand image

is the unique set of associations that customers or stakeholders make with a brand. It signifies what the brand presently stands for in the minds of others

brand equity

is the value the firm derives from consumers' positive perception of its products. _________ __________ increases the likelihood that the consumer will purchase the firm's brand rather than a competing brand. -Increases firm's ability to succeed in a difficult competitive environment - Facilitates a brand's expansion into new markets - Contributes to positive perceptions of product quality

Perfect order rate

judges the reliability of the order system

sustainable marketing

marketing is the process of creating, communicating, and delivering value to customers in a way that recognizes and incorporates the concept of sustainability. One of the easiest ways for marketers to engage in ______________ ____________ is to seek ways to cut costs, using sustainable practices as a guideline

Empowerment

means giving employees permission to make decisions and take action on their own to help customers. Empowerment usually involves training employees in what they should do to satisfy customers -allows for employee satisfactions -allows for sense of ownership on how well employees are doing their jobs

Customer focus

measures the extent to which a company puts effort into servicing its customers' needs, based on an understanding of each customer's profitability

responsiveness

measures the firm's flexibility

order cycle time

measures the length of the order cycle, or the ability of the order system to react to customer orders

Line fill rate

measures the percentage of item stocking types

Item fill rate

measures the percentage of the total number of items on the order that the firm shipped on time

Dollar fill rate

measures the value of goods shipped on time versus the total value of the order

Klout score

measures, on a scale of 1 to 100, a user's influence based on his or her ability to drive other people to act on social media sites. Social media users with a high Klout score are especially appealing.

Ethics

moral standards expected by society

Volume of mentions

most common & easiest way to measure social media marketing metrics

Engagement

one of the most important areas to measure in social media

digital marketing strategies

organizations seek to coordinate their ______ __________ ____________ across several different mediums in order to elevate online consumer engagement levels.

ROI

positive ____ is the ultimate criteria

On-time delivery

recognizes that it is not enough just to ship the goods on time; they must arrive on time as well

Corporate Social Responsibility

refers to an organization's obligation to maximize its positive impact and minimize its negative impact on society

brand recall

refers to consumers' ability to identify the brand under a variety of circumstances

relationship survers

seek to gauge the strength of a customer's relationship with the company

Private-label brands

sometimes referred to as store brands, are products developed by a retailer and sold only by that specific retailer. __________-________ goods and services are available in a wide range of industries, from food to cosmetics to web hosting. They are often positioned as lower-cost alternatives to well-known Manufacturer brands

Clientelling

tailors product information for individual customers in order to provide an exceptional and personalized shopping experience. It involves: - identifying key information about a customer - contacting the customer about a product or service that fits his or her individual profile - having a service representative give personal service to the customer - following up on the customer's experience with the purchase

cannibilization

the erosion of sales that occurs when new products eat into sales of a firm's existing products, rather than generate additional revenues or profits

abandonment rate

the percentage of customers who hang up the phone or stop an e-mail conversation before reaching a customer service agent

order cycle

the total amount of time that elapses from the time a customer places an order until the time the product is delivered to the customer. It involves a number of activities

Collaborative filtering

to predict consumer preferences. When a consumer searches the Amazon site for a sporty clip watch, the algorithm filters large amounts of information about many consumers' previous

brand loyalty

typically develops because of a customer's satisfaction with an organization's products

customer satisfaction

ultimate goal is to promote brand loyalty, which will drive long-term profitability but this is merely a first step to ensuring that customers will remain loyal to the company or brand.

Geofencing

uses GPS to build a virtual fence around a location, such as a store, and send individually targeted advertisements to a customer's phone while he or she is in the location

Social media marketing

uses digital tools and other digital platforms to engage consumers anywhere - More and more organizations increasing this resource - Increase brand visibility - Grow customer engagement - Promote brand-customer and customer-customer conversations - Provide context - Activate customer advocacy - Listen to voice of customer

Predictive modeling

uses sophisticated algorithms based on patterns of previous buying behavior to predict the future buying behavior of customers

Service recovery

- Apologize and ask customer to forgive - Review complaint with customer - Fix problem and check with customer on satisfaction level - Document problem and find root cause

Zero Moment of Truth (ZMOT)

- Happens online; typically starting with a search on Google, Bing, Yahoo, YouTube, or any other search tool or engine - Happens in real time; at any time of the day. More and more, it happens on the go, in a store parking lot or even in the store itself, as consumers use mobile search on their smartphones and tablets. - Consumer is in charge; pulling the information she wants rather than having it pushed at her by others - It's emotional: The consumer has a need he wants to satisfy and an emotional investment in finding the best solution - A multi-way conversation with the consumer, marketers, friends, strangers, websites, and experts all participating

Environmental regulations

- Laws to protect the natural environment - Provide marketers with opportunities

Objectives of Customer Relationship Management

- Track consumer behavior over time - Capture data to identify profitable customers - Interact with customers to learn needs and wants - Use information to tailor goods and services

Packaging

- is all of the activities of designing and producing the container for a product. It is one of the most underappreciated tools in marketing - Promoting brand image - Reinforcing brand image

First Moment of Truth (FMOT)

- is the incredibly short window of three to five seconds after a shopper first encounters a product on a store shelf. - In these precious moments, marketers must appeal to shoppers' senses, values, and emotions to convert them into customers.

Branded content

-Always lead with credible expert content -Maintain trust while empowering consumers with additional information

Marketing concept

-Based on six principles -Companies that base their business on the ___________ ___________ maintain a focus on delivering value to the customer in any profitable way they can

Content marketing techniques/sources

-Blog -White paper -Email marketing -Video marketing -Expert content -User-generated content -Branded content

Brand democritization

-Company controlled brand management is fading away -"Brands belong to the people who choose to buy them."

Components of a Successful Brand

-Deliver a product that provides value -Create a consistent brand image -Create consistent brand messaging -Capture feedback

Reliability (customer service policy)

-Establish convenient customer communication channels -becomes a particularly important objective in B2B transactions. Business customers may accept a longer lead time from a reliable supplier because it involves less uncertainty.

Societal implications of an always-connected consumer

-Pervasiveness of social technologies today -Facebook has become much more than a social network -"Never leave home without it" -Social media impact on individuals and society (Fear of Missing out (FOMO)

Content Managment System

-Used to manage the website -Home page, about page, contact page, product service, or "hire me" page

Sustainability vision statement

-Which is, communicating how the company's industry and specific organization work within the larger social and natural world • Drives innovation within organization • Employees more engaged

customer communication metrics

-pre transaction -at transaction -post transaction

Social Media marketing Dashboard

-provides data visualizations that illustrate performance over time -a convenient way to keep track of performance, but it is important that marketers consider why they are collecting the data to begin with: to improve decision making and marketing performance

wireframe (phase 2)

-skeletal framework of website -usually lacks typographic style, color, or graphics—instead, its main focus lies in functionality, behavior, and priority of content. At a deeper level, however, wireframing is useful for determining how the user interacts with the interface. Wireframing is useful tool for improving the ease with which users complete tasks on a website. -Color closely associated with emotional states -Typography includes fonts and spacing between letters and lines -Images can influence viewer's perceptions

Customer service

-the new marketing -Many firms are investing customer-support resources into programs that monitor social media. They seek to respond before complaints damage online reputations. The cost of reacting to experiences is far greater than the cost of proactively creating and defining those experiences from the onset

Search Engine Optimization (SEO)

-the process of getting more traffic based on higher rankings of free or "organic" search results on search engines -targets various kinds of search, including image search, local search, video search, academic search, news search, and industry-specific vertical search engines

Content marketing

-valuable, relevant, consistent content

CRM Process (5 steps)

1) Identify current customers 2) Understand how customers interact with the firm 3) Gather specific customer info 4) Store & analyze info 5) Use data to build customer relationships

1. Paid Media 2. Owned Media 3. Earned Media

3 categories of media investments

1. Differentiation (the brand's point of difference) 2. Relevance (how appropriate the brand is to you) 3. Esteem (how well regarded the brand is) 4. Knowledge (an intimate understanding of the brand)

4 dimensions of the brand asset valuator

Call to Action (CTA)

An image or line of text that prompts a desire action

Establishing customer value

where value refers to the perceived benefits, both monetary and nonmonetary, that a customer receives from a product compared with the cost of obtaining it.

1. It returns only those results that are relevant or useful to the searcher's query. 2. It typically assumes that the more popular a site, page, or document, the more valuable the information it contains

• When you perform an online search, the search engine scours its billions of documents and does two things: