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14. It all starts with Reason for Profit 15. Entrepreneurs would be especially interested in knowing that Marketing can move time forward 16. "We can do that too" is the enemy of strategy and results in poor marketing decisions like low-fat fries for Burger King, Coke Zero, and Dove for Men 17. Comparative advertising can be an effective tool for Challenger Brands 18. Segmentation and Strategy are tools that help a marketer decide what not to spend $ on 19. Differentiation captures how your "reason why" is different than competitors 20. Professor Patrick suggests a smart strategic start to a marketing or business decision would be to address these 3 questions: What does Winning Look Like, Who Will We Win With, and How Will We Win
21. If you wanted to measure the ROI on a marketing promotion, you could pull together data on sales/profit 8 weeks prior to the promotion's start and 8 weeks after the promotion's conclusion to better understand sustained sales lift, profit trade-off, and shifts in customer purchase frequency 22. Marketing metrics refers to those ROI calculations that would measure if marketing expenses result in bringing in more business (profit) that what was spent on marketing 23. CPM is term that allows you to equate different forms of advertising on a similar cost basis so within your marketing mix, you could compare on a "apples to apples" cost basis a radio spot to a newspaper ad to paid search terms 24. If you were to map out the sub sandwich category across a "Reason for Need" spectrum, Subway would be winning at the most # of attributes 25. Advertising objectives are a strategy decision 26. Narrowing your customer target, segmenting your customer prospects, and understanding the emotional and rational purchase triggers of your customers can help you spent your customer acquisition marketing/sales dollars more effectively 27. If you understand your customer's lifecycle and their customer lifetime value, you can develop more effective and efficient marketing to grow customer value 28. Smart marketing often starts with the offer and focuses on clarity of the deal 29. A brand is a promise 30. All customers are not equal 31. Sales success is directly correlated to preparation, perspiſation, listening, understanding, and follow
30. All customers are not equal 31. Sales success is directly correlated to preparation, perspiration, listening, understanding, and follow up 32. Big data is bringing added complexity to companies as they often don't convert vast amounts of data into actionable knowledge 33. Throughout your career, you will find yourself always in sales (selling your thinking, selling your vision, selling your plan, selling your recommendations, selling yourself) 34. Peter Drucker, the father of business, says the purpose of business is to get and keep a customer 35. The AIDA model parallels the sales/purchase funnel and customer journey 36. Most CMO job postings call for experience with data, analytics, strategy, and digital 37. McDonald's Ronald McDonald House and Ronald McDonald Children Charities is an example of McDonald's investing in a "trust bank" 38. Simon Sinek talks about the value of Why in gaining interest from "innovators" and "early adopters" in trying eventually converting the early majority m
39. Personal selling could be called 1:1 marketing, Direct Mail could be called 1: Few, and TV advertising could be called 1: Many 40. Throughout your business career, how to "get, keep, and grow" customers will require marketing and you will revisit the concepts covered in this class over and over again. 41. If you become an entrepreneur, a consultant, a marketing executive, a business executive, or reach the C-suite, you will use marketing strategy to improve your business development, customer profitability, customer retention, media & communication strategies, resource allocation, talent recruitment, innovation, and overall corporate growth strategies. 42. The Times Square Pizza case demonstrated that marketers have many smart strategic alternatives to competing on price 43. Banks and insurance companies can use a consumer's "life stage" to improve the success of their marketing efforts 44. Click-through rate is one way to put metrics behind understanding the effectiveness of an email campaign 45. When Subway uses TV ads to promote "$5 Foot Longs," they are using a Pull strategy 46. Marketers who target "Gen Z" or "Baby Boomers" risk defining their customers targets too broad 47. "Positioning" could be described as how your product is thought of in the consumer's mind 48. A sentiment analysis can provide a marketer with an idea of how "connected" a customer is to their brand 49. McDonald's has trouble selling salads because they don't fit with their reason for being 50. A potential employer visiting your Linkedin profile, your Facebook page, and your postings on different social media platforms would believe they have a sense of your brand 51. Simon Sinek's video on Millennials explains the risks and implications of multi-tasking 52. Selling "hope" can be a very effective marketing strategy Place and People
52. Selling "hope" can be a very effective marketing strategy 53. The 4P's of marketing refer to Product, Price, Place, and People 54. Hardware stores, and office supply stores cater to need driven purchases 55. The Place P refers to a company's distribution strategy 56. A common mistake the professor finds on all marketing plans is the customer target is too broad 57. A hospital that advertises "a no wait 24-hour emergency room" is communicating a clear value proposition to those customers who don't want to wait 58. An example of positioning is 7-Up defining their product as the "un-cola" 59. The Home Depot case study was designed to help you better understand reason for being
Page 60. Quick Trip selling a low-price cup of coffee, Duncan Donuts selling a great tasting cup of coffee, and McDonald's selling a convenient cup of coffee can all be effective value propositions simultaneously in the same category > of 8 61. The 3-Rings Brand Audit is an analysis tool that allows you to visually see where you overlap with your competition and where you have uncontested advantages in meeting the needs of your prospects/customers 62. Mall based department stores are examples of a Place strategy in decline coupled with a Category Life Stage in decline 63. Home Depot and Target are examples of Establishment Brands 64. Women's luxury handbag brands cater to want driven purchases 65. Simon Sinek's Golden Circle Ted Talk asks you to prioritize "Why" you are in business over "What you sell" and "How" you meet customer's needs 66. A big criticism of marketing is about companies trying to market/sell products to people who don't want or need them in a deceptive way 67. Vending machines are a way to leverage a Place strategy to grow awareness, interest, trial, and repeat purchases 68. A proper marketing audit, brand audit, business analysis or competitive analysis would look at the category, brand, customer, trends, and the company 69. Donald Trump and Bernie Sanders are examples of Disruptive Brands 70. If your "Reason for Being" isn't clear, and valued, you run the risk of being picked off by all other competitors with more clearly defined brands 71. In the clothing category, if Levi's wanted to create a brand landscape map on how they differ from their competitors, they might use an X and Y axis to put them in the quadrant of Authentic and American Made Denim 72. Direct selling could be used to describe ecommerce, catalog sales, and infomercials
71. In the clothing category, if Levi's wanted to create a brand landscape map on how they differ from their competitors, they might use an X and Y axis to put them in the quadrant of Authentic and American Made Denim 72. Direct selling could be used to describe ecommerce, catalog sales, and infomercials 73. T Mobile is an example of a challenger brand 74. Publicity refers to non-paid marketing 75. Specialty retailers have the added burden of getting the customer to make a special trip 76. A brand is a promise fulfilled 77. Bass Pro Shops is an example of experiential retail marketing 78. Customer's make B2B & B2C decisions based on rational and emotional triggers 79. Narrowing the strategy is a key fundamental in growing your customer base 80. Volvo and Michelin Tires have a value proposition and marketing strategy tied to safety 81. Marketing is often misunderstood as being limited to advertising
82. eCommerce refers to marketing/selling over the internet 83. Walter Landor says: "Products are made in the factory, but brands are made in the mind" 84. Being an Invisible Brand in a Mature or Declining marketing 85. Marketing Strategy is about making decisions that intersect customer needs, the marketing budget, the competition, the customer purchase journey, the company's business goals, the brand platform, and growing/getting/optimizing customers. 90. 91. 86. Opportunity Cost refers to promotional dollars spend in B2B sales channels to Push product 87. Companies with a marketing orientation start with revenue/profit in mind 88. After completed this course, students should be able to complete an audit of the company's marketing strategy 89. If you go on Shark Tank, as a contestant, you should be expected to know what a customer is worth The Tamaracks Golf Course Case Study helps illustrate many of the components a marketing assessment might include such as customers, competition, revenue, profit centers, segmentation 92. 93. 94. 95. M 96. b death A production orientation could be explained as when auto companies produce cars first, then try and determine customer interest and demand of 8 Popeye's chicken sandwich launch disaster is an example of marketing and operations not understanding the relationship between demand creation and supply chain Classroom based higher education is an example of a growth category Target marketing could be accurately described as a subscription box company deciding to market to grandmothers that lived on farms in the US heartland vs. all women 25-54 Streaming audio/video/content is an example of a growth category Pepsi and Burger King have both positioned themselves as a challenger brand
95. 96. 97. 98. A brand manager acts at the "president" or "general manager of the "brand" and is generally responsible for all decisions on that brand within the company (pricing, packaging, R&D, 4P's, etc.) A big mistake that most companies make with their social media is they use it to "tell" vs. "listen" 100. In marketing and sales, you want to advertise, focus on, and communicate attributes Streaming audio/video/content is an example of a growth category Pepsi and Burger King have both positioned themselves as a challenger brand Exporting, Licensing, and Joint Ventures are a few of the ways you can enter an international market other than having to go there yourself and opening up a physical presence 99.
101. A company's Marketing Mix is the recipe they use to combine marketing dollars across different media, promotion, event, direct, social, digital, and advertising options. 102. An online questionnaire filled out, completed and tabulated is an example quantitative research 103. Customer break-even can be defined in terms of time or $ 104. Marketers and companies are wary of fads due to their extremely short life cycles 105. Focus groups are an example of qualitative research 106. A company that wanted to increase the effectiveness of their marketing would have a deep understanding of what life stage the category is they compete in as well as the life stage of their brand 107. A CRM data base will help you understand and segment your customers 108. Tesla selling cars through their own company owned stores, Car Nirvana sells cars direct to consumers online, and Ford sells trucks through Ford Dealers are all examples of different channels of distribution 109. The point in the purchase funnel or customer purchase journey where a prospect becomes a customer is called conversion 110. In Amy Webb's Ted Talk, she explains her use of CRM, database analytics, marketing strategy, and segmentation to find her future husband 111. Triple bottom line refers to doing right by investors, employees, and the community 112. When Professor Patrick asks you to use his "case study method" to analyze a brand, he asks you to begin by analyzing the category, company, marketing, and business in order to identify the correct problem to be solved 113. When Olive Garden's advertises endless salads and bread sticks, they are implementing a strategy designed to enhance their value proposition of 8 114. A marketing database allows a company to understand customer segments by value and provides clues for growth opportunities
114. A marketing database allows a company to understand customer segments by value and provides clues for growth opportunities 115. The point in the purchase funnel where a prospect moves beyond forward beyond interest, yet prior to purchase is called consideration 116. Your marketing plan for your startup company would consist of defining your marketing budget, sales goals, customer target(s), timing, and marketing strategies and tactics designed to use marketing to deliver on your sales goals 117. Understanding what % of your customers move from consideration into conversion would be a metric that measures your sales/marketing effectiveness 118. 119. Most of the points lost by students in this course is due to not following instructions on assignments Broader research better analysis = sharper strategies = smarter recommendations
You can't understand a company's sales issues without understanding who the customer is, why they buy, what's happening in the category, and what the core business model (and issues) is and how they make money. 121. The value in the value proposition is from the company's perspective 122. Marketing is about creating demand 123. Maslow's Hierarchy of Needs is a good conceptual tool to use in trying to connect with customer's emotional needs 124. Your brand isn't what you tell customer's it is, but rather what customers tell you what it is 120. 125. The US Marines slogan "Improvise, Adapt, Overcome" can also be an appropriate approach to successful marketing 126. If you are a brand manager at Kellogg and presenting your annual brand plan, you need to be prepared to answer 3 questions: What is the state of your business, What drives your business, and What are you going to do Boston Market and RC Cola are examples of Invisible Brands 127. and