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Marketing

Handbook
Christopher Liu (861018715)
Dr. Sean Jasso, Joseph
Business 103 Section 26

1. Know your target audience by


segmenting. (Theres even a few different
methods to doing so.)

2. Marketing Strategy is generally composed


of three parts, STP (Segmentation,
Targeting, and Positioning).
3. Success against the competition is taking
a position that makes them irrelevant.
4. Effective Segmenting is Measurable,
accessible, substantial, differentiable and
actionable.
5. Know how your company brand brings
value to itself, the customer, and other
companies working with your company.
6. Clarify your brands value to yourselves,
your customer and your partners.
7. Know what your customer wants, they do
not want to know all the features of a
product or service, they want to know
how it benefits them.
8. Reach out to the truth of the consumer
and find what they really want through
Market Research.
9. Understand how buyers make their
decisions in order to understand how to
make them buy your products.
10.
Customer service should not just stop
at selling the product if you want to gain
customer loyalty. Excellent after sales

services is weighed heavier on the


customer mind than in store.
11.
Garbage after sales service is weighed
even heavier than excellent after sales
service.
12.
Businesses do not drive brands,
brands drive business and therefore
brands drive marketing.
13.
An inside opinion on what customers
want is short sighted and LIKELY useless
in the long term. Outside views and
research is more accurate.
14.
A strong brand promises
distinctiveness, is valued, consistently
delivers, is kept over time and their
stories are never fully told as they are still
evolving.
15.
Understand that people do not want
you to sell them products, they want
products to be marketed towards them.
16.
Speaking of Marketing, understand the
4 (or 5) Ps and Cs. Understanding this
means you really understand your target.
17.
Price strategically, not just to cover
costs or earn a margin. What makes your
product cheaper or more expensive?
18.

The big questions on pricing:

a. Can you authoritatively explain the


methods behind your pricing?
b. Do you simply price to cover costs?
c. How often do you check your
pricing results?
19.

The Pricing Checklist:


a. Understand your Business Model
b. Establish a Strategic Objective
c. Identify Value
d. Position your Pricing Strategy
e. Price with Integrity, but test as you
go.
f. Make pricing part of the culture

20.
Are you providing enough value to
price skim or are you pricing low for
penetration?
21.
Remember the STEPPS to making
companies stick.
a. Social Currency
b. Triggers
c. Emotion
d. Public
e. Practical
f. Stories
22.
Expanding is fine and dandy, but
economies of scale is not an end all
solution and nor is expanding resources.
Having more departments and experts
means nothing if they are not doing
anything other than costing money.

23.
Establishing a Vertical marketing
channel makes you important and difficult
to replace, which is good of course. It can
be hard to pull out of a vertical marketing
chain however, so tread carefully.
24.
What are customers really paying for?
What are you delivering?
a. Status
b. Quality
c. Prestige
d. Speed
e. Convenience
f. The brand promise
25.
How do you ensure the customer gets
what they want? An effective sales force
dedicated to the key targets (which is
hopefully the majority of the customers).
Also known as leveraged sales force.
26.
Advertising can be used effectively,
but its ultimately passive and dumb. It
is costly and difficult to gauge the
effectiveness.
27.

The Promotion Mix


a. Sales Promotion
b. Personal Sales
c. Advertising
d. Public Relations
e. Direct Marketing

28.
If youre marketing a service,
remember the Ritz Carlton 3 Steps of
Service!

a. A warm welcome, smile and use


their name.
b. Anticipate and comply with their
needs.
c. Offer a fond farewell.
29.
There are levels to building a
relationship with a brand, starting with
Awareness, then respect then
togetherness.
30.
Great Brands drive marketing through
emotions.
31.
Getting your name out as a brand if
youre new wont do much. You need slow
buildup of reputation through PR so that
your customers have concrete examples
of experiences rather than taking your
word through advertising.
32.
Things catch on for a variety of
reasons, but the quickest and most
effective way to transmit information isnt
from the company itself. Other customers
make the best advertisement.
33.
Making knowledge of your company
social currency is a pretty good indication
that youre doing something right.
34.
Successful companies are now market
driven, in other words they are based on
creating and filling brand new markets to
adapt to customer needs.

35.
Entering Red Ocean market is costly
and inefficient. High costs that end with
low margins.
36.
There are a few magic words in
marketing, advertising and direct
marketing. The most effective one is
Guaranteed.
37.
Free or even Free-Trial statistically
attracts customers. Free Trials makes
customers feel like they are losing
something they never even paid for and
will prompt many to sign up for your
service. The ethics of knowing how to
manipulate people is questionable
though.
38.
Traditional marketing uses research to
develop a product, test the market and
release the product. This is now getting a
bit too slow for todays dynamic and
volatile market.
39.
Knowledge-Based Marketing is a
replacement for the traditional approach.
It requires a certain scale of knowledge
that integrates customers into the design
process to guarantee a customers
strategies and needs are fulfilled. This
also identifies new market segments to
occupy and develop infrastructure to
maintain competitive edge.
40.
Experience-Based Marketing: Constant
interaction and creativity for more

interaction and feedback from the


customers and competitors. This
information is used to develop more
mutually advantageous solutions and
gives more experience for investing in
market development and taking risks
more intelligently.
41.
Beta-Testing for technology these days
is a great method to develop products
and build PR since it both helps to
eliminate glaring flaws and integrates
testers into the development process.
42.
Early adopters and developers pay a
premium to be a part of the development
processes.
43.
Customizing goods for every single
different culture is becoming too costly to
be practical. Recognizing what customers
really want from your company is key.
44.
Standardization of products and
treating the entire world as a single
market is key to successfully expanding
globally. Superior quality and reliability
should be built into the structure.
45.
Foreign countries certainly demand
respect to their individuality, but in reality
they want the same kind of service that is
provided everywhere else.
46.
Multi-national and Global companies
are NOT the same thing. You should strive

to be a global company if your aim is to


expand overseas.
47.
Make sure that you know what your
customers want and how they can get
what they want (Quick clue, you should
be how people get what they want.)
48.
When marketing something, be
honest. Misinforming a customer is worse
than telling them you dont know,
especially if you can point them to
someone who does.
49.
There are ways to influence rates of
adoption of products.
a. Relative Advantage
b. Compatibility
c. Simplicity
d. Availability for trial
e. Communicability
50.
The Customer is Always Right is
utter nonsense, otherwise there would be
no need for experts or salesmen.
Following this mantra makes you see your
customers and nothing but money.
ALWAYS treat your customers as humans,
and humans are never always right.

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