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70 Cards in this Set
- Front
- Back
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Positioning |
process of creating and maintaining a clear and desirable distinct position inthe mind of your target customers relative to competitive offers |
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Position of a product |
the way how a product is perceived in regard to some keycharacteristics / properties (e.g. key buying factors) by consumers |
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The value proposition |
all benefits a company promises to deliver; statementabout experience customers will gain from the company’s offering |
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Generic product strategy / vision board |
Target group Needs Product Value |
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Generic product roadmap |
Date Name Goal Features Metrics |
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Roman‘s Product Management Framework |
Vision and Leadership Product Lifecycle Management Product Strategy and Market Research Business Model and Financials Product Roadmap User Experience and Product Backlog |
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Roman‘s Product Management Framework 1. Vision and Leadership |
*Establish shared vision *Manage stakeholders including management and customers *Make product decisions |
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Roman‘s Product Management Framework 2.Product Lifecycle Management |
*Understand product lifecycle stages such as launch, end of sales, manage portfolio of products *Choose right marketing mix per lifecycle stage |
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Roman‘s Product Management Framework 3.Product Strategy and Market Research |
*Understand market segments product is serving *State value proposition for target customers *Perform market research and analysis quantitative and qualitative data *Establish competitors analysis and positioning of your product |
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Roman‘s Product Management Framework 4.Business Model and Financials |
*Describe business model of product *Provide investment incentive for company (financial forecast or business case) *Prioritise marketing opportunities |
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Roman‘s Product Management Framework 5.Product Roadmap |
*Create product roadmap release plan with timing/dates and versions/key features) *Formulate market launch strategy |
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Roman‘s Product Management Framework 6.User experience and product backlog |
*Define and describe user experience of product *Describe customers as personas and capture user interaction *Test product, collect feedback and adjust features and increase customers experience |
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product line depth |
Number of version offered of each product in the line |
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product line width |
Number of different product lines |
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product line length |
Total number of items in the product line |
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5 Product Leveles |
1. Core Benefit: benefit 2. Basic Product: key features (core benefit/product) 3. Expected Product: set of contributes and conditions customers expect 4. Augmented Product: set of attributes and conditions that exceed customer expectation 5. Potential Product: all possible augmentation and transformation for product (in future) |
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Goal of portfolio considerations (continuous optimisation of products) |
*have a balanced set of products/offers for the mid-term future, ensuring profits for company *provide the right amount product to target customers *plan for international product launches *support product positioning and strategic goals *defend market position *extend phase of maturity for the product line *introduce product items/variants *ensure to benefit from synergies and avoid connibalisation |
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Product category |
class (certain functional coherence, industry) |
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Product line |
group of products within category that are closely related because they perform a similar function, are sold to the same customer groups, are marketed to the same outlets or channels, or fall within given price range; a product line may consist different brands or a single family brand or individual brand (created by line extension) |
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Product type |
group of items within product line that share one of several forms of the market offering |
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Relatively vague definition |
depend on company, industry and product strategy |
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Portfolio analysis |
*Standard portfolio analysis allows to evaluate a product on two important dimensions: -Attractiveness of product -Strength of product within that market *The analysis helps companies decide how much they will invest in this product and provide hints on what strategies to pursue for each products *Several problems exist: -difficult, time consuming and costly to implement -might be tricky to measure market share and growth rate -Focus is on current business (assumptions needed for future planning) -there might be risk of focusing on entry into high growth markets while neglecting existing business |
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PLC (product life cycle) after growth phase 1. early maturity |
extend it *longest period *restricted NPD for new market/applications *product adaptations *niche-exploitations *secure position *extended product/ add value *optimising cost *start thingking about new products |
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PLC (product life cycle) after growth phase 2. late maturity |
milk it *price war *decreasing competitive advantage *bunding of attractive offering *no resource for new development |
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PLC (product life cycle) after growth phase 3. decline |
end it *can last for years *cost considerations *phase out *strategic implications to be considered |
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Classification of new product development activities across different industry |
From Technological activities to Marketing activities *Industrial products *Pharmaceutical industry *Electronics industry *White goods and domestic appliances *FMCG *Food and drinks industries |
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Agile |
systematically achieve both disciplined execution and continuous innovation |
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Agile process and terminology |
– Stage 1: Identify your agile product vision – Stage 2: Create an agile product roadmap – Stage 3: Create an agile release plan – Stage 4: Plan agile sprints – Stage 5: Hold daily agile meetings – Stage 6: Hold an agile sprint review – Stage 7: Hold an agile sprint retrospective |
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Linear models of innovation management |
Technology push Research and development--Manufacturing--Marketing--User Market pull Marketing--Research and development--Manufacturing--User |
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Orientation of successful companies |
*A balanced focus on both technology and market should allow companies to be successful in the long-run *Decision about growth opportunities needs to consider both dimensions; complex and challenging process as a constant change of perspective is needed |
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Coupling model of innovation management |
Manufacturing Research and development Marketing |
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Media-Richness-Theory |
Some media with higher performance and/or ability of transporting more complex, resp. content. |
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Orientation |
High to low *Sales *Promotion *Publicity *PR |
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High-involvement decision-making process |
Awareness--Extensive information search--Attitude/intention--Trial/experimentation--Long-run behaviour |
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Positioning of Communication/Process of planing within a company |
Marketing-strategy--Marketing-Mix *Product *Price *Promotion *Place |
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(MARKETING-)Communication-STRATEGY |
(Marketing-)Communications-Mix *Sales *Sales-Promotion *Public Relations *Internal Communication *Direct Marketing *Sponsoring *Event-Marketing *Media-Advertising *Fairs & Exhibitions *Social Media-Communication |
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Advertising STRATEGY |
Advertising Mix *Outdoor-Advertising *TV-Advertising *Print-Advertising *DM-Advertising |
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Communication – MixTools of Marketing Communications |
*Sales *Sales-Promotion *Public Relations *Internal Communication *Direct Marketing *Sponsoring *Event-Marketing *Media-Advertising *Fairs & Exhibitions *Social Media-Communication |
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Effect of IMC |
Psychological Effects *Increase of motivation *Increase of Identification *Uniform impression *Stronger communication impact *Differentiation against competitors *Lasting learning results upon the target groups *Creation of Confidence Economical Effects *Decreasing costs by avoiding duplication tasks *Higher efficiency of the communication activities *Supporting of the marketing goals |
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Concept Paper of IMC |
1. Strategic Paper 2. Communication Rules 3. Organisation Rules |
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Framework of Concept Paper |
1.Strategic Paper: 1)Strategy of the IMC 2.Communication rules 2)Target platform 3)Messages platform 4)Instrumental platform 3.Organisational rules 5)Rules of cooperation |
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10 Steps of IMC |
1.SWOT-analysis/challenge/objectives of communication 2.Strategic positioning 3.Primary and secondary target groups 4.Objectives for target groups(goals of communication) 5.Core idea, core and single messages 6.Guiding instrument, supporting tools, principles of design 7.Goals of the measures and means of communication 8.Communication budget 9.Organisational rules for implementation 10.IMC Controlling |
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Step 1: SWOT-Analysis |
Internal-Strengths-Weaknesses *own company/organisation *product and price *distribution *existing communication External-Opportunities-Threats *market *customer *influence *trading *suppliers *competitors *market environment |
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Step 2: strategic positioning-characteristics |
*describes experience of the market performance by all target groups *bases on a strategic competitive advantage and describes a brand promise *give answer to the question: what's in it for me *has a mid to long focal period *bases pm the corporate strategy *is effective as an integrative link for the overall communication *will be applied to all further communication decisions |
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Step 2: Strategic Positioning –Positioning Statement |
1.Rational part: *USP(Unique Selling Proposition) *Product Benefit 2.emotional part: *UCP *Consumer Benefit |
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Step 2: Strategic Positioning –requirements understand is ok |
• relevance from a customer’s point of view • focus only on key characteristics (single-minded) • discrimination ability: unique!• future orientated: targed image • flexibility in case of changing environmental conditions • continuity in core positioning • operational ability: practicable, workable! |
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Step 3: Primary and secondary target groups |
1. socio-demografic *gender *age *residence *size of household *income *education *family status *type of settlement economical area 2. psychological/-graphical *attitude/motivation *consumption behavior *communication behavior |
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Step 4: Objectives for target groups(goals of communication) |
AIDA Attention Interest Desire Action |
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step 4: objectives target groups (communication goals) –definition of goals |
*content *dimension/degree *segments *geographical region/area *time period |
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Step 5: Core idea, core and single messages understand is ok |
Core messages concertize the communicative core idea of a firm,resp of the object of communication. They built up a system of mainmessages, structured accordingly to the target groups Single messages are proofs resp evidences for the core messages ofa firm resp of the object of communication.They form a system of cardinal patterns of argumentation,structured accordingly to the main target groups. |
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Step 5b/c: Core- and single messages –possible content |
• core messages as a rational promise of performance • core messages as a emotional promise of performance
• single messages = Reason why (proof of promises) |
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Step 6: Guiding instrument, supporting tools, principles of design choice of communication instruments |
*advertising *personal sales *promotion *direct marketing *sponsoring *event marketing *fairs/exhibitions *public relations *internal communication *social media-communication |
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step 6c: design principles= Corporate Design |
• name• logo/signet• elements of design• colour system• typo system• visual language• layout principles• jingles• dress codes |
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A Trio of Needs |
*power -individual's desire to control environment *affiliation -need friendship, acceptance, and belonging *achievement -need for personal accomplishment -closely related to egoistic and self-actualization needs |
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Adoption Process and Extended Decision Making |
Awareness-interest-evaluation-trial-adoption Problem recognition-information search-alternative evaluation-purchase-post purchase evaluation |
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Consumer Acculturation in International Management |
Individual differences---consumer acculturation agents---consumer acculturation process---consumer acculturation outcome |
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Shopping Types |
*economic rational and goal-oriented *personalized tends to form strong attachments to store personnel *ethical likes to support local small shops *apathetic does not like shopping and see it as a neccesary chore *recreational sees shopping as a fun and social activities *hate-to-shop |
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The Five-Factor Model of Personality |
*Extroversion -prefer to be in a large group rather tan alone -Bold -Talkative when with others *instability -Moody -Temperamental -Touchy *Agreeableness -sympathetic -kind to others -Polite with others *Openness to experience -Imaginative -Appreciative of art -Find novel solutions *Conscientiousness -Careful -Precise -Efficient |
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Three hierarchies of effects |
beliefs--affect--behavior--Attitude Based on cognitive information processing beliefs---behavior--affect--Attitude Based on behavioral learning processes Affect--behavior--beliefs--Attitude Based on hedonic consumption |
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Types of Consumer Involvement |
• Cognitive involvement – where a person is motivated tolearn all she/he can about the product. • Product involvement – the consumer’s level of interest inmaking a particular purchase, which can range from inertiato very high involvement. • Message-response involvement(advertising involvement) –the consumer’s interest in processing marketingcommunications. • Ego involvement(enduring involvement) – the importanceof a product to a consumer’s self-concept. |
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Strategies to Increase Involvement |
• Appeal to the consumer’s hedonic needs. • Use novel stimuli. • Use prominent stimuli. • Include celebrity endorsers. • Build a bond with consumers by maintaining an ongoingrelationship with them. • Online platform continues to provide companies withopportunities for creating loyal bonds with customers andthe possibility to personalize products and services. |
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Flowcharting Benefit |
*Creates a coherent offering *Elements are compatible & mutually reinforcing *Distinguishes core service & service supplementing core product |
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THE FLOWER OF SERVICE Benefits |
*Shows experiences of a customer *Makes a distinction between facilitating & enhancing services *Quick and simple |
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Blue Printing |
A tool used todesign new services orredesign oldones. *More sophisticated than flowcharts *Service process in detail *Shows what is visible & invisible to customers *shows where the fail points are |
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How to use Blue Printing |
*Assesses risk of things going wrong *Preventative measures/contingency plans *Service standards can be developed |
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Blue Printing Howto: |
1)Identifyall keyactivitiesin creating& deliveringtheservice 2)Specifythelinkagesbetweentheseactivities 3) Startwith«bigpicture»then«drilldown» 4) Include «frontstage»& «back stage»activitieswithlineofvisibility *Blueprints are powerful because they integrate Marketing, Operations, Human Resources Management |
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OTHER CONSIDERATIONS FOR SERVICE DESIGN |
*Customers as co-producer * Self Service Technologies *Capacity and Waiting * The Servicescape |
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The role of marketing communications in aservice environment |
*Position & Differentiate the Service *Promote the Contribution of Service Personnel & Backstage Operations *Add Value through Communication Content *Facilitate Customer Involvement in Service Production *Stimulate or Dampen Demand to Match Capacity |
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Customer Loyalty |
1. Build a foundation for loyalty *Segment the market to match coutomer needs and firm capabilities *Be selective *Deliver quality service 2. Create loyalty bonds *Build higher-level bonds:social,customization, structural *Give loyalty reward: finacial, higher-tier service levels *Deepen the relationship via: cross-selling, bundling 3. Reduce churn drivers |
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What customer can do when service encounter is unsatisfactory |
1.Take some form of public action *Complain to the service firm *Complain to a third party *Take legal action to seek redress 2.Take some form of private action *Defect (switch provider) *Negative word of mouth 3.take no action |
