An Introduction to Marketing
As my interest and curious on Marketing, I’ve taken this course from Wharton School.
The three modules in this course presents 3 different aspects of Marketing, it worth learning and could have more sense on customers etc.
Week #1: Oct 14-20
1a. Branding: Marketing Strategy and Brand Positioning
This week introduces the foundational concepts in marketing strategy and brand positioning. Beyond marketing promotions, marketing and brand strategies in today’s business word requires consideration of buyers/sellers markets, customer segmentation, brand mantras. Strong brands are better positioned than the competitive brands. In order to understand how best to position a brand, we need to explore the underlying mechanisms of brand positioning. We need to understand not only the cognitive associations with brands, but the social, behavioral, emotional, and cultural associations as well.
The session will cover:
• Marketing 101: Building Strong Brands
• Strategic Marketing
• Segmentation and Targeting
• Brand Positioning
• Brand Mantra
• Experiential Branding
Week #2: Oct 21-27
1b. Branding: Customer Decision Making and the Role of Brand Understanding the Underlying Processes that Consumers Use to Evaluate Brands
As the reverence shown to the Apple brand shows, consumers can have very deep relationships with brands. Such loyalty exists not only in consumer markets. Many IT specialists are very faithful IBM, OEMs respect Intel chips, logistics officers pledge fealty to Fedex. While customers do respond to marketing messages from the firm, they also form impressions based on their own experiences. To how consumers use and evaluate brands, it is essential to understand the underlying consumer decision-making process.
Customers’ purchase process is staged and strong brands have an advantage at every stage. The session will cover the four critical stages of the purchase process:
**Awareness of a need and the brands that fill that need (Living Stage)**
• Brands themselves can trigger a need if they are relevant and noticed
• Strong Brands have high brand awareness
• Brands must grab customers’ attention
**Creating interest about considered brands (Planning Stage)**
• Attention is not enough, people have to “get it”
• Customers’ memory for brands are shaped by expectations
• Brand schemas are sets of brand associations in memory
• Strong brands have clear brand images
**Desire for the right branded product (Shopping Stage)**
• Consumers make brand-quality inferences
• Strong brands evoke durable emotional reactions
• The critical role of trust
**Purchase and repurchase (Experiencing Stage)**
• Strong brands have long-term customer relationships
• Credit or blame after the purchase
Week #3: Oct 28-Nov 3
1c. Branding: Effective Brand Communications Strategies and Repositioning Strategies
To build a strong, one has to consider the tactical elements as well: What are reasonable strategies to creating a new brand name? What about brand slogans or brand symbols. Are celebrities effective for brand positioning? Further, once you have built a strong brand it is essential that the brand stays relevant and is responsive to changing environments. What are the best ways to reposition a brand once it has lost its way? What are appropriate ways for brands to respond to brand crises?
The session will cover:
• Brand Names (criteria to consider, other brand elements, color)
• Use of celebrities with brands
• Cause Marketing
• Repositioning a Brand
Week #4: Nov 4-10
2a. Customer Centricity: The Limits of Product-Centric Thinking
We start this portion of the course with an overview of the traditional product-centric approach and some of the evolving concerns arising from it. We discuss the common objectives and operational procedures that businesses follow, and the “cracks” in product centricity that create the need for a new strategic approach.
Week #5: Nov 11-17
2b. Customer Centricity: The Opportunities and Challenges of Customer Centricity
Here we bring sharp clarity to the concept of customer centricity, and we convey what executives really need to know about it. We discuss the key factors and challenges in implementing it successfully.
Week #6: Nov 18-24
2c. Customer Centricity: How Can Customer Centricity Be Profitable?
We close this module by specifically addressing the profitability question: given the risks and costs of becoming customer centric, how can it be more profitable than the more traditional product-centric approach? We carefully examine the tactical “building blocks” underlying customer centricity, and point out some subtle but important insights about the interplay among them. We highlight a number of actionable suggestions to help managers make the most effective and efficient use of each of them.
Week #7: Nov 25-Dec 1
3a. Go To Market Strategies: Omni-Channel Strategy and Online-Offline Interaction
The “go to market” strategy offers more possibilities than ever before as firms have the potential to address consumers both offline and online, and through a variety of platforms. This session aims to define what “going to market” involves when firms can access customers in the virtual world, as well as in the physical world. We also briefly explain some unique demands and challenges that the “virtual world” creates for brands and customer centricity. We’ll then explore two important concepts for customer selection and product selection, preference isolation and the long tail. Finally, we discuss the implications of transparency, customer reviews, and market feedback for the overall go to market strategy.
Week #8: Dec 2-8
3b. Go To Market Strategies: How to Identify Lead Users and Facilitate Influence and Contagion
A critical goal of the “go to market” market is the identification of lead users, i.e., those who will be most enthusiastic and who will potentially influence others. We start by looking at classical models of diffusion, and then extend these to include recent ideas about patterns of influence. Furthermore, we illustrate by concept and example, the important notion of “extreme” customers and how they can fuel growth. This session also introduces the idea of customer networks, neighbors and contagion. We explain the important distinction between identifying groups of customers who are likely to behave the same way (“birds of a feather, flocking together”) and identifying contagion. We also show how and why firms can build “viral features” into their products and how this works in practice. Finally, we explore the important relationships between traditional and earned media and the role each plays in creating and sustaining growth in the customer base.
Week #9: Dec 9-15
3c. Go To Market Strategies: Targeting and Messaging, Pricing to Value, Customer Access and Distribution
So far, we’ve discussed important aspects of three key elements of the go to market strategy: the channels, the lead users, and the product. Here we explore the fourth: what needs to be said, and to whom. First, we ask whether targeting decisions can be improved through use of “social data”, i.e., knowledge of the behavior of a customer’s friends’ behavior, and if so, under what conditions. Next we ask discuss the merits of social advertising, how to construct traditional display advertisements for maximum effectiveness, and key principles for bidding in keyword auctions. Finally, we look at what makes content persuasive and what increases the possibility that it will go viral. Again, we illustrate all concepts with data and examples.