Marketing Study Handbook

Xueyang Wang

Section 021

11/28/2016

Marketing Handbook

1. Marketing is about connectedness.
2. Know the difference between “marketing” and “selling”.
3. The name of the brand also plays an essential role of maintaining the interest of the prospect’s mind. The brand name cannot be oversimplified nor a name that does not sound like a winner.
4. In order to establish a position, one must also be prepared with the financial means to execute such plans to be able to succeed in this line of market.
5. Understanding the target – the consumers is the first step to marketing.
6. Do not mass-produce but rather produce less to keep the idea of mysteriousness and curiosity of your product.
7. It is not about the products but it is about the people that use the products.
8. Marketing is strategies to connect the brand and the customers.
9. The tool to connectedness is the marketing mix.
10. Understand the mind of the “prospect”.
11. Marketing strategy: segment, target, position.
12. Marketing mix: product, place, promotion, people, position
13. Marketing gives better results; to make things faster, better, and cheaper.
14. Not everyone is your customer but find the ones who are.
15. Selling is not the same as marketing.
16. Logo is important because it tells the promise of the company.
17. Brand is important because it drives business, not business drive brand.
18. Positioning the value of the brand in the consumers’ mind.
19. Although advertising is an essential to positioning, other factors contribute to the complications it may bring to our over-communicated society.
20. Success in a world with homogenized demand requires a search for sales opportunities in similar segments across the globe in order to achieve the economies of scale necessary to compete.
21. Marketing without data is like guessing what consumers like.
22. Consumer is one way to market your brand by putting brand logo in company products.
23. Consumers share everything with friends they know and trust.
24. Positioning yourself as first in your field is the most important step in marketing.
25. Don’t ask your consumers what they want and then try to give it to them.
26. Be creative and experiment with marketing.
27. Marketing is no longer improved through the means of increasing sales as it would have in the past. There is a new marketing “paradigm” that involves the influence of technology.
28. Create a story with your brand.
29. Quality products are the best kind of advertising.
30. Think like a customer.
31. Compete by differentiation.
32. We need to be better to win.
33. The marketing concept is making money by customer satisfaction.
34. Business model is making revenue stream and create profit margin.
35. Sales concept is dealing with the existing products.
36. Value based pricing is analyze what consumers want and place a value on it.
37. Cost based pricing is based on covering up cost.
38. Advertising is any paid non-personal communication to prospect and current customers.
39. Sales promotion is any short-term incentives to encourage product sales.
40. Market management’s responsibility to the firm is to generate a return on investment of all marketing endeavors.
41. International marketing is not sustainable.
42. Vertical marketing system is a unified channel based on shared ownership, contract, or dependence from producer, wholesaler, to retailer.
43. Conventional marketing system is independent firms each seeking revenues and profits for its own stakeholder environment.
44. Strong brands exceed excellency in delivering desired benefits, relevancy, and effectively positioned.
45. Powerful brands know get personal and evoke emotions.
46. When pricing new products, brands decide whether to skim or penetrate the market.
47. Brands that know how be bespoke know how to satisfy their customers completely.
48. Promotion mix is sales promotion, personal sales, advertising, public relations, and direct marketing.
49. Do not intend to directly confront your competitors, but instead isolate a different position that has not been completely owned by another.
50. Direct marketing is direct connection with carefully targeted individual consumers to both obtain an immediate response and cultivate lasting customer relationships.
51. A personal sale is personal presentation by the firm’s sales force to create sales and building customer relationship.
52. Public relation is building a good relation with company’s various publics to obtain favorable publicity, building up a good corporate image and handling off unfavorable rumors, stories, and events.
53. The strategy of standardization not only responds to worldwide-homogenized markets but also expands those markets with aggressive low pricing.
54. The global companies attain long-term success by focusing on what the majority desires rather than what everyone perceives he or she may enjoy.
55. Leader needs followers.
56. “Attractive pricing” appeals to consumers that do not have any intention to pay more than they would have to.
57. Advertising should be as vague as possible to get people curious.
58. Be first to create something different in your field.
59. Outrageous aspects appeared to be “contagious” and bring a great deal of attention to companies.
60. Do not underestimate the power of technology; utilize it to work in your favor.
61. The name is the hook to build a connection to the products in the consumers’ mind.
62. STEPPS: Social currency, triggers, emotion, public, practical values, and stories.
63. Building a strong connection with the consumer base is important to business to last longer.