Marketing 101 – Babson College 18/09/17

Notes from our lecture with Anirudh Dhebar at Babson College, 18/9/17.

STP – segmentation, targeting and positioning.

  1. Demographics based segmentation
  2. Application based segmentation
  3. Benefits based segmentation
  4. Behavioural based segmentation

Principles for good segmentation

  • Definition – must be homogenous in segment and heterogenous across segments
  • Segments must be actionable
  • Must be separable
  • Segments must be large enough.

Segment customers, not your product/interests.

First you segment, then you target…

Then you position with this statement:

For (1) customer segment, our (2) product offers (3) USP compared to (4) competitors and this is the (5) basis for this claim.

How to create a marketing plan:

Three big sections with subsections…

  1. Discerning market sensing

    1. Situation analysis

      1. Contextual analysis
        1. PESTEL analysis about different environments: Political, Economic, Social, Technological, Environmental regulations, Legal.
      2. Industry analysis
        1. Michael Porter five forces framework + Anirudh’s extra 3
          1. Changing power of the buyer
          2. Changing power of the supplier
          3. Rivalry among incumbents
          4. Threat of new entrants
          5. Threat of substitutes
          6. Dynamics of technology
          7. Dynamics of complementary products
          8. Dynamics of standards and regulations

Contextual and Industry analysis provides opportunities and threats.

      1. Self
        1. Now you can examine your strengths and weaknesses in the context of your opportunities and threats
    1. Understanding markets and customers

      1. Demand side
      2. Supply side
        1. Competitors
        2. Complementors
        3. Coopetitors
        4. Substitutors
      3. Rules governing the market
  1. Compelling market engagement

    1. Segmentation, targeting and positioning

    2. Marketing goals and objectives

    3. Marketing strategy

    4. Marketing Programme

      1. Product
        1. Product mix – eg categories. Apple offering macbook, phone, istore…
        2. Product lines – multiple versions of the same category.
      2. Pricing
        1. Pricing structure – the details of arrangement
        2. Pricing levels – actual cost
        3. Pricing dynamics – how do these change over time
      3. Place
      4. Promotion
  2. Disciplined management of the marketing endeavour

    1. Marketing budget, Milestones, Timelines

    2. Marketing resource plan

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