Session Summary:

3/1/2017: semantic differential question, sales needs and wants, courses taken: accounting, consumer behavior, statistics; projects: surveys, segmentation analysis, European market entry; cluster analysis, regression, smoothing, forecasting, time series, Markov chains, investor dividends and stock price appreciation, IMC || follow-up discussion: need – biological, functional, rational; want – desire, hedonistic, psychological, emotional; observable / obvious / visible vs latent (unknown, ; smartphones, smartwatch); trial; capital – debt (bond, interest, obligation, bankruptcy) vs equity (shares of stock, dividends vs price appreciation vs both) IMC = integrated marketing communication vs. MCE = multi-channel execution
3/2/2017 new product diffusion – innovators, early adopters, early majority, late majority, laggards; AIDA model – awareness, interest, desire, action; market share exercise – awareness x available x trial x repeat = share; innovators vs imitators, ROI, elasticity with Walmart flags, hi/lo trial x hi/lo repeat; adhoc reports || follow-up discussion: innovators are technological enthusiasts, they read specific technical-type information, not very social

3/2/2017 new product diffusion – innovators, early adopters, early majority, late majority, laggards; AIDA model – awareness, interest, desire, action; market share exercise – awareness x available x trial x repeat = share; innovators vs imitators, ROI, elasticity with Walmart flags, hi/lo trial x hi/lo repeat; ad hoc reports

3/8/2017 customer lifetime value – economic value of the relationship between consumer and company; plus relationship value; time value of money (tmv); current and future consumption; retention rate is critical; lost customers trend – percentage lost and the age of lost customer; loyalty is critical and will lower our costs — we don’t have to teach existing customers how to use our products / services; loyalty comes after satisfaction and trust; loyalty leads to referral and word of mouth

3/9/2017 customer lifetime value: discount factor (tmv) is critical; acquisition costs of a customer; relationship value – reference / referral / learning / innovation; review of the critical elements of the calculation process for customer lifetime value

3/15/2017 clumpiness, consumer packaged goods versus online purchase; amazon purchase pattern, customer relationship value, infrequent or irrational purchase timing, bursts of purchase activity; segmentation and targeting – different types of data to segment; determine similarity among customers; demographic data vs psycho-graphic / lifestyle data vs needs-based data*; similar in groups but different between groups = internal homogeneity vs external heterogeneity; number of segments / clusters is influence by homogeneity and heterogeneity;

3/16/2017 segmentation – needs-based variables and then using the descriptors to identify and communicate with these groups / clusters; GE metrics; targeting – which segment is more accessible / attractiveness / value – size, growth, profitability; consider different services and prices for different segments; introduction to positioning – how we are perceived by customers; differentiate from customers; positioning analysis exercise (Infiniti assignment) helps identify the positioning strategy and future changes need to the project

3/22/2017 positioning; questionnaires -gathering data, types of questions- open vs closed-ended, Likert scale – odd vs even choices; avoid leading questions; avoid double-barreled questions; perceptual maps are critical – attributes that define our offer; preference maps tell us what the consumers want and think; the comparison between perception and preference caps can tell us our best positioning strategy; joint-space map is this combination; snake chart – different attributes compared graphically and very quickly

3/23/2017 Vodafone presentation and project assignment session

3/29/2017 assignment 2 feedback, vodafone project discussion, collect assignment 3, discussed assignment 4, began Forecasting – statistical techniques vs managerial judgment (individual or group); events can great influence forecasts; historical data – benefits and limits; range of values is best (low, high, most likely – not usually the average)

3/30/2017 continued discussion on Forecasting and its importance to marketing, segmentation, targeting and positioning

5/3/2017 review grades, review previous class sessions; assignment 4 – questionaire – time – information vs fatigue; sample is critical – watch convenience vs representative / random assignment; compensation ($, acknowlegement, education, other value) vs sample representation; be careful with questionnaire conclusions understanding respondent / non-respondent characteristics

5/4/2017 group meetings on Vodafone (before / after class); Chapter 6 – Conjoint Analysis

5/5/2017 Chapter 7 – Marketing Mix; sales response functions

5/10/2017 Chapter 7 continued – advanced pricing strategies and how to utilize marketing data to maximize profit and customer acquisition / retention

5/11/2017 Chapter 7 continued – effective sales promotion techniques- media vs design costs, media and design efficiency – measure / monitor the efficiency

5/17/2017 – Chapter 8 – Harvesting Value from Marketing Engineering

5/18/2017 – discussion about Assignments 6 and 7. Presentations for Project 1 delivered by the students to other class members for peer and instructor feedback. This project applies many of the theories and ideas they have learned in the class to the Vodafone marketing environment.

5/19/2017 – Presentations for Project 2 by one student group. This was an optional project to be completed instead of the last 3 class assignments that comprehensively applies all the course material to another corporate marketing environment of the student group’s choice. Final exam review and course wrap-up.