Final Notes.docx - Financial metrics tend to focus on sales revenue gross profit Selling/General Expenses Taxes etc Marketing metrics on the other hand

Final Notes.docx - Financial metrics tend to focus on sales...

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Financial metrics tend to focus on sales revenue, gross profit, Selling/General Expenses, Taxes, etc. Marketing metrics on the other hand cover things such as market growth rate, market share, market development index, and can include customer metrics such as customer satisfaction or lifetime value. Marketing metrics can also include product performance metrics, service quality, net marketing contribution metric and marketing ROI. The four basic marketing questions that big data can help us answer are first descriptive questions relating to what has happened, Second is diagnostic questions relating to why something is happening, third is predictive questions such as wat will happen, and last is prescriptive questions such as what is the best course of action. Positioning refers to creating distinct and valued physical and perceptual differences between a firm’s product and that of its competitors, as perceived by the target customer. Products can be positioned by first focusing on their superiority compared to other products, second by their use or application such as a soup being positioned by itself and as a dip, third it can be positioned by particular types of product users such as baby shampoo used for infants as well as adults that was their hair frequently, fourth it can be positioned relative to a product class such as bath oil vs bath soap, and fifth it can be positioned directly against a competitor, such as coke vs pepsi. The market has the ultimate say about where the product is ultimately positioned because it is the consumer that is purchasing the product in the end. Implementation of a positioning strategy combine elements of a the product or service strategy, distribution strategy, price strategy, communication strategy and sales force strategy. Each of these elements affect how effective the product or service is positioned. Elements of a positioning statement should include what the product is, who the target segment is, what the market category is, what competitive alternatives there are, what differentiates the firm’s product, and what jobs the product does for the customer. Tim Brown suggests that design projects need to follow through three spaces, which are inspiration, ideation and implementation The I.D.E.O. firm had some crazy ideas, but did not dismiss ideas right away. They went out to get expert opinions and to see the problems in real life. They learned from experts and first hand users/frontline employees to better understand the problem. The team voted in the best ideas, not just the leader. According to the Boston Consulting Group matrix, there are cash cows which are market leaders but have low growth, dogs which are a low source of cash being low market share and low growth, and then there are stars with high growth and high market share. Some criticisms of the B.C.G. matrix is that it assumes that market growth is uncontrollable, and market share factors that affect performance may not hold true in international markets.
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