Marketing
Marketing Key Concepts
Theory
- Planned Obsolescence - creating products with limited lifespan
- Loss Leader - Sell a product at a cheaper price to get customers to buy other expensive products
- Vendor Lock-in - making it challenging to switch between vendors
- Anchoring - showing the price before the sale and after.
- Rebranding - Creating new identity
- Forced free trial - free limited trial
- Point of Sale Display - Promotional product at check out counters
- Decoy effect - asymmetrically dominated decoy. pricing: Small: $10, Median: $20, Large: $50
- Slow music - feel less rushed and spend more time in store
- Razor and blades - selling one product at low price to boost sales of complementary goods
- Seeding Trial - marketing to specific customers to create word of mouth defusion. Free products for Celebrities
- Blind taste tests - “Pepsi Challenges”
- Subliminal Advertising - Using subliminal messages to boost product sales
- Hidden Advertising - A actor using the same brand to cut his beard
- Stealth Marketing - Subtly introducing a product to comsumers without them realising
- Ambush Marketing - where a brand assiociate themselves with an event without paying for sponsorship
- Foot-in-the-door Technique - Getting someone to do bigger request by asking for smaller requests
- Behavioural Targeting - Using the consumers data to match ad with their interest
- Call to Action - A specific prompt to invoke a immediate response
- Book Signing - Boosting book value
- Health food positioning - makes customer less guilty about buying less healthy foods
- Channel Stuffing - forcing a product through distribution channel to inflate sales for short term gains
- Chemical-Free Marketing - Fake Natural ingredients
- On-Hold Messaging - marketing to customers waiting on hold
- Doorbuster Deals - Early limited supply offer
- Home Staging - Prepairing a home for sale by enhancing its appearance
- Introductory Rate - Low rate of payment which expires in time and defaults to original amount
- Unique Selling Proposition - Informing customers of products advantage
- Tie-In work - Creating product based on existing work eg. movie march
- Wait marketing - Posters in buses
- Not Sold in Stores - Goods advertised directly from the supplier
- Flyposting - guerrilla tactic with poster on building and side walks
- Word-of-Month Marketing - Incouraging existing customers to get new customers with benefits
- Free Lunch - Promote a new product with free samples
- Military Grade - A term for boosting credibility by claiming its used in the military
- Essential in the back - Strategic placement of essential products in the back to get customers to move through the store
- Advertising Slogans - short phrases - get attention
- Annoyance factor - measured ad irritation so customers remember the ad
- Attack Ad - political ads targeting opponent
- Celebrity Branding - Using a celebrity reputation to promote a product
- Cereal Box Prize - Promotion item in product to promote it to kids
- Consumer-Generated Advertising - Sponsored content by customers
- Co-promotion - Multiple company use a combined marketing strategy
- Continuity Marketing - Goods or Services continue indefinitely improving customer retention
- Cross Merchandising - Grouping complementary product together ex. burger and coke
- Data Onboarding - Onboarding offline data to cloud for marketing
- Direct Marketing - Targeting marketing to specific customers
- Drip Marketing - A serious of marketing created based on customer behaviour
- Fear, Uncertainty and Doubt - Using fear or false information to boost sales
- Earned Media - 3rd party content boosting product ex. reviews
- Google Bombing - Causing a website to rank higher in google
- Mojave Experiment - Rebranding
- Merchandising - Creating Merchandise
- SEO - Improving a website visibility by using long titles
- Predictive Buying - Predicting Customer behaviour
- Shockvertising - Creating shocking content to get customer attention
Game theory
- Prisoner’s Dilemma
- Dominant Strategy - best strategy regradless of the other players decision
Group psychology
- Peak and Ending bias
Platforms
- Reels - 90 sec video, everyone
- Story - 15 sec video, followers