7512 key question 完整版 - Lecture notes 1-12 PDF

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MKTG7512 Review Seminar 1(Reading Frontiers of the Marketing Paradigm in the Third Millennium) 题目：A paradigmatic shift is occurring in marketing that changes the way that we think and engage with customers. （what is the paradigmatic shift? three prominent features of this shift; implications for managers）(Reading: CO-CREATION EXPERIENCES: THE NEXT PRACTICE IN VALUE CREATION) 1. Discuss the three eras of marketing, identifying the dominant thinking and organisation orientations within each era?

Era 1: To Market--- Orientations to marketing •Production Concept: Consumers favor products that are widely available and inexpensive •Product Concept: Consumers favor products that offer the most quality, performance, or innovative features •Selling Concept: Consumers will buy products only if the company aggressively promotes/sells these products Era 2: Market To---The Marketing Concept orientation Marketing is not only much broader than selling, it is not a specialized activity at all. It encompasses the entire business. It is the whole business seen from the point of view of the final result, that is, from the customer’s point of view. Concern and responsibility for marketing must therefore permeate all areas of the enterprise. (Drucker, 1955). •The key to achieving organisational goals is to create, deliver and communicate superior customer value to your target markets •Places the consumer as the focal point – the needs of the buyer rather than the needs of the seller •Has 4 premises:  Consumer orientation  Continuous marketing research  All organisational activities and strategies are integrated  Aims to convert satisfied consumers into loyal consumers Era 3: Market With---Co-creation Orientation •Co-creation brings different parties together to jointly produce a mutually valued outcome. •Co-created value arises in the form of personalised, unique experiences for the customer (value-in-use) and ongoing revenue, learning and enhanced market performance for the firm and its stakeholders (relationships, loyalty, word of mouth).

MKTG7512 Review •Co-creation of value engages not only the firm and its customers but suppliers, partners, and employees in a process of value creation. 2. Explain the concept of value co-creation and how it is different from (and similarity) the marketing concept? (how to build a co-creation enterprise?) +解释两个概念 Concept of value co-creation: •Co-creation brings different parties together to jointly produce a mutually valued outcome. •Co-created value arises in the form of personalised, unique experiences for the customer (value-in-use) and ongoing revenue, learning and enhanced market performance for the firm and its stakeholders (relationships, loyalty, word of mouth). •Co-creation of value engages not only the firm and its customers but suppliers, partners, and employees in a process of value creation. Different & Similarity: 1. The Traditional Concept of a Market

2. The Emerging Concept of the Market

MKTG7512 Review 3. How to build a co-creation enterprise? •

Dialogue – active dialogue and development of shared solutions based on clearly defined rules of engagement e.g. eBay

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Access and Transparency – easy access to information that promotes meaningful dialogue between the customer, the firm, consumer communities and networks of firms

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Risk-benefits – enabling the customer to make a clear assessment of risk and benefits of a specific course of action

MKTG7512 Review Seminar 2 (Reading: CO-CREATION EXPERIENCES: THE NEXT PRACTICE IN VALUE CREATION)  Marketing 2020 study （important） 题目：The Marketing 2020 Study is the first global survey of contemporary marketing practices. 1. Explain the three characteristics that differentiate high performing from low performing organisations? (Big data; purpose for branding; customer experience) Winning characteristics of high performing organisations  Big data, big insights The ability to integrate what consumers are doing with knowledge of why they’re doing it, which yields new insights into consumer needs and how to best meet them. E.g.: The Nike+ suite of personal fitness products and services, for instance, combines a deep understanding of what makes athletes tick with troves of data.  Purposeful positioning (societal experience) Excel at meeting all three manifestations of brand purpose to engage customers and inspire staff, improving organisational alignment with consistent messaging across touchpoints --- functional benefits, or the job the customer buys the brand to do (think of the pick-me-up Starbucks coffee provides); emotional benefits, or how it satisfies a customer’s emotional needs (drinking coffee is a social occasion); societal benefits, such as sustainability (when coffee is sourced through fair trade). Uni l ev erSus t ai nabl eLi vi ngPl an,whi chdefinesasetofgui di ngpr i nci pl esf orsust ai nabl egr owt ht hatemphasi z ei mpr ovi ng heal t h,r educi ngenvi r onment ali mpact ,andenhanci ngl i v el i hoods.Thepl anl i esatt hehear tofal lUni l ev er ' sbr andst r at egi es, aswel lasi t sempl oy eeandoper at i onalst r at egi es .

 Total experience (Rich experience) Companies are increasingly enhancing the value of their products by creating customer experiences. Some deepen the customer relationship by leveraging what they know about a given customer to personalize offerings. Others focus on the breadth of the relationship by adding touchpoints. Our research shows that highperforming brands do both -- providing what we call "total experience." In fact, we believe that the most important marketing metric will soon change from "share of wallet" or "share of voice" to "share of experience." 2. The Marketing 2020 study identifies six drivers of organisational effectiveness. Discuss three of these drivers in detail.  Connect marketing to the business strategy and rest of organisation Linking departments to general management and other functions; creating a tight relationship with the CEO, making certain that marketing goals support company goals; bridging organizational silos by integrating marketing and other disciplines; and ensuring that global, regional, and local marketing teams work interdependently. Today high-performing marketing leaders don't just align their department's activities with company strategy; they actively engage in creating it. Another way companies foster connections is by putting marketing and other functions under a single leader. Motorola's Eduardo Conrado is the senior VP of both marketing and IT.

MKTG7512 Review  Inspire the organisation by engaging all levels with the brand purpose Applying external marketing skills to internal marketing - creating irresistible messages and programs that get everyone on board  Focus people on a few key priorities Measuring brands’ success against key performance indicators such as revenue growth and profit and to tie incentives at the local level directly to those KPIs  Organize agile, cross-functional teams Networked organisations characterized by flexible roles, fluid responsibilities, and more-relaxed sign-off processes designed for speed. Tapping talent as needed and assembling teams for specific, often shortterm, marketing initiatives. Today marketing organizations must leverage global scale but also be nimble, able to plan and execute in a matter of weeks or a few months -- and, increasingly, instantaneously. Oreo famously took to Twitter during the blackout at the 2013 Super Bowl, reminding consumers, "You can still dunk in the dark," making the brand a trending topic during one of the world's biggest sporting events. That the tweet was designed and approved in minutes was no accident; Oreo deliberately organized and empowered its marketing team for the occasion, bringing agency and brand teams together in a "mission control" room and authorizing them to engage with their audience in real time. Complex matrixed organizational structures-like those captured in traditional, rigid "Christmas tree" org charts -- are giving way to networked organizations characterized by flexible roles, fluid responsibilities, and more-relaxed sign-off processes designed for speed. The new structures allow leaders to tap talent as needed from across the organization and assemble teams for specific, often short-term, marketing initiatives. The teams may form, execute, and disband in a matter of weeks or months, depending on the task.

 Redefine marketing roles Categorize marketing roles not by title (as the variety seems infinite) but as belonging to one of three broad types:  “think” marketers, who apply analytic capabilities to tasks like data mining, media- mix modeling, and ROI optimization;  “do” marketers, who develop content and design and lead production  “feel” marketers, who focus on consumer interaction and engagement in roles from customer service to social media and online communities.  Build internal capabilities for success At a minimum, marketing staff need to have expertise in traditional marketing functions such as market research, competitive intelligence, media planning etc. However, marketers and senior managers also need training in portfolio management partnering, and digital and social media.

MKTG7512 Review None of those activities can be fully accomplished, or sustained, without the continual building of capabilities. Our research shows pronounced differences in training between high- and low-performing companies, in terms of both quantity and quality. The best marketing organizations, including those at Coca-Cola, Unilever, and the Japanese beauty company Shiseido, have invested in dedicated internal marketing academies to create a single marketing language and way of doing marketing. Underperforming marketers, on the other hand, underinvest in training. Their employees receive just over half a day of training a year, on average, while overperformers give people nearly two full days of tailored, practical training by external experts.

MKTG7512 Review Seminar 3(reading Service Lens on Value Creation) (How strategy shapes structure) 

The marketing strategy process Identifying the right customers – jobs to be done, service co-creation roles and 5Cs framework Developing the value proposition (explain the process *2) - the concept of value, drivers of value, the value proposition statement (what is value proposition? How to identify target market? *2) The marketing mix and business model design – four key components of business models and how they are informed by marketing mix decisions 题目：A Service Lens on Value Creation changes the way we think about value creation and marketing strategy by focusing on helping customers to get one or more jobs done. 1. Explain Jobs to be Done theory and discuss why it is a better unit of analysis for understanding customer needs. (Jobs to be Done theory need to know) Job to be Done Theory: we’ve come to the conclusion that the focus on correlation—and on knowing more and more about customers—is taking firms in the wrong direction. What they really need to home in on is the progress that the customer is trying to make in a given circumstance—what the customer hopes to accomplish. This is what we’ve come to call the job to be done. Four Premises:  Service is what is always hired to get a job done  A company offers a service, either directly or indirectly through a good.  Service is the application of resources (knowledge or skills) for the benefit of another or oneself.  Physical “goods” such as construction equipment, toothbrushes, and printers that are simply distribution mechanisms for service flows in the form of moving soil, removing food and plaque, and printing documents.  A market represents the coming together of firm-provided service for one or more customer jobs to be done, as seen among a significant number of potential customers.  A service lens shifts the focus of innovation from making better output to creating new markets by helping customers get one or more jobs done more effectively.  The customer always co-creates value to get a job done successfully  A product is not embedded with value. Value is not something that things, or even people, possess. Rather, they possess capabilities that give them value potential – offerings are enablers of value.  Value does not come during acquisition (value in exchange) but during the accomplishment of a job (value in use) - customers are collaborators in value creation  Value is determined by the customer based on how well get jobs done.  Customers judge success based on outcomes, objectives, or “hiring” criteria related to convenience, reliability, effectiveness, and affordability of getting the job done.  Choosing the right customers depends on matching the resources and capabilities of the firm and its service network (e.g., partners, suppliers, and employees) with the willingness and ability of a given segment of customers to be part of the service operation based on their expertise, desire for control, access to resources, risk-taking orientation, and the relative priority they place on the value advantages versus disadvantages of distinct service options  All firms and individuals integrate resources to get an entire job done

MKTG7512 Review  Two basic views of resources: resources as “things” that have to be acted upon to be useful (“operand resources”) and resources with “potential” to create beneficial effects on other things (“operant resources”).  It is only when firm resources are connected to other resources that they become valuable. The resource-integration role of a company extends beyond its inputs and outputs to include external environments, partners, and stakeholders as well as customers and their resources.  The service benefit embedded in a market offering (the value potential) is only realized when the offering is integrated and used with other resources to help the customer get a job done; hence, value is always co-created as customers integrate resources to get one or more jobs done.  Job mapping enables an understanding of what must be accomplished to get the overall job done and the different service flows, parties and resources involved.  Value is always specific to the context in which a job is being done  Value creation happens as customers integrate a unique set of resources through service provision to satisfy their distinct value priorities in getting a job done at a particular time and place.  Value depends on context because customers have unique access to market, public, and private resources and unique personal knowledge and skills.  When, where, with whom, and on what a job is done alter the value priorities of a customer independent of any change in resources.  Each customer draws on their unique combination of experiences, culture, and mind to shape their value priorities and assign meaning to service received. 2. Explain how companies can select the right customer to serve by focusing on jobs to be done and service co-creation roles. Choosing the right customers depends on matching the resources and capabilities of the firm and its service network (e.g., partners, suppliers, and employees) with the willingness and ability of a given segment of customers to be part of the service operation based on their expertise, desire for control, access to resources, risk-taking orientation, and the relative priority they place on the value advantages versus disadvantages of distinct service options

MKTG7512 Review The 5C’s Framework：

Situation analysis typically leads to the identification of customers with jobs to be done and the context in which those jobs need to be done. Selection of ideal customers is based on two factors:

MKTG7512 Review Seminar 4 (Reading An Anthropologist Walks into a Bar) 题目：Customer insight is about gaining a fresh and non-obvious way of understanding customer needs, behaviors and frustrations that can become the basis for a business opportunity. 1. Explain how Jobs to be Done theory and Sensemaking can be used to understand customers’ needs or motivations? Job to be Done Theory: People have underlying problems they are trying to resolve. They have goals they are trying to achieve and tasks and activities they are trying to complete. They may be faced with situations they are trying to avoid. In each of these cases, people often turn to products and services to help them get a “job” done. The theory goes on to say that by understanding in detail what that “job” is, companies are far more likely to create and market solutions that will win in the marketplace.

When we buy a product, we essentially "hire" it to help us do a job. If it does the job well, the next time we're confronted with the same job, we tend to hire that product again. And if it does a crummy job, we "fire" it and look for an alternative. The insight into the job the customers needed done allows company to differentiate its offering in ways competitors weren't likely to copy-- or even comprehend.

A deep understanding of the customer’s “job” makes marketing more effective and innovation far more predictable. ???

Sensemaking has particular value when you want to understand unfamiliar social or cultural contexts—new geographical markets, for example, or new generations of consumers—or when your assumptions about your current customers seem to be misguiding you. The human sciences approach is a radically different way to understand customers. It starts by examining the roots of their behaviors—the complex interplay between their interior lives and their social, cultural, and physical worlds. It digs deep for insights that elude more-traditional business tools. This nonlinear process, which we call sensemaking, reveals the often subtle and unconscious motivations informing consumer behavior and can lead to insights that enable transformations in product development, organizational culture, and even corporate strategy. As we will see, sensemaking and the tools of human science are at their most powerful when helping businesses address novel problems, or “big unknowns,” in unfamiliar social or cultural contexts, such as new geographical markets or new generations of consumers. They can also be highly revealing in cases where current markets or consumers have begun behaving in unexpected ways. The process of sensemaking has 5 stages: 1. Reframe the Problem. Sensemaking starts with learning to think of a problem as a phenomenon -- that is, to see it in terms of human experience. This conceptual shift requires companies to stop looking at the market, the product, and the customer from their own perspective and examine the customer's perspective instead.

MKTG7512 Review 2. Collect the Data. With a set of guiding questions established, it's fairly straightforward to determine the most effective methods of gathering relevant data: direct observation , participation in subjects' activities , indepth interviews, group interviews, video recording, and so on. As with any analytical process, data gathering, and structuring must aim at making the information in each stream easy to compare. Data also must be organized and stored to facilitate simple searching and sharing 。 3. Look for Patterns. At the end of the collection part, a large amount of data constitutes a database, but without analysis, data collection is just simple reporting. So the team needs to structure the data and find root causes so that to reveal patterns. 4. Create the key insight. As the team go back through the data, a game-changing insight emerged. When beginning to seriously question the core business assumption，the team will create the key insight. 5. Build the Business Impact. Insights, of course, must be translated into initiatives. While steps one through four introduce executives to the sensemaking process and therefore are typically new, the final step calls for business leaders to do something familiar: build innovation strategies. 2. Explain how organisations can develop an Insights Engine to understand and fulfill customer needs?

Insights can help to make long-term advantage. If you had leaner manufactur...