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  • Hi everyone!

  • This is a quick crash course video where well talk about customers analytics, data science,

  • and how the two work together!

  • The topic well be discussing here is the marketing mix.

  • Leading companies are always on the lookout for savvy data scientists to join their fast-growing

  • Customers Analytics teams.

  • In that sense, considering a career as a data scientist in customer analytics is a super

  • smart choice.

  • But here’s why exactly: First, companies need people who know how

  • to use data to understand their customers' needs.

  • Once they understand their needs, they can provide the products customers want to buy.

  • Secondand that’s a bit more technicalcompanies need people who have the skills

  • to build the analytics capabilities that will help them provide these innovative customer

  • experiences.

  • In these videos, well be focusing on the customer part of customers analytics.

  • Why?

  • Because even if you know how to do the technical analyses well, unless you understand the customer,

  • you won’t be able to meaningfully help your company.

  • So let’s build those foundations, shall we?

  • Just one more thing before we get started!

  • We’d like to mention something else weve put together – a very comprehensive data

  • science training.

  • The 365 Data Science program contains the full set of data science courses you need

  • to develop the entire skillset for the job.

  • It’s completely beginner-friendly.

  • For example, if you don’t have any maths or statistics knowledge, well teach you

  • that first.

  • And if you’d like to build a more specialized skillset, you can do that with courses on

  • Time Series Analysis, Credit Risk Modeling and more.

  • If you’d like to explore this further or enroll using a 20% discount, there’s a link

  • in the description you can check out.

  • Perfect!

  • Now, let’s get into customers analytics, and more specifically, the marketing mix.

  • The concept of the Marketing Mix is to develop the best product or service and offer it at

  • the right price through the right channels.

  • In this course, well cover customer analytics that answers three fundamental questions about

  • positioning and the marketing mix: (1) Will a customer buy a product from a particular

  • product category when they enter the shop?

  • (2) Which brand is the customer going to choose?

  • (3) How many units is the customer going to purchase?

  • These three questions outline three main components of the purchase process and examine how each

  • of them is influenced by the marketing mix tools.

  • These components are: (1) The customer visits a store and decides

  • whether or not to buy a product; (2) Provided that the customer had decided

  • to buy a product from the product category of interest, the customer chooses which of

  • the available brands to buy.

  • (3) Lastly, the customer buys a particular quantity or number of items of the product

  • from the selected brand.

  • Okay.

  • When talking about the Marketing Mix, there are four groups of variables:

  • related to the characteristics of the product;

  • related to the price of the offering; • related to promotions;

  • and related to the place or channel of the offering.

  • Commonly they are referred to as Product, Price, Promotion, Place and are known as the

  • 4 Ps of marketing.

  • Let’s look at each of the 4 Ps.

  • Let’s start withproduct’.

  • Product refers to the core attributes of the offering.

  • The most important aspect here is the product features.

  • For example, smartphones have features like display size, color, battery life, and so

  • on.

  • Let’s take an iPhone for instance.

  • It has different display sizes and comes in several colors.

  • Product design is another feature that falls under theProductcategory of marketing

  • tools.

  • The iPhone has always been extremely sleek, easy on the eye , and pleasant to touch.

  • It may not be the most productive smartphone on the market, but it definitely has one of

  • the best designsan integral part of Apple’s strategy.

  • Okay.

  • Another important tool here is branding.

  • It deals with the creation of names, logos, slogans, symbols, and designs.

  • These are features which help a product be distinguished from others in the same category.

  • For example, the iPhone is nothing more than a smartphone, but it’s branded asan

  • iPhonenot as an Apple Smartphone.

  • This particular device has a name of its own and is one of the most distinguishable products

  • out there.

  • Last but not least, decisions about packaging also belong here.

  • Again, an iPhone comes in an immaculate box which opens up smoothly and easily to reveal

  • a sight of the product and product only highlighting its design.

  • To enhance that effect, all cables and instruction manuals are in a compartment below the product.

  • Okay.

  • The second ‘P’ is Price.

  • Price has to do with everything related to the pricing of the offering.

  • That is, first and foremost, how much the product costs.

  • In addition, decisions about long-term price changes also belong here.

  • Discounts are another important pricing tool.

  • And, of course, any existing credit terms or other payment terms are considered a pricing

  • tool, as well.

  • Either way, ‘Priceis the most intuitive ‘P’, so we don’t need to spend too much

  • time on it.

  • Instead, let’s get to the third ‘P’: Promotion.

  • When you think of a promotion, you probably imagine some discount.

  • In fact, ‘promotionis a much broader term.

  • It refers to how the product is being communicated or advertised.

  • For instance, a commercial on TV even without a price reduction is called a promotion.

  • Handing out flyers on the street is also promotion.

  • Sending a Tesla into outer space is also promotion.

  • In general, a promotion has 2 components: how the product offering is being communicated

  • and the activities related to its actual sale and communication.

  • The two components of a TV commercial consist of: the exact words that are going to be used

  • in it to communicate the product, and the actual process of contacting the TV channel,

  • setting up the commercial, paying for it and then generating sales through it.

  • Some important decisions to be made here are what the messages should be and how often

  • they should be communicated.

  • Okay.

  • Now, most of the promotions are actually sales promotions, known as merchandising.

  • There are three types of merchandising: price reduction; display; and feature.

  • Price reduction is the simplest to grasp because we notice it every day.

  • A given product that used to cost $5 is now being sold for $2.

  • Price reductions could also be more complex.

  • They could be conditional on buying more units.

  • For example, a promotion could consist of buying 2 chocolate candy bars and getting

  • a third one for free, essentially providing a 33% discount.

  • Alright.

  • What about display promotions?

  • Display promotions happen when the product is situated in another selling location, different

  • from the usual one where consumers can pick it up.

  • For example, a particular brand of potato chips can be displayed at the front of the

  • store or at the cashier.

  • Or maybe you have seen a brand-new car displayed in a shopping mall.

  • Both of these are instances of a promotion, but with no price reduction.

  • Finally, feature promotions happen when specific opportunities for product purchase are being

  • distributed and presented to customers.

  • For example, printed ads and newspaper inserts are feature promotions.

  • Nowadays those are more subtle though.

  • For instance, there are action-packed movies in which all cool cars are exclusively one

  • brand, like the James Bond movies where the 007 agent always drives an Aston Martin.

  • Fantastic!

  • So, weve come to the last category: Place.

  • In essence, it refers to the exact locations where the product will be offered or distributed.

  • Distribution strategies can be grouped into three broad approaches: intensive distribution;

  • selective distribution; and exclusive distribution.

  • Let’s use the chocolate bar example to elaborate on them.

  • If we spread our chocolate bar brand across many different stores, then this is called

  • intensive distribution.

  • Coca-Cola is a great example of thatit’s everywhere unless some specific restrictions

  • apply.

  • But what if the chocolate bars are only available at a few select stores?

  • Usually, this can happen if our marketing team feels that these are the places where

  • weve got the best chance of selling the product.

  • In that case we have selective distribution.

  • A good example is an iPhone.

  • You can find it in the Apple store, tech stores or other similar locations, but never in the

  • grocery store.

  • And finally, if only one selected brand is sold in the store, we have exclusive distribution.

  • Basically, brands use it for luxury items and products to achieve a higher-status image.

  • For example, you can buy a new Tesla Model 3 only at

  • Tesla.

  • And, if you truly want to convey a superstar statusyou can purchase a new Rolex only

  • at a Rolex store.

  • Overall, all decisions about the exact locations where the product will be offered are the

  • main part of the Place marketing tools.

  • And this is what the Marketing Mix tools are all about.

  • We hope you found this video helpful.

  • And if you enjoyed it, please take a second to hit the like button, share the video with

  • your friends and subscribe to our channel!

  • Thanks for watching!

Hi everyone!

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B1 product customer marketing promotion analytics price

Marketing Mix - Learn Customer Analytics

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    林宜悉 posted on 2020/03/09
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