MKTG90037

Final Exam Review 2

Tutor：Amber
 墨大人力资源管理硕士毕业生，多门MKTG&MGMT课程获得H1。
在金融/HR/培训行业均有一定的经验积累。目前从事金融行业
Tutor照片

Global Business Practicum Jan 2020- QBE Singapore (HR

consulting) 小组成员；2020 GBP Travel Grant 获得者。

兴趣爱好：网球、插花、咖啡。
 学科特点、学习方法、备考Tips Reminder
学科特点：
• 知识点细小分散，整体的知识点数量多
• 内容比较抽象，各个点之间的联系灵活不固定
• 主观色彩浓厚，老师对于写作表达的要求比较高

学习方法：
• 对于知识点有自己的一套解释与理解
• 找出每个话题之间的可能的联系，形成自己的理论知识体系
• 从两次作业的实践过程中，加深总结自己对于整体内容的理解。

备考方法 & Tips：

• 尝试自己做一个MVC的思维导图，在理解的基础上自己找出知识点之间的联系
• 熟悉并整理好前两次Assignment的简短文稿，在考试中可以用作例子来附加说明
• 提前paraphrase一些一定会写的内容（例如定义等），为考试的线上答题做好准备
考试介绍
 考试介绍

考试标题：MKTG90037 Managing for Value Creation

考试时间：11月1日 澳洲时间16:00 - 18:15

考试时长：15-min reading time + 2-hour writing time

考试范围：All content will be assessed (11 topics)

考试形式：在校线上开卷考试，不限量纸质参考资料，禁止电子参考资料

题目形式：3 Essay Questions （每题两小问，每问600-750字左右最佳）

考试权重：50% （Hurdle requirement？)

*请重点查看自己的Canvas时间，若有出入，请同学们及时在群里告知~
 考试注意事项

Dos Don’ts
• Think thoroughly and draft before • Go beyond time limit
you write
• Stick to your pre-planned • Be panic
schedule • Without preparation
• Refine your sentences: 600-750 • Using digital resources
words for each question • Copy and paste directly from
• Well-prepared in physical and lecture slides or HD slides
psychological condition
• Prepare your laptop
• Phrased in your own word
• Directly quote referenced short
phrases ONLY
Managing for value creation 整体框架

Review
Session 2
课程设置
 课程设置
Reminder
课程进度 复习章节 涉及内容 要求掌握程度

Session 1 Week 1-Week 3 滚瓜烂熟五颗星

✓ 每章章节脉络梳理

Session 2 Week 4- Week 6 ✓ 重点知识点精讲 熟练运用四颗星

✓ Readings 拓展（可能与
Session 3 Week 7- Week 8上 知识点一起也可能独立章 灵活融合四颗星
节）

Session 4 Week 8下- Week 9 ✓ 经典题型演练 熟练运用三颗星

✓ 重难点回顾
Session 5 Week 10- Week 11 熟练了解三颗星

*相关进度可能会根据课程做出实时调整，以每节课课件内容为准
考点精讲 S4
Session 4
考点概览
 重要程度：
考点1-1. 基础概念：区分Features与Benefits 难易程度：

• A feature is data, facts, or • A benefit is whatever provides the

characteristics of your product or customer with a personal advantage or
service (Lecture 4, Slide 9) gain (Lecture 4, Slide 9)

→ Features tell customers what → Benefits tell customers why

• Features are aspects of your • Benefits are why that feature

https://www.dreamstime.com/stock-images-benefits-features-letter-blocks-crossword-puzzle-
shape-spelling-words-business-concept-white-background-image36475264

product, which could be matters for your customers. In

technical or descriptive (Walsh, other words, how that feature
2019) makes their life better. (Walsh,
2019)
 重要程度：
考点1-2 Features vs Benefits: Means vs Ends 难易程度：

• Due to the definition of features and benefits, we can

relate them with another group of definition: Means vs.
Ends

• Features只是一个吸引顾客的手段(means), 由产品/服
务本身决定，是公司决定的

• Benefits才是顾客在体会到产品/服务后形成的感知，
是顾客去尝试了产品/服务之后的结果(Ends)
 重要程度：
考点1-3. Features vs. Benefits in presenting 难易程度：

one-touch operation that the driver only has to locate the button,
Example: the power window touch it once and can then resume
lowers / raises the window
looking at the road with two hands on
the wheel to maximize safety

https://honestecommerce.co/blogs/articles/features-vs-benefits-what-s-
the-difference-why-does-it-matter-for-your-product-messaging

Problems of presenting features only:

Use benefits to connect
• People might not understand why that features matter
with your customers not
• People respond positively when given a reason
just features
• People are looking for a solution for their problems
 重要程度：
考点2: Customer value determination process 难易程度：
Needs V.S. Offerings

直接问顾客需要什么很难（他们可能自己并不 只有当提供了顾客需要的产品，公司的offerings才有意
知道），但是可以去问他们想要在哪里改变/ 义 Understand needs first, then to build a business model
提高；类似VP canvas中Pain relievers→ 利用流
程图 → Hence, we need to be market-oriented
 重要程度：
考点2.1: Market orientation 难易程度：

• Why firms want to be market orientated?

→ In order to achieve alignment of customer
needs with the consequences of products

• Two typed of orientation: Customer

orientation (customer-led) V.S Market
orientation
 重要程度：
考点2.1: Market orientation 难易程度：

Extended reading- (Narver & Slater, 1990)

Market orientation:
 Three behavioral components:
• Customer orientation: the sufficient understanding of one’s target
buyers to be able to create superior value for them continuously
• Competitor orientation: understanding of current strengths and
weaknesses and long-term capabilities and strategies to be
competitive.
• Inter-functional coordination: the capability of integrating all the
recourse to create superior value for target customer

 Two decision criteria:

Long-term focus and profitability
 重要程度：
考点2.1: Market orientation 难易程度：

Market
orientation: in
a more cultural
perspective
 重要程度：
考点2.1: Market orientation 难易程度：

How companies do this…?

customer-sourced information is actively

and consistently contributed by sales teams
– efficient and user-friendly CRM systems;
training and incentives facilitate this

active monitoring of multiple information

channels e.g. manufacturing suppliers /
partners – strong inter-disciplinary
communication supports this being
communicated

suppliers with a specialization focus are a

common go-to source for multiple Market research: active use of appropriate market research and
competitors for insights on future growth, strong internal interrogation of data are vital activities
product development
 重要程度：
考点2.1: Market orientation 难易程度：

…Effects of market orientation (Narver & Slater, 1990)

Other key findings： (Narver & Slater, 1990)

+Positive effects • Market orientation is an important
(controlling for determinants of profitability
other variables)
• Market orientation comprises a continuum:
highest degree of market orientation with the
highest profitability but none of these
businesses has attained the maximum
possible market orientation score
• Market orientation is relevant in every market
industry
 重要程度：
考点2.2: Market orientation 难易程度：

Relate market orientation to business model:

• Reactive market orientation

→ Market driven: a business orientation that is based
on understanding and reacting to the preference
and behaviours of players within a given market
structure
• Learning, understanding and responding to
stakeholder perceptions

• Proactive market orientation

→ Driving markets: influencing the structure of the
market in a direction that enhances the competitive
position of the business (Jaworski, Kohli, & Sahay, 2000)
• Changing the composition and/or roles of players in
the market
 重要程度：
考点2.2: Market orientation 难易程度：

Driving markets
A multiplicative function of two dimensions: 两种功能
(Jaworski, Kohli, & Sahay, 2000)
1. the number of changes effected in a market Reasons for driving market:
2. the magnitude of those changes, thus driving New realities:
markets is a matter of degree and is not a • Costs increase
dichotomous variable • Complexity increases
Notes: • Risks increase
• Driving markets不是二分法，而是看做的程度 • Companies focus more on specifics
• 描述driving markets的行为时候，要说清楚两个维 + Need to work with others to create value: co-
度的内容 creation (session 6)
 重要程度：
考点2.3: Market orientation 难易程度：

 Companies can be market driven & driving market at the  三种策略 driving market
same time even it is not the first mover, e.g. Barnes & 1. Deconstruction: 解构、拆解
Nobles • Channel changes改变渠道:
• Example: Dell: managed to build a business model by
eliminating the retail channel→ change the behavior of
customer (to buy directly rather than through retailers)
• Competition (e.g. takeovers) 去掉竞争者 M&A
• Suppliers (move up/downstream): compete directly
with their suppliers to gain either a low cost position or
increase functionality
2. Construction:
• Building a new web of players (entire new set)
• Adding complementors
3. Functional modification:
• Shift in functions performed-Ikea (do it yourself)
(Jaworski, Kohli, & Sahay, 2000)

考点2.3: Market orientation
**Reading extension notes: (Jaworski, Kohli, & Sahay, 2000)
Shaping market behavior directly:
• Build customer constraints into customer-buying
experience. Example: IKEA- products are
displayed in a way that enables customers to self-
bundle their store selections; shop in a particular
route in the store→ provides sufficient in-store
time to encourage purchasing
• Remove customer constraints: Example: the
emergence of e-commerce
• Build competitor constraints: controlling the
supplies of current market (DeBeers & diamond
market)
• Remove competitor constraints: Lessen
constraints like regulation initiated by competitor,
government or other stakeholders; (E.g.:
Southwest Airlines’ lobbying efforts enabled it to
compete in the regional air travel market)
重要程度：
Think: WHERE will I
难易程度：
use it in the exam?
Shape market behavior indirectly:
• Create new customer preferences: New users need
to be educated on how to leverage the new
technology to enhance their productivity;
• Introduce completely new customer benefits for
existing products: Change how customer assess the
feature-functionality of products
• Reverse existing customer preferences: shifting
evaluation (negative to positive or reverse). E.g.
Bell-bottom trousers, retro, etc.
• Create new competitor preferences affecting the
mindset or cognitive structure of competitors in
their markets
• Reverse existing competitor preference: E.g. P&G’s
EDLP (Everyday Low Price) Strategy forces
competitors to rethink their supermarket and retail
strategies
Paraphrase before using

考点3.1: Marketing Excellence
3.1 Definition:
Marketing excellence is a strategy-like activity or process
that concerns the “firm’s superior ability to perform
essential customer-facing activities” and that this execution
“occur[s] during the marketing strategy process” (Moorman
and Day 2016, p. 6).
More comprehensive More concise
Homburg, Theel, and Hohenberg (2020):
Marketing excellence is a type of strategy focused on
achieving organic growth by executing three priorities:
(1) marketing ecosystem priority
(2) end-user priority, and
(3) marketing agility priority
*Organic growth refers to the growth of a business through
internal processes, relying on its own resources
重要程度：
难易程度：
Paraphrase before using
Extended key findings: (Homburg et al., 2020)
‘Value of Marketing excellence’
• ‘Marketing excellence is value –relevant for
investors: marketing excellence portfolio
generate significant abnormal returns of up to
8.58% over benchmark portfolio’
• ‘Results also reveals that in recent years
marketing excellence has been more value-
relevant than market orientation and marketing
capabilities’
 重要程度：
考点3.2: Marketing Excellence 难易程度：

3.2 Content of marketing excellence

• Expand activities and contacts
beyond the firm’s own industry
• Incorporate multiple partners in
value creation
• Build and shape platforms with
multiple stakeholders, including
competitors
• Implement connecting hubs
• Develop integrated offerings
• Foster end-user orientation
• Enforce dialogue with end user
• Detect new end user problems
• Personalize the offering
• Generate or reinvent business
models from end users’
perspectives
• Cut through complexity
• Allocate resources flexibly
• Provide efficient internal data
access
• Engage in efficient decision
making
• Remove internal barriers to
change
• Practice trial and error

Marketing
End-User Marketing
Ecosystem
Priority Agility Priority
Priority

Organic Growth
 重要程度：
考点3.2: Marketing Excellence 难易程度：

3.3 Using marketing excellence

• The three marketing excellence priorities can help managers develop a

checklist for effectively exercising marketing excellence.

• Marketing excellence can help firms decrease agency problems by

defining meaningful (behavioral) KPIs for members of the organization.

• Understanding the components of marketing excellence provides

guidance regarding where managers can invest in marketing excellence
and how to communicate marketing excellence to internal and external
stakeholders.
 重要程度：
考点4.1. Revenue side of business models 难易程度：
Revenue stream Content Examples
Merchandise • A sale of a good or service in return for money Amazon
sales model • Organized around the sale of goods or services in exchange for money or other value given at the time of the transaction
Aldi
• On/Offline retail
• Probably the most common types of business model- it is ease to use an familiar to consumers.
Per use • No ownership of the goods/services used iTunes
model • For digital services “Digital Rights Management” is critical and ease-of-access.
• Purchase of a product will no longer be necessary
• Video, music, books “on demand”
Timed usage • For services requiring more than one visit/a relation Vodafone
model • Works well when there is a business opportunity to create relationships and when consumers are interested in frequent /
prolonged access and will invest time to customize and explore the service.
• Businesses use repeat users to maximize revenue

Subscription • Typical for newspaper/magazine publishing Spotify

• Consumers interested in receiving various versions of the merchandise Netflix
model
• offered on an on-going basis
• May be based on the assumption that the products offered are: the same; modified or updated on a continuing basis
Auction • Places where buyers & sellers meet and prices are updated continuously Gumtree
• Huge lock-in for auction markets due to network effects
Model eBay
• Buyers want to be where sellers are and vice versa
Advertising/ • An example of a two-sided market Pink dollars
sponsorship • Distinct economic groups that provide each other benefits
model o Consider the Adobe PDF format: Reader and Writer
• Sponsorship is similar: a sponsor wants to be where the fans are.
• The sponsor seeks an affiliation with your business in the minds of customers rather than attempting to push its own
products
• Also, the recipient has less obligation to the sponsor than it would to an advertiser in terms of showcasing the sponsor’s own
products or services
 重要程度：
考点4.2. Two-sided markets and different revenue models
难易程度：

双边市场-是指一个
具两个不同客群的
经济平台，这两个
客群能互相提供对
方网络利益。若一
组织创造价值的方
法主要在于让两个
(或多个)相关联的不
同客群能有直接的
交互，则称之为多
边平台（MSP)
 重要程度：
考点4.2. Focus: Online revenue generation models
难易程度：

通常而言，线上的活动的收入有以上几个内容 （和前面的表格
有重合的地方）
考点精讲 S5
Session 5 考点概览

考点1. 了解 Consumer trends driving change in Asia-Pacific
Trend Content
#WITH ME Consumers increasingly seek
participatory content and use online
interaction as a means to share
experiences
#ALL TO Digital advancements enable
GATHER inclusivity and promote the
fundamentals to inclusive product
and service design to address
unmet consumer needs in the region.
#SHARED Next generation consumption driven
COMMERCE by an ethos of rational purchasing,
the growing acceptance of second-
hand and rental goods and shared
experience
Marketing implication
• The one-way, non-participatory format of communication is
being replaced with ‘With Me’ content.
• Consumers want to feel more involved and connected.
• Consumers are NOT a monolithic mass, but a diverse group
of people.
• Marketers also should be alert that nowadays consumers
are quick to shun brands that claim to be inclusive but leave
their needs unmet.
• As mainstream consumers start considering the re-
commerce value of products during their initial purchase,
brands will have to find effective ways to leverage this trend.
• Doing so requires new collaboration models with retailers or
start-ups in the sector, along with business model
innovations and a clear choice between partnerships, in-
house development, or M&As.
重要程度：
难易程度：
Evidence
• 直播经济的红火
• 51%of online APAC consumers treat videos
and live stream as a way of connecting with
friends
• 53% of them feel like they are part of a
bigger community when they watch a live
stream (Google, 2020)
• 公司专门设立diversity & inclusion部门，i.e.
字节跳动将inclusive加入公司文化 etc.
• Worldwide searches in English for ‘diversity
meaning’ have grown 4 times.
• 50% of all online APAC consumers agree
that the practice of inclusivity is important to
them (Google, 2020)
• Share in Jar→ 购买分装
• More than half of all the online Millennials
and GEN Zs in APAC believe that pre-
owned products have better value than new
items
• More than half of the region’s online
consumers claim renting helps them save
money that they would have otherwise
wasted on a new product (Google, 2020)
 重要程度：
考点2. 了解Changing customer behaviors in Australia 难易程度：
针对前面两个趋势的内在逻辑复习：
 为什么需要关注顾客行为的变动？
• Understanding customer behaviors → understanding value in use → understanding how to create value （正推反推都成立）
 表现行为的方面： Examples: take-away food, socializing, transport, staying connected locally, fashion, jobs, etc., but the
most import is their decision-making process in shopping

 在澳大利亚的具体客户行为的改变趋势: (Hootsuite, 2020)

• Online activities: average time daily in internet use has the biggest increase in mobile for 25% in terms of devices they
used, while different decrease have been seen in desktop and tablet.
• The total value of B2C e-commerce market has grown at 12%
• In digital innovation, using a smart home device and using digitally enable ride-hailing has the most significant growth
with (25% and 17% respectively)
• Total number of Australia social media users witnessed a 4% growth, climbing to 71% of the total population
• Meanwhile, same increase can be seen in people’s concern of privacy data.
 重要程度：
考点3 . 了解 Relevance to older consumers 难易程度：

年长的网民也可以使消费的主力军

• Preferences in information search and decision-

making are important to understand:
Significant changes are occurring across
→ local TV; local radio/radio website; local print/online multiple domains of consumer behaviors.
news will have a higher relevance in older age groups These changes are in the customer sphere
where value is being created
• Older consumers spend more
“… older households are spending more than in the past.
This expenditure has been supported by relatively strong
growth in income, large increases in wealth and
withdrawals from superannuation.” (Reserve Bank of
Australia, March 2020)

• Online access to health services is growing +++

(more relevant to older age groups) (ABS, 2020)
 重要程度：
考点4-1. 共性：Uptake and roles of global social media
难易程度：
 By 2022, there will be an estimated 3.3 billion social
media users globally – around 42% of our world’s
population

 The focus will be less on the platforms and technology

being used and more on actual usage and behaviors

 Social media is similar to online word-of-mouth

(WOM) and includes:
• Communicating / socializing with “known” others -
friends / family
• Communicating / socializing with “unknown” – in shared
interests
• Accessing / contributing to news / gossip / user product
reviews
 Consumers are increasingly concerned with obtaining
more accurate information on news, products and
services
Source: Park et al (2020). Digital News Report: Australia 2020. Canberra: News & Media Research Centre, University of Canberra.
 重要程度：
考点4-2. 共性：Uptake and roles of global social media
难易程度：
 Marketing implication form two marketers:

如何与顾客加强联系与互动
Henk Campher, • More people will continually be connected with more tools, on
VP of more devices and platforms, and through more channels,
fundamentally changing how, as a society, we engage with
Corporate one another
• As marketers and brands, we need to take the time to
Marketing, understand how the content we produce connects on a
Hootsuite different level with our audience, and also how we make use
of the tools we have to connect those that are yet to engage
through the internet.”

数据使用的敏感度与市场营销的矛盾
• With more people using voice interfaces and voice search as Nathan
part of their shopping journey, understanding and capitalizing
on this should be on marketers’ priority lists in 2020. McDonald,
• However, the shadow of data misuse remains and almost half Co-Founder and
of internet users are using ad blockers. We still spend a lot of
time online, but we will likely see people being more aware Group Chief
and in control of the data they give away.”
Executive, We Are
Social
 重要程度：
考点5. The role of technology in marketing 难易程度：

Six technology domains

Six areas where marketers will

need to maintain a stronger and
continuous market orientation

Source: Grewal et al. The future technology in marketing: a multiidisciplinary perspective. 2019
 重要程度：
考点5. The role of technology in marketing 难易程度：

Source: Grewal et al. The future technology in marketing: a multiidisciplinary perspective. 2019

考点5. The role of technology in marketing
Focus on four aspects
AI and robotics
• AI is highly suited to task
automation – standardized,
rule-based
• Includes “learning to
learn” (context awareness)
• Combined analyses
(numbers, text, voices,
faces, images)
• Not “bigger” but “better”
data to create more
seamless experiences
• Personalization
strategies
e.g. Sephora’s mobile app
“maps” your facial contours
to give AI advice on using
highlighters and bronzers
重要程度：
难易程度：
In-store technology Mobile and social Health technology
• In-store technologies can: • More personalized mobile • Use of IoT devices
• facilitate the shopping marketing strategies
process e.g. Amazon Go • Acknowledging differences • Sensors
• help move customers in content viewed on a
through stages of their smartphone vs a desktop • Wearables
customer journey computer
• offer customers a social • Sephora’s restructure • Social media
presence combined in-store and
digital so • Genomics
• Electronic health records
(EHR)
• Mobile health applications
Source: Grewal et al. The future technology in marketing: a multiidisciplinary perspective. 2019
 重要程度：
考点6 Four types of customer experience with AI 难易程度：

Consumer Experiences with AI Social & Individual Challenges

The AI Data Capture Experience Consumers can feel exploited(被剥夺), loss of
ownership of personal data and personal control

The AI Classification Experience Consumers can feel misunderstood when they

perceive AI as having inaccurately assigned them to a
group

The AI Delegation Experience Consumers can feel being replaced when recognizing
AI’s capability to act as a substitute for human labor

The AI Social Experience Consumers can feel alienated(疏远的), and

disappointment at the interactions may trigger concerns
with unbalanced intergroup relations and discrimination

Source: Puntoni et al (2021), Consumers and Artificial Intelligence:

An Experiential Perspective, Journal of Marketing, 85(1) 131-151
 重要程度：
考点6 Four types of customer experience with AI 难易程度：
Managerial recommendations
Social & Individual Challenges Organizational Learning

Understanding the Companies should strive toward greater organizational sensitivity around consumer
Exploited Consumer privacy and the current asymmetry in the level of control over personal data.

Understanding Organizations must focus on learning about the specific biases that might be present
the Misunderstood Consumer in their own algorithms and processes to root them out.

Understanding Companies can engage in conversations with consumers to gain greater insight into
the Replaced Consumer which activities they prefer to reserve for themselves versus delegate to AI, and how
these preferences shift across consumer, identity, and task.

Understanding Companies should learn how to acknowledge and accommodate the heterogeneity
the Alienated Consumer of human interaction styles and needs.
To this aim, firms should collect information directly from consumers who have
experienced alienation in their interactions with AI.

Source: Puntoni et al (2021), Consumers and Artificial Intelligence:An Experiential Perspective, Journal of Marketing, 85(1) 131-151
 重要程度：
考点7. Social media in marketing 难易程度：

A conceptual framework with 3X3 matrix about Source: Appel et al. The future of social media in marketing. 2020
how social media would influence marketing issues
in the present, near future and far future.
 重要程度：
考点7. Social media in marketing 难易程度：

Omni-social influence of social media

• From marketing perspective, the omni-social nature is “virtually every part of a consumer’s decision-making process is
prone to social media influence” (Appel et al, 2020)
• 基本上一个消费者在当前做出决定的过程中都非常容易受到社交媒体的影响 （内容的深刻性）

• Social media’s influence is hardly restricted to the ‘online’ world, but

is rather consistently shaping cultural artifacts that transcend its
traditional boundaries 可以越过边界 （范围的广阔性）

• Social media has become one of the best places for brands to
engage with consumers, build relationships and provide customer
service （内容的广泛性）

.. but ..
• Problems are also generated: Consumer trust in internet-source
information continues to drop and must be addressed by marketers
Source: Appel et al. The future of social media in marketing. 2020
 重要程度：
考点7. Social media in marketing 难易程度：

New forms of influence / influencers

• Celebrity / opinion leader endorsement is nothing new

Selena Gomez – with 144m Instagram followers, is able to demand a $$$ fee
for “liking” a product .. but ..

• The ROI of paid exposure or consumer “likes” is not clearly understood; and is not
always measured effectively by companies 流量到资本的转换率并不清晰

• Another approach: the use of micro-influencers by firms focusing on smaller

audiences, with more targeted messaging 利用非大V也可以获得一定的流量
⁻ Eg YouTube special interest “experts” gain significant followings with trust in their
product reviews / endorsements
⁻ Eg local community groups commonly set up moderated, independent,
information-sharing platforms using social media – usually associated with higher
trust by local stakeholders e.g. Inner West Melbourne Buy Swap and Sell
Source: Appel et al. The future of social media in marketing. 2020
 重要程度：
考点7. Social media in marketing 难易程度：

Privacy concerns on social media

• A clear definition of privacy is hard to come by:

Our expectation to receive customized offerings is often in
conflict with our desire to “be left alone” 隐私与便利之间可能只
有一线之隔

• In line with rising privacy concerns, the way consumers view

brands and social media is becoming increasingly negative.
• Three major concerns: personal information, intellectual
property and information security
• Potential solution:
• To combat these negative consumer beliefs, changes need
⁻ Brands and agencies need to hold social media accountab
to be made by everyone who benefits from consumer
for their actions regarding consumer data; to let consume
engagement on social media. Special actions and initiatives
feel safe and in control;
need to be taken from greater transparency and
⁻ Still unknown to most companies…
subsequence trust.
Source: Appel et al. The future of social media in marketing. 2020

考点7. Social media in marketing
social media issues in marketing
• Combating loneliness and isolation
➢ Role of social media as ‘loneliness epidemic’
that negatively impacts consumer well-being
➢ Quality of using social media
➢ Time-limit tool
• Integrated customer care
➢ Platforms to address customer questions, solve
customer problems, in a way to provide
consolidated customer care
➢ ‘invisible CRM’- direct communication via social
media message
➢ Data collection and analysis
重要程度：
难易程度：
• Social media as a political tool
➢ Question: how many media or news sources do we
rely on to remain current?
➢ An increasingly used solution: independent news
aggregation websites / services e.g. Crikey.com
• Note: cross-cultural differences impact the influence
of social media use, especially:
➢ Where government regulatory approaches to privacy
differ
➢ Where there are variances in control and censorship
of mainstream media
Source: Appel et al. The future of social media in marketing. 2020
 重要程度：
考点7. Social media in marketing 难易程度：

social media issues in marketing

• Increasing sensory richness 信息内容更为丰富

 Visual richness: • Online / offline integration and complete
✓ Augmented Reality (AR): Snapchat’s filter, Applie’s convergence营销方式整合
Memoji messaging • Omnichannel marketing strategies
✓ Virtual Reality (VR): Immersive gaming and film; • AR
• The sense of digital self
 Others: more audible; literally feel different (wear
technology)

• Social media by non-humans 非人类操控的社交媒体

• Social bots: fake likes, fake followers
• The rise of non-human virtual influencers
• Therapy bots: mental health

Source: Appel et al. The future of social media in marketing. 2020

 重要程度：
考点7. Social media in marketing 难易程度：

Source: Appel et al. The future of social media in marketing. 2020

 重要程度：
考点7. Social media in marketing 难易程度：

Source: Appel et al. The future of social media in marketing. 2020

 重要程度：
考点7. Social media in marketing 难易程度：

Source: Appel et al. The future of social media in marketing. 2020

考点精讲 S6
Session 6 考点概览
 重要程度：
考点0: Understanding stakeholder: who are they? 难易程度：

Understanding stakeholders

Planning Customers
Employees

Communities
Suppliers & Managing
distributors Value Competitors
Creation
Shareholders
Government
Controlling Implementing
 重要程度：
考点1.1 Value co-creation with customers 难易程度：

Co-creation of value: working jointly together to create new or existing products or services of value 与他方合
作，共同创造新的或者是更新已有的产品/服务
Examples: design input, usage, consumption or experience

理解重点：
• Value从哪来：related to the overall value received by the customer through design input, usage,
consumption or experience.
• Value creation的重点： supplier-client interaction (i.e all points of contact)
• Co-creation的本质：moving from Marketing TO clients to creating value WITH clients
• 必要条件：customer engagement
• 注意：The customer is always the co-creators BUT not always the co-producer → will explained afterwards
 重要程度：
考点1.1 Value co-creation with customers 难易程度：

The customer is always

the co-creators BUT not
always the co-producer

Source: Grönroos & Voima (2013)


考点1.2: co-design and co-production
Two related concepts
Co-design by customers：
• wherever value is contributed through
critiquing/designing/using services or
products
✓ 价值在评论、设计、使用产品或者服务中体
现出来
✓ Any example where you contribute value
through your own input
✓ E.g.: Ikea 线上设计厨房；与旅行中介讨论假
期规划；consulting project；
重要程度：
难易程度：
Co-production:
• a component of co-creation relating to
specific tasks undertaken by customers that
may occur prior to or during usage,
consumption or experience (Lusch & Vargo
2006).
• Any situation where DYI is used (whether it
is promoted as a time-saver for you or
whether it is just a way of reducing costs to
the firm) can be termed co-production
✓ 价值是由消费者与公司共同做/经历某一件事
情的时候体现出来
*Flat-packed, DYI products are also
examples of cost-sacrifice value.
 重要程度：
考点2.1 Value co-creation with customers 难易程度：

 Different functions customers can contribute as co-producer:

(1) product/service idea generation: the customer  Potential benefits of having customers as co-producer
and supplier co-design or co-develop products

(2) product/service development/manufacturing:

the customer performs a production task that Lower production costs
Achieve greater
the supplier would normally be responsible for, personalization
or supplier provides an experience, and the
customer is part of this context (e.g., Disney
theme parks)
Satisfy psychological
Promote sense of
needs of self
(3) product/service delivery: self-service, where expression, distinction,
belongingness of
there is a transfer of labor to the customer customers to the
uniqueness, and
company/brand
meaningfulness
(4) product/service communication: engagement
of customers through advertising and
promotional activities
 重要程度：
考点2.2: co-design and co-production 难易程度：

According to McDougall (2012)

• Co-design: address the problem and a solution is identified→找到解决
方法
• Co-production: embeds the solution into reality→在现实中体现解决方案
两者只是value co-creation的两端，并不是二分法
 重要程度：
考点2.3: Inter-organizational relationships 难易程度：

• Firms can co-create value with other parties besides customers:

Horizontal co-creation: maybe

Vertically co-creation with
• Buyers and suppliers
• Service providers and clients
• Manufacturers and sales
agents
• Manufacturers and
distributors
• (Related different industries)
same industry
• Universities utilising common
platforms e.g. LMS
• Pharmaceutical companies
using common distributors
DHL Exel
• Competitors utilizing common
platforms or components
e.g. Mitsubushi and Volvo
common chassis
Extended reading material for S6
Why co-creation with customers

Benefits
Innovation with lower Customer “hijack” the
costs co-creation programs
Personalization Quality of value
Satisfy customer creation is not
psychological needs guaranteed
Engage customers and
promote customers-
brand relationship

Costs
 重要程度：
考点3.1: Make or Buy Decision 难易程度：

Make:
Total costs = all production Buy:
costs Total costs = partial production
costs
+ outsourcing costs
+ transaction costs

Why we want to co-create?

• What can be done externally, can be
done at lower costs than internally Economic answer:
through greater specialization, THE COST
routinization, and benefits of
competition.

考点3.2: Transaction cost theory
Safeguarding, measurement and
adaptation issues are often
interlinked in practice
Outsourcing is usually
more successful if:
• A competitive market of high-
performing suppliers exists
• The performance of an
outsourced supplier is easily
measured
• The process of outsourcing is
adequately planned and
managed
重要程度：
难易程度：
Safeguarding costs： Adaptation costs: Measurement costs:
防护成本 适应成本 约束成本
• Tendering投标, selecting, • Supplier capability to adapt • Initial & ongoing tracking of
/ update supplier performance in
evaluating, negotiating
agreements, implementing • Ability to innovate and co- meeting contracted
design standards
• Assessing the potential
• Adaptation issues result
• Can this supplier when one party holds the
risks of a new supplier
continue to evolve and other party to (for them)
unfavorable agreements,
• Is there risk with a new
meet our changing firm
or, is unable to evolve and
needs?
supplier – will they meet contractual
deliver an advantage? requirements
• usually when significant
change is involved
• Delivery timing
• Pricing
• Product quality (ISO)
• Supply continuity
 重要程度：
考点3.2: Transaction cost theory extension 难易程度：

Such transaction costs are not trivial:

并非不重要的一些其他的transaction cost
• Loss in investments allocated to relationships:
• McDonalds franchisee – investments in kitchens, restaurant lay-out etc.
• Switching from one software system to another eg SalesForce??

• Potential of opportunism: 机会主义、机会成本？

• Manufacturer-retailer relationships: Retailers receiving a priori allowances for displaying promotional
materials without following through on the original agreement.

• Manufacturer-reseller relationships: Resellers violating explicit resale agreements.

• Franchising relationship: Taco Bell violated the relationship with its franchisees by introducing the Taco
Bell Express concept.
 重要程度：
考点4.1: Definition of innovation 难易程度：

➢ Co-creation of innovation:
➢ What does dictionary say?
How to innovate using relationships:
• Open innovation (E.g. Laursen and
Salter 2006)
• Traditional versus lead user method
• Lead user concept and its effectiveness

Co-creation of innovations
考点4.2: Some classifications based on innovation attributes 重要程度：
(Sood and Tellis 2005) 难易程度：

创新的的来源&我们 1. New to the world/market/firm 全新的、完全没有见过的

从哪里看到创新：
日积月累的小创新 V.S 极度创新
2. Incremental VS. Radical
例如：Toyota公司在前期一直注重耐用度与实用性的车型（incremental
innovative change), 后期突然转换到跑车的研发，想要突破性地re-
image公司形象（radical change）
例如：Apple
3. Disruptive 具有破坏性的

The emergence of new technology based on scientific principles that

4. Platform: are distinctly different from those of existing technologies

An innovation that uses parts or materials within the same

5. Component: technological platform (e.g. 手机存储容量不断增多)

A reconfiguration of the linkages and layout of components within the

6. Design: same technological platform (e.g. 电子处理器水平）
 重要程度：
考点5: Relationships can encourage innovation 难易程度：

• “bright side” of buyer-supplier relationships usually refers to:

• Flexibility / Information sharing / Solidarity

• ‘dark side” of relationships usually refers to:

• Loss of supplier objectivity / Supplier opportunism / Increased
buyer expectations

• However, rising buyer expectations are also often associated

with increased supplier innovation (Mooi et al, 2012. )

Mooi et al, 2012. Encouraging innovation in business relationships – a research note. J. Business Research, 2012.
 重要程度：
考点5.1：Innovation using relationships 难易程度：

• How to innovate using relationships:

Open innovation (Laursen and Salter 2006)
Traditional versus lead user method
Crowdsourcing

• Process of open innovation

Example of Lego:
• create new products based on
community ideas
• 利用open innovation的形式，让顾客主
动告诉自己他们想要什么类型的产品 (Morikawa, 2016)
 重要程度：
考点5.1：Open innovation Laursen and Salter 难易程度：

Manufacturers
remain the most
important sources
of innovation
 重要程度：
考点5.2: Lead users and innovation 难易程度：

• Lead users:
• “现有的强烈需求在不远的将来成为市场普遍需
求的客户” (MBA, 2020)
• They are risk-taker
• They can generate innovations
• Lead users face needs that will be general in a
marketplace – but face them months or years
before the bulk of that marketplace encounters
them
• Early adopters: buy it after mature

• Routine users: last one

✓ More like a transition system instead of customer

segments 这些定义更像是一个转换的过程，而不是
某一个特定的市场分割
Source: Von Hippel, Thomke, & Sonnack, 1999
 重要程度：
考点5.2: Lead users and innovation 难易程度：

观念上的改变：
R&D is best kept away from customers→ Involve customers in R&D much earlier
 重要程度：
考点5.3. Crowdsourcing 难易程度：

How to increase crowdsourcing effectiveness: Managing effective crowdsourcing by applying some

• “give to get” – share some of the company structure:
ideas and seek responses to these (vs - Internal staff - alpha testing of software (white
unstructured brainstorming) box)
• respond to contributions to show “you care” - External customers - beta testing (black box)
and help motivate ongoing input
• refresh your innovation sources – don’t just
always use the same people (even if this
leaves your comfort zone)

- Used successfully by DropBox pre-launch, with

75,000 registered testers, multiple versions were
Source: Why some Crowdsourcing efforts work and some don’t. Dahlander, L and
Piezunka, H. Harvard Business Review, Feb 2017
simultaneously tested
 重要程度：
考点5.3. Crowdsourcing 难易程度：

What kind of problems can “the crowd” handle?

并不是所有情况都是用crowdsourcing

• Part of the answer is found in Transaction Cost Theory –

crowdsourcing can be used where:
safeguarding,
adaptation, and
measurement costs are low.

Also, you need to be able to specify what the task is and

support the information needs required.
 重要程度：
考点5.3 难易程度：

When and how

to crowdsource

A 3X4 Matrix

Boudreau & Lakhani (2013), "Using the Crowd as an

Innovation Partner," Harvard Business Review, 91, 60-69
 重要程度：
考点5.3 Managing Crowdsourcing 难易程度：

Moderator’s Feedback

Moderator’s feedback, particularly

negative one, during the
tournament of crowdsourcing (i.e., + +
crowdsourcing via contests) +
stimulates ideators’ participation
intensity, and higher participation
intensity leads to higher idea
quality and better business
performance
Source: Camacho, N, Nam, H, Kannan, PK, & Stremersch, S. (2019), “Tournaments to Crowdsource Innovation: The
Role of Moderator Feedback and Participation Intensity,” Journal of Marketing
经典题型放送
经典题型演练

A successful business requires alignment of customer needs with the consequences of

product, which relies on a market orientation. What is market orientation? How does the
concept of market orientation differ from customer orientation? How does the
differentiation relate to the market-driven versus driving market business model suggested
by Jaworski, Kohli, and Sahay (2000)?
经典题型演练

改编自往期真题
经典题型演练
General guidelines for answering this question

Step 1: 读题，多个问题则一个个的列出来
Q1: Market orientation的定义，如何理解？
Q2: Market orientation和customer orientation的区别?
Q3: 这个区别是怎么和market-driven与driving-market联系起来的？

Step 2: 找资料，初步的罗列相应的知识点在对应的题目中。
句首发语词How,有点类似explain,实质上应当说明what + why[个人见解]，例如，既要说明customer-
orientation和market-orientation的区别是什么，还有说为什么有这样的区别/在哪种situation下是这样的区
别。

Step 3: 排列、整理草稿的知识点内容。
确定自己想要引用的例子，查漏补缺有没有其他的知识点可以放在这里论证 （例如，co-creation是driving
market的一个原因，在innovation的时候我们又有提到这个模型，开头的alignment是否有让你想起S4开头
的needs vs offerings?)

Step 4: 按照Essay structure整理最后思路。

Introduction – Main Body - Conclusion
重难点总结
重难点总结

• S4: Market orientation是最重要的部分，需要很清楚的理解每个环节之间的逻辑，每个模型的内容以

及和其他的知识点的可能联系。The S-D logic的理论知识不多，但是重在理解。另外revenue这一块
的内容了解即可。
• S5: 是一个全新的章节，根据当前最新的信息给大家做了一个介绍。重点掌握两篇文献的内容，在
slides里面已经打得很细致了，大家多看看多了解即可。可能考试会考一些比较热门的话题，例如
the impact of COVID-19 on value creation process 之类的，可以通过这个里面的内容进行一些了解。
• S6: 基本上全部内容都是重点，但是并不是很难。首先是Co-creation的具体内涵，包含的co-design 和
co-production各自的定义和相互之间的区别都需要熟练记清楚；另外后面的transaction cost需要熟练
记住每个cost的内涵；Open innovation主要记住那个模型以及后面特殊形式crowdsourcing的文献表格
即可。
下节课预告
下节课预告

• Session 7+ Session 8 上半部分

• Key readings will be covered inside or as an independent part

Homework:
• Paraphrase the content that you might need in this review session
xxxxx
留下你的好评~