MKT 3401 final
According to Al Merhabian, what percentage of your emotional impact on other people is judged according to vocal delivery? Visual image? Verbal arrangement?
-Vocal delivery-38% -Visual image-55% -Verbal arrangement of message-7%
2 types of Dissatisfied Customers
-Angry customers -Remorseful customers
4 components of Market Analysis
-Company -Competition -Customer -Condition
3 Goals of Marketing (concepts)
-Customer value -Customer satisfaction -Develop and maintain relationships
3 levels of the Marketing Strategy Framework
-Level 1- Market Analysis -Level 2- Strategy Development -Level 3- Implementation
Components of a product
-Packaging (facilitate storage; color help with selection of product) -Warranty -Service after sale -Brand
You're the brand manager of M&M's; Steven Spielberg wants to put your product in his new alien movie for a small fee. You decline the offer. Was it a smart decision?
It depends but Dr. Karam says YES because it's too much of a gamble
What is the combination of the promotional mix?
Integration marketing communication
Which of these is an objective of branding?
Introduce New Products
Fast food article
30 to 40% of coupons are redeemed for free food 1.5-2% are redeemed for discounts
Circulars are a form of?
Advertisement
John Hancock sponsoring Boston Marathon is?
Community relations
Consumer Decision-Making Process
(A) Need recognition (B) Information search (C) Evaluate alternatives (D) Purchase (E) Post purchase behavior
Public Relations: Aspects that enhance or control the brand (2)
(a) Media Relations (b) Community Relations
Three steps you must understand to complete personal selling
(a) Preparation (b) Close the sale (c) Follow up
3 purposes of Point of Purchase displays:
(01) Drive traffic (02) Advertise & Promote product (03) Improve impulse buying
Marketing Strategy Framework: Level 1- Market Analysis
(1) Company (2) Competition (3) Customer (4) Condition
Branding Gone Wrong: Tiffany's Jewelry
(1) Tiffany's comes out with a line of cheaper bracelets (2) Brand Image becomes Damaged (DILUTED
4 criteria for effective segmentation
-identifiable -accessible -substantial -responsive
4 parts that make up Marketing Mix (sellers perspective)
-product -price -place -promotion
Promotional Mix-4 elements
1) Advertising 2) Public Relations 3) Sales Promotions 4) Personal Selling
The difference between Wal-Mart and Target's prices
1-2%
Thin Slice....
10 seconds
How much did Samsung spend to sponsor Oscars?
20 million
Product placement is a type of?
Advertisement
Sports sponsorships is a form of?
Advertisement
What are John Camp's traits to successfully market yourself?
Aggressive Enthusiastic Creative Smart
A big fear of sports sponsorship?
Ambush Marketing
Marketing Strategy Framework: Level 3- Implementation
Marketing Mix -product -price -place -promotion
Which price tactic is most effective if every product can be unbundled and still sold separately
Bundling
Yoplait used breast cancer awareness, what type of strategy is this?
Cause-Related Marketing
Purpose of public relations?
Concern with media
What did Tylenol do to improve relations?
Crisis management
Marketing Strategy Framework: Level 2- Strategy Development
Criteria for effective segmentation: -identifiable -accessible -substantial -responsive
What is the equation for customer value?
Customer value = benefit- cost
According to Thomas Karam, our understanding of marketing will help us...? At work In business With friends Depends
Depends
Tiffany's did teenage bracelet and stopped because it _____?
Diluted their brand
What percent of consumers are more likely to buy a product from a company that is involved in a worthwhile cause? A) 30% B) 50% C) 70% D) 80% E) None of the above
E - correct answer is 76%
What is not in the product life cycle?
Evoked set
Who did Starbucks buy?
Evolution Juice
What benefit did Abita springs water get from sponsoring LSU football?
Exclusivity
Most trusted source for info?
Family and friends
Final step in personal selling?
Follow up
WSJ article about music in retail stores?
Hoped to make customers shop longer
Which is not part of product lifestyle?
Identification
Which company was on the show "First Day?"
K-Mart
Branding: Instruction Ex: Kashi vs. Kellogg's cereal
Kashi is more popular and expensive because it's promoted as a healthy cereal but what people don't realize is that it's owned by Kellogg's
When did Gallery Furniture advertise?
Late at night 1-4 AM
Why did public buildings change doorknobs?
Legal conditions
What is implementation?
Level 3 on strategy—4 Ps again
What did Levi's not understand?
Life-style trends
What is penetrating price strategy?
Lower prices to gain market share usually for a new company
Frequent flyer miles example of?
Loyalty program
2 functions of public relations?
Media and community
Someone who poses as everyday shopper?
Mystery shopper
A technique used to see how well the business handles customer service.
Mystery shoppers
Motel 6-Did they use surveys, questionnaires, mystery shoppers? What 3 strategies did they use?
NO, they used focal groups (1) They hired researchers to figure out focal groups. Three strategies used: (a) Position (b) Affiliation (c) Personality
Which is not a reason for sponsoring event?
On-site promotion
In WSJ article, the original definition of ambush marketing is?
Originally it described a brand's attempt to associate itself with a team or event without buying the rights to do so, in order to detract from a rival that paid to be an official sponsor
What is the formula for personal branding?
Personal Brand= (Personality + Performance) × (Visibility + Trust)
What is a form of direct ambush marketing?
Predatory
What is unique about the retail mix?
Presentation
Which is not a pricing strategy?
Prestige pricing
3 price strategies
Price Skimming Penetration pricing Status-quo
Which 2 of the 4 P's are the only 2 that change throughout the product life cycle
Price and Promotion
What is not a component of product?
Pricing
When Ellen used a Samsung phone at the Oscars, what is this an example of?
Product Placement
What are the 2 types of advertising?
Product and institutional
2 types of advertising?
Promotional product/name recognition
$299.99 is an example of?
Psychological Pricing
Which Marketing Management Philosophy relates to personal selling?
Sales Orientation
Trader Joe's uses what form of promotions?
Sampling
What would test-driving a car be considered?
Sampling
What is penetration price strategy?
Set the price low to gain more market share
Ethical concern is buzz marketing?
Share the truthfulness can't force opinion leaders to speak highly of product of they don't like it
What are the price tactics?
Single pricing (Dollar Tree) Flexible pricing ( car dealer) Bundling Loss leader Psychological Prestige Rebate/discount
Color is a ? (Packaging)
Source identifier
Which is not a component of packaging?
Speedy Process
Black Eyed Peas used?
Sponsorship
Blink/adlet advertisement is used in?
TV
Why was Got Milk campaign not successful?
Targeted wrong market
What pricing strategy failed for Netflix?
They unbundled their 9.99 plan
Believable, desirable proposition that sets your product apart is a ________________
Unique Selling Proposition
What is Integrated Marketing Communication?
When you combine all four parts of the promotional mix and try to use them together to sell a product to the consumer
After Got Milks advertising campaign failed, who did they target?
Women
2 types of warranties?
Written and Implied
What is the customer's perspective of the Marketing Mix?
a. Communication of value b. Cost c. Convenience d. Communication
Functions of packaging
a. Contain/ protect b. Recycle c. Promote
Unique selling proposition consists of?
a. Desirable advertising appeal b. Believable
What do stores try to do with scent marketing (smells)?
a. Options create ambiance b. Increase sales c. Be different d. Increase sampling
3 ways to gather external info?
a. Personal b. Commercial c. Public
What are the functions of a package?
a. Prevent theft b. Contain/protect the product c. Facilitate storage/ Recycle d. Promote the product
What are the Marketing Management Philosophies?
a. Sales Orientation b. Marketing Orientation c. Production Orientation d. Societal Orientation
What did the new CEO of JC Penney re-establish?
coupons
The 3 purposes of promotion are to:
inform persuade remind a customer of a product
3 objectives of branding:
o Identification (with your brand) o Get repeat sales o Be able to introduce new products
How to brand yourself
o Position o Affiliation o Personality
Product Life Cycle
• Introduction • Growth • Maturity • Decline • Extension
What role do instructions play in the game of monopoly?
• Parker Brothers figured out that people did not like board games because they were confusing • They developed and packaged simple instructions for the game of Monopoly that made it easy to play and now the most popular board game in history
Product Categories
• Products of convenience • Shopping • Specialty • Unsought Products