CE Test 3
If a worker found out that they have been treated unfairly in comparison to their coworkers they will probably act to right the inequality
- some will chained their work outputs to better match the rewards they are recieiving (ex: if believe getting paid too little may decrease work output ) -some will try to chain te the compensation they receive for their work by asking for a raise or taking legal action -if attempts to change are unsuccessful, some will try to change their own perception of inequality by distorting the stays of their job or rationalizing away the inequality -some will leave the situation rather than try to change it (ex: quitting) All of these are emotionally charged because they pertain to feelings of self worth
In order to Be successful with event marketing
-Have a trained team of successful managing trained= to stand up, stand in front of table and go up to people and put it in their hand... engage in conversation lots of times have agency company that you're working with With dunkin, work with an agency.... Push the dunkin brand and then say here is where you can get it locally Delicate balance... cant come off as too aggressive
Product management
A systematic approach to coordinating all aspects of a product's strategy, development, and brand marketing execution Optimize intersection of brand and individual
supreme brand
Equity; status quality Meaning ;wealth entrepreneurship Personality; rich elite, limited edition ,trendy Extension: supreme for women
Product Management google/waymo smart car/mercedes instagram/facebook
Ex: google and waymo Self driving cars, google giving people free test drives Ex: smart car and mercedes Smart car known, but not solid rep, then mercedes bought and gave credibility Ex: instagram acquired by facebook Gained more credibility
Aldefer's ERG Theory relates to Maslows Hierarchy
Existence needs: need for physical well being= physiological and security needs Relatedness needs: need for satisfying interpersonal relationships = social and esteem needs Growth need: need for continuing personal growth and development = self actualization need
product line extension
Expanding an existing product line by adding more brands or models Good problem to have, the industry is hot, want to give more options to keep them coming in the door Ex: if released candy corn water ice during October then in March decided that candy corn will be full time, regular flavor product line is expanded Ex: Mini Cooper,.. rolled out Mini Cooper larger Ex: canned seltzer market, each company had a few flavors then expanded to 6/7 flavors
How does Ben get feedback about rehearsals?
Gave sheet of paper Welcomes all type of feedback
social media
Gen z always use it but never click on ads (rarely) Talk about getting clothes then ad for clothes pop up on instagram Why do you click on ads? Promotions? Clothing item... price? Motrin ads... specify what time... have motrin ad catch their eye Nyquil: always play ads Tim had ad for sneaker took him through price Think ab: Quantify number of impressions 1=ad shows up on screen regardless if the person stops on it (is there a minimum.... Ask marketing platform how many they have a month to determine how much you need) Digital: Where on the website? Run through? Static picture? Spot that runs in the roll? Popup ad?... beware of irritation Above the fold advertising.... One browser can only see so much info Premium ad placement When browser opens up, visible ad before scroll down Think about on websites, how far users scroll down? If only read headlines then better be above the fold Espn; better info towards bottom
Lifecycle approach to leadership
General understanding... dont memeorize whole thing K-334 , figure 15.3 Looking at maturity at person in job If brand new,.. Want to be told how to do job Relationships to boss secondary to knowing how to perform job How to do work, less relationship Then both More info on how to job well and build better relationship with boss High task high relationship Doing well on assignment and checking in with professors then More job less high task... grasp on job High rel with boss, dont need direction After while Dont need to be told what to do, dont need strong relationship (periodic checkins from boss)
Work life balance
Have work and then can have other passions Balance is so important... ensure that work is not your entire life
2.determine research design
How to gather data? Talk to consumers, research competitors Survey? Create it and get it out *** think about what info you want to collect***
Digital advertising
How to measure advertising and measure media Talk about potential conversion rate, click rate, Run the numbers... quantify numbers to JNJ
Personal things that motivate me as an individual
Money Success Future happiness Security Validation from ithers Other people's work ethic
What are you looking forward to in a job that motivates you?
Money: if money is only driver then will be very unhappy; need to have another driving force Happiness: if you love what you do, you will not work a day in your life Enjoy the culture/ people: colleagues/ peers have greater impact on me rather than bosses (or professors); culture,.. work ethic, personality, pressure, stress Provide for family: t
Conversion rate=
Mostly used for online advertising.... How much are wasted? Seen by the right consumer? Scrolled through? % / quantity of people who click on my ad and then go to the landing page, do research, and then make a purchase in the same process (sequentially).... All occurs in one path 1000 impressions, click rate 10% (100 ppl clicked) conversion rate 10% (10 ppl buy) Cost of product is only 10$, so making 90$
A strong understanding of Porter Lawlers Expectancy Theory
Motivation is a function of -the expectation that effort will lead to successful performance... "if I work hard than I can be successful@ -that good performance will lead to certain outcomes(rewards, and avoidance of punishment)... rewards depend on the person; they vary and not all are equal -which is weighted by the valence if outcomes.... value of the reward; importance of the reward to me If one variable comes to 0, motivation doesn't exist
Brand
Name term symbol or unique element of a product that identifies a company product/ products that set it apart from competition Symbol; nike swoosh, apple, amazon, mcdonald's golden arch Brands: Adidas
Introduction
New product Likely the only game in town, no competition If product clicks then competition will jumó into market (nfl copy cat league) Trendsetter... creates/revolutionizes industry Two strategies during introduction: price high and price low Profits prob low bc recouping costs Pelotón Lyft Uber Vrbo
15-5 should becheck use boss centered or subordinate centered leadership style?
People respect him, subordinate centered Really focuses on well being of his employees (unlike besos) if change style out of no where... cold cause issues
Built brand equity to create implement and market their strategies
Pizz pizza; little caesars Ultimate driving machine; bmw
Choose methods to collect research
Polls, surveys, question area Plant one team member as mystery shopper to observe gen z women
Target strategies:
Process of evaluating the attractiveness of each segment and then deciding which are worth spending resources on to turn them into potential customers This group becomes the target market... .motrin they told us gen z women 18-26... know the target segment... can go more granular and add menstrual pain.... And then go to even more in depth
JnJ debrief
Proposed ideas with social media platforms that have political ramifications.... Shouldn't get involved How does bill vs mohammad's responses differ Bill is finance guy Mohammad is more marketing guy Partners ... distribution and retail partner who doesn't share data (JNJ cant get data from them) Make sure partner that we get shares data Physical and verbal cues .... Sometimes looked frustrated Some questions they got excited 3 males 1 female (not what do you guys think.... What do you all think) Be careful bc consumers are smart (price and promotion) Consumers can do alot of research Don't run promotion that over cannibalizes sale or selling product at or below cost If you had another half million dollars where would you put it? If you had to cut your budget in half what would go?
How can marketing research process help make a decision and move forward?
Provides structure that may not have had before Process, need to fill in individual component but gives you info that tells you where to go
Maslow: a satisfied need is not a motivator: individuals can do and have more competing needs simultaneously as seen in worksheet discussion
We all have saftey/security, social, self esteem, and self actualization needs When looking at our worksheet answers, if had to of the same boxes the categories were usually next to each other
McClelland's Acquired Needs Theory
We have all three Focuses on the needs people acquire through life experiences Need for achievement Need for power Need for affiliation
Why build brand equity as marketers?
We invest time and money into building brand equity so we can afford to charge a higher price Buying the brand!!! Ex: jordan shoes vs asics Ex; lulu lemon vs target leggings Ex: ezekiel bread vs normal bread How can we build brand equity for motrin??
Clip from movie gandhi
"Welcome you all, every one of you" South african officials there too "We have no secrets" Not behind back, transparent. What to make everyone aware of this law In leadership :who do you want to influence and invite them in Commanding men about law that will impact them negatively (all indians must be fingerprinted, only chrsitian marriage allowed, create mastery over women, policemen can enter into dwelling and can have relations with the women insde) Wants to rile up group... building a burning platform (raft).... Do i now have your attention? Wants them to understand this is very personal Men in crowd get mad... want to kill the officials, fight back Gandhi has given up control, sharing control with the men... taking "temp check"... what are they thinking/feeling... giving them voice Then gandhi does active listening "i praise such courage " "I want such courage" Sharing values and vision Defining limits (will not kill)... attack/kill no one, no fingerprints Cannot take away our self respect if we do not give it to them Receives feedback from crowd Continues to guide "I am asking you to fight against anger" "through our pain we will make them feel injustice" "We cannot lose" Starts pulling ppl together (diverse Hindu muslim, ,,hildren of god.... May not have same but all have a god... unifying theme Oath that in his name will not submit to law Rising Elderly Man is visibly taking oath.. Almost everyone is standing.. Officials weren't Gandhi sings national anthem, then officials stand up (kinda have to stand for national anthem)
Content need
- concerned with the question of what causes people to act -what motivates people.... not the same amongst everyone
Call to action
What is your call to action? Got them, established credibility, where to you want them to go? Doesn't matter what platform using, have to have clear and concise call to action If enjoy coffee, go to location in bryn mawr If in pain, visit local cvs Buy now for 20 savings for cvs.com/motrin Nova students ad Gives website... no phone number bc most people are going to visit website if you are interested My pillow commercials Phone number on screen for entire time of commercial If can get on telephone, can upsell other products as well If ceo of peloton, run 30 commercial on sunday on cvs during football game Call to action: visit peloton.com todayy If dont own peloton, first thing going to do is research it Start online with peloton .com Banking commercial: marketing banking accounts Visit local wells fargo to learn more Consumers like to walk in, talk to banker Are you able to convert customer at first touch point ? Shoes: go through website to buy Rulala...Get older inventory form companies, Sell at discounted price
Content theories of motivation
What motivates one person is different from what motivates another person =what?
for diverse and inclusion standards, look at
What percent minorities, women, boomers, disabilities, lgbtq employed
What is the new leader's job?
What we would like to see Where we would like to go Enrolling people in a vision or idea bc can't command then to do that Need all available resources in an organization People come in bc they want to ... internal motivator Conversations and relationships Conversation... if no convo then don't know rewards and then if trying to lead then then don't know what they want (porter lawler) Spark possibility in people that work with you Have people bc the Best people can be About Relationships and conversations How does what I'm saying affect the person I'm talking to Recognize the downward spiral
Poll at the beginning of class purpose
What works for some people does not work for everyone.... must account for the different motivators
Brand extension
When brand is successfully thriving, may launch another product under same name Uber... uber eats... uber x Low cost convenient service... then built brand equity and used that equity to create uber x (premium serivce) Prevalent with hotels
Upward product line extension
When you add items to higher end priced items in the market Ex: Mini Cooper.... can buy normal Mini Cooper or can go more expensive (mini larger) or cheaper (mini mini) Ex: pelotón and peletik plus
Downward product like extension
When you add items to lower end priced items in the market iPhone released I phone se
Markets rely on integrated marketing communication (IMC);
a Process marketers use to do four things.... Process used to plan develop execute evaluate coordinated measurable communications to a target audience Exactly what progressive did by creating four stages of where we are in marketing How are we doing?? Stick to the plan Chicfila; franchise Fast food but not fast food Didnt market in philly until opened up franchise in this area Implement turn key marketing plan that they've used in every other franchise Start to turn key marketing program... took from other successful markets and drop it in center city philly Tv and radio ads 6 months 2 weeks prior build mailing list and send coupons Once opened traditional marketing strategies
Product lifecycle:
a concept that explains how a product goes through 4 stages Every product goes through introduction growth maturity decline
Ohio state studies michigan state studies
behavrioal approaches Task and person One study had a pop of young men (boy scouts of america) Scouting... to develop leaders... highest level is eagle scout for boyscouts What was important to young men at that point in their lives? Spending time with friends Sports Goal of sports= to win/compete If coach isnt winning they are going to be out of a job Job of sports is to get things don Goal of friends Relationships Two dimensions :Getting work done and relationships Downfall of behavioral: Don't take into account the situation Part of leadership is ab task, other part is through relationships with and through ppl....SPORTS (getting work done)AND FRIENDS (with and through others)... They Don't take into account situation Leader, followers, and situation is (function of what leader consists of)
Market Research Process
define the problem, design the research,choose methods to collect research, collect data, analyze and interpret data, prepare final and conclusive report Is strategy working or will it work? Need to choose path, commit to it, and walk down it
15-7 which theory of leadership do you think best describes jeff bezos contribution to amazon's performance? describe how it applies
directive? bc tells followers what to do and how to do it... if its wrong he tells you right verision.... also could be boss centered (contimunm)... focus on task and getting things down through his authoirty
Fit test:
does it fit the target market?product benefit? Customer culture?
Television spots
gen z women 18-26.... If buy spots for motrin... when do gen z women watch tv? Before 7 waste bc gen z women not watching before then... save money in budget Bachelor?? Most gen z women go on social media during tv breaks, price of tv spot: based on supply and demand What you're trying to sell depends on time of day ex;All in one Cooking unit runs in the morning... targeting parents/ grandparents... run during mid morning bc thinking about what they're going to feed family for rest of the day Life alert; advertise during middle of day bc soap operas... older ppl tend to watch
delayed gratification
giving up something now to get something in future
Samsung rolls out a new phone version every 6 months
iPhone buyer switching to Samsung: not cannibalization Samsung user has a 5s and instead of getting the 6s they buy the newest version of 7s:cannibalization
Debrief from marketing with tim:
lack of business experience "Dangerous" but cannot code in a software company Does Not have his life figured out yet Internship with a hedge fund... didn't want to go into finance... Journalism; passion for writing... allows him to be more successful in the marketing Questions marketing think about: What is market need Whats the Market opp Literally what motrin is asking us Can have a great idea, but there may not be an opportunity Audience Buyer journey? What we are trying to figure out with motrin Product packaging Where how and how will merchandise Service? Marketing is psychology behavior and what people think Marketing is about communicating succinctly and clearly If consumers dont know what you do they wont buy products.. If you cant tell them what you do they wont understand what you can offer them Advertising IBM: Where are we trying to drive customers? Ibm tries to drive them to website Motrin; trying to drive them to instagram, retailer Be clear ab where trying to drive them Details of landing page If drive them to ibm .com, general ibm.com/manfuacturing... that landing page going to be specific... 3 seconds to capture them!!!!!!!!!!!!!!! Above the fold, right in front of them Most important thing he does and we will do as well: pay it forward... we will be helped by alumni and we will help alumni
15-9 do you think bezos is a better leader or a better manager? explain
manager bc goal focsed and ensures a goal gets done. he is not focused on the employees feeligns but rather on how they perform and if they satisfy the customers needs in terms of business person... more of a leader.. long term vision and keeps pushing it out hes both
McClelland's Theory of Needs
need for achievement(n-Ach), need for power(n-pow), need for affiliation (n-AFF) We have all 3.... May have preference for one over the other
15-8does besos create an environment in which you could communicate effectively as a manager? explain
no... demanding... bad relationship... scared to openly communicate 100% focus is on customer, no relationship with subordinate
Nike Perceptual map
performance/lifestyle Pricing (high vs low) Nike: high performance and price Competitors: High performance and high price :Asics Underarmour adidas High lifestyle high life (uggs) Non competitor (low price and lifestyle): crocs
Maslow's Hierarchy of Needs
physiological, safety, social, esteem, self-actualization As you move up the pyramid, may not care about those needs Ex: a hermit doesn't care about social needs Everyone cares to achieve at different levels
climate
situational factor flexibility, resposnbility, standards,clarity rewards commitment
Need for power
the desire to control, influence, or be responsible for others
specific forms of media
tv, social media, radio, (UPDATE)
Multichannel promotion strategies
Marketing communication strategy where marketers combine traditional advertising (print radio tv) with sales promotions (buy one and get one free) and public relation activities and social media........ Multiple streams multiple points of touch Standard tv radio print spots But gen z males and females are best reached through social media If chic fila setup stand @ nova Give card... first side was directions, second side was coupon "buy one get one free" 3 points of touch within 15 seconds Ex; dunkin, dominos come to campus and give free food Always being where the consumers are For gen z its social media (phone is always with us) Target and verizon do well Ad is either target and verizon on instagram Verizon sends out texts to customers
Brand
A name, a term, a symbol, or any other unique element of a product that identifies a company's product(s) and sets it apart from the competition Symbol: Nike swoosh, Apple Apple, Amazon, mcdonalds golden arch
Steps in Motivating Employees
1. Recognize Individual Differences 2. Match people to jobs 3. use goals 4. ensure that goals are perceived as attainable 5. individualize rewards 6. Link rewards to performance 7. Check the system for equity 8. Don't ignore the money
Click rate=
10$ for 1000 impressions (ad shows up on screen) If consumer scrolls through and doesn't click on it, impression is lost 100 people click out of 1000...This click rate would be 10% Typically for digital advertising click rate it 1%, 2% Do research and support research In our industry, we should get ___% click rate
LPC worksheet: my score is 57
35 and below: wont no association with them whatsoever (not even if person is buying) 64 and above: Fiddler would say that above 35... more naturally a task oriented individual Work work work If busy dont think above whats bothering Fiddler would say 64 above: Middle; adjust to situation... can be task or relationship oriented but adjust ... not screwed
Decline ex
4 years ago every third or four stores were cupcakes... peaked then went away fast (hopes and insomnia sold) and trend died Beats: very expensive, AirPods game out Flip phones phased out Decline bc of competitors then killed out by tech Fit bit Apple Watch destroyer
market research
6 step process the process of collecting, analyzing, and interpreting data about customers, competitors, and the business environment in order to improve marketing effectiveness About markets and consumers Use data to determine if our marketing plan will work.... does data support our strategy? Have to research market before launch product I I know
Harvard business review article, class connections
6 styles of leadership; situational leadership Coercive and pacesetting not very good Page 5... chart on overall impact on climate climate= situational variable Pg 334 ... what from article can see in forms of leadership Bad reward system... Need to make sure reward is motivating to Coercive doesn't always work Task vs relationship All styles have different emphasis on each Ex: affiliative= focus on relationship, pacesetting focus on task Class relationships: 6 styles are 6 style of clubs Situational leadership Coercive negative on climate All have time and place Develop leadership style but understanding emotional intelligence Emotional intelligence can be coached coaching Coaching;developing subordinate, leading by example, positive leadership style Article: downside of coaching is the style leaders want to use the most but the one they use the least 15.2 in textbook Servant leadership=affiliative style Being on same level as subordinates Servant leadership = democratic Affiliative style and level 5 Downside: allow for negative /poor performance due to lower feedback Level 5; building long 15.4: contimum in textbook Coercive; manager makes all decisions (far left) As move right get more positive leadership styles Democratic; manager lets subordinates makes decisions If had to pick one club that is always used atleast once in the game, it would be authoritative Highest impact on climate Contingency theory and golf club Looking at leadership mem rel task, and power power Golf club; choose style appropriate to leade r Coercive leadership style and equity reward theory Reward need to matter... value of contributions rather than money Democratic style and authentic leadership Making people feel welcomed Opportunities, different clubs for different purposes. All have time and place. Not perfect for all situations. Evaluate different situations nd pull out skills
Product Management.... bmw and mini cooper
:bmw owns mini cooper... back in early 2000s bmw decides to launch mini car... knew it was silly looking and size was unnatural in the states... but owned its silly lookingness and made fun of its size during launch...ex; purchased ford explorer and then made a smaller prototype and filmed it on top of ford (so small can put it on top of another)... 25 and 30 year olds loved it Launched on minimal budget Bmw owns us but launch on minimal budget (like motrin) First car they launched without tv advertising (like motrin) Went heavy on social media with the intent to create a discovery interest in the product(tese product out there and 20-35/40 year old demo will do own research)... peak their interest and they will do ow Consumers knew how to use social media Did nontraditional advertising (brand storytelling) Ex: took out ad space in wired magazine and playboy to tell story of the brand Credibility of BMW (&JNJ.. Have their trust) have them observe and want to learn more
Brand meaning
=Beliefs and associations that a consumer has about a brand Accomplish this by forming bonds with consumers Ex; tim uses pnc bank... means financial stability ... Ex; tim shops at home depot and goes there for advice about home improvements and means reliability, stability, Ex; flemings... quality dinner Ex; white dog cafe... means quality consistent service
Brand personality
=distinctive image that captures the character and benefits of a good or service (Traits that you would describe a person) Ex;cross fit... crazy, intense, relentless, high motored, tough, strong Ex; huggy diaper.... Comforting, soft, gentle Use marketing to create this To do this with pain relievers... not easy... try to do this a little to separate ourselves immediate?? Effective? Strong??
Process theories of motivation
=how? Can understand something more deeply If understand how motivation process works, for humans the process is all the same Adams equity theory and porter lawler
Leadership: leadership and motivation
=the ability to get others to do what needs to be done for an organization bc they wish/want (are motivated) to do it Motivation needs to come from inside the employee... want to vs have to Not every manager is a leader, not every leader is a manger manager=day to day getting things done, leader is longer trajectory Need to be able to develop others as leaders=Best type of leader Coaches; very public example (hirings/firings are public) Coach k has birthed so many head coaches Jay wright is growing his coaching tree
Product Life Cycle
A concept that explains how a product goes through 4 stages Introduction growth maturity decline
product line
A firms total product offering designed to satisfy a single need or desire of a target customer.... categories Ex for ritas.... have like of regular/original flavors (watermelon, lemon), gluten free flavors, 0 cal/sugar flavors, etc Ex for campco.... dinner options (pizzas cheesesteaks ice cream)
Satisfied need is not
A motivator
Introduction: price low
Encourage people to buy and try the product Competitive strategy to get them in the door Ex: Amazon prime... free returns and faster delivery Give customer something free and then charge them... if owners mags use get free for first 3 months and then charge (most ppl forget)
Wall street journal article: marketing
About How companies pivoted during covid and continue Timing is critical Progressive: How frequently they should run ads NFL ; did not air a lot of ads and didn't know if they were playing or not @home with baker mayfield (light hearted relatable commercial) Cycle of stages;relief release recovery relapse Depends on geography of country Roadmap for progressive Similar to positioning statement Where is consumer mentality? Wheres the country? Whats the tone of the country? Relapse; very discouraged... not going to want to spend Best stage to market in: recovery.. Pppl looking to get back to normal lifes ... .release... looking comforting Lack of driving over summer Less accidents and claims... give money back to be generous... compassionate... aware of what's going on.... All other companies followed Promoting the promotion #1 insurance company in the US to give money back Tone concern: Tone must match society's feelings Should they wear masks? Humor (high five?).... tone=off Mint mobile; insensitive Ad with using fingers to eat queso during a global pandemic ... slow in taking it down... ppl found abrasive Marketing strategy and marketing team were unaware of the situation, did not care, unprofessional US commericals had disclaimers about being filmed precovid, UK ones did not Budgets: Amherzier bush Cut budget drastically bc no sports, no bars open Had to pivot Advertised on video games... call of duty... ppl engaged as well as amazon's twitch Advertised on drizzly (company that could bring alcohol to you) Reuniting with buds campaign Promoting reuniting with friends in safe way... getting back to normal Mccormick People wanted to bake more and cook more Posted videos of recipes on social media networks Sales up 8% in a pandemic (with restaurants not buying) Everyone stuck home and cooked and baked all day long Kept budget as is Motrin Were people in pain? Diy craze in covid If the company had an opportunity to keep the budget... keep it. Can steal competitors business since they are retreating Invest and market!!! Less competition so steal market share Why did progressive decide on an overall strategy for the budget? Didn't want to lose competitors to competition Projected budget was to be .2 higher than last year Want to be FRONT OF MIND Managing expectations of the consumer Trying not to give them false hope Can't paint picture that everything i back to normal and there's no issues going on in the world Job as a marketer is to manage consumer expectations If country is at 60%... market at 30-45% to give yourself wiggle room
Maturity ex: flatscreens
All pretty much are the same now A lot cheaper now Just different benefits Looking at the best picture or price, not necessarily looking @brand
radio
As a seller, what two times of day and blocko of time are most expensive time (premium) of day to run radio spot? Driving to work (approx 7-9) and coming back from work (4-6/5-7) For monster/red bull energy drinks, may want to market on radio around 5 am or 8 pm Targeting ppl early shifts/ late night shifts For monster/red bull energy drinks, may want to market on radio around 2 pm... Targeting trucker (getting tired) Who can you reach during nonpeal times? For motrin... look back at own patterns to determine if want to use and why/when to use Frequency: If mcdonalds may do high during 7-9 bc want breakfast and lunch sales If acme and giant .... Reminder advertising.... Front of mind so consumers instantly think about grocery stores they go to acme bc they just heard the acme ad But higher frequency during holidays or specific events (like football
Event Marketing and Sponsorship
Be careful... Much more expensive then you expect to be Has to be planned executed and tracked very well to be successful When dunkin donuts were passing out cans of cold brew, how did they measure the success of the campaign? Number of cans given out.... Whats the return rate ? Do similar program at other similar schools and do follow up survey and know that 20% of students will go to dunkin after If do survey get free donut and coffee Look at and see if there were new followers of dunkin from nova zip code If dunkin didn't want to hand out cans at school, Handing out dunkin gift cards.... Probably going to spend more there anyway Talk to students... how do you like this? Giant brewer of coffee and 4 oz sample... lots of money Create conversation and ask questions Have to be able to convert and measure Look at all costs Display, pay to be on sight, pay person to be there, pay for costs, pay agency to be there (time travel breakdown),
From 2009-2018 beer consumption in US was down
Beer sales were down Bud light released bud light seltzer's a few years ago Not cannibalization bc beer sales were down and they wanted more people to get into the store
Motivation process
Begins with some unsatisfied need (usually $ or a job) Unsatisfied need created tension Tension creates the drive Search for alternative Select something Then need us resolved
Leadership
Being able to get others to do what they need to because they want to do it
Fiedler
Best match leaders to situation where they can be successful Put task leaders into task oriented situation Put relationship leaders into situation where relationships orientation are fundamental to success Three variables make up situation Consider each as a diamotemy and consider independently 1)Leader member relationships: good bad********** Pivot variable Most important Task oriented or relationship is telling most of story If good, then task oriented is appropriate bc (relate to maslow) Leader mem rel is the need that must be satisfied... don't have to worry about relationships so can focus on task 1-3 on table UNLESS ONLY POSITIVE VARIABLE (exception below) If bad, then unsatisfied need so attention all has to go to building relationships Relationship orientation appropriate 5-7 Have to fix before can more on 2)Task structure: high low Accounting structure high bc lots of rules to get right answer In ce; less structured.. Have to create own structure (CHARTER) 3)Position power :strong vs weak.... Ability to influence others Eight overall situations Exceptions; If good, task structure low, weak position power Two of three variables are negative Have to bank on good leader mem rel.. "Can you do it for me PLZ"... only thing you have going Focus on banking on good rel Item 4 on If poor, task structure low, weak position power Nothing going for you Leader going to do work by self No relationships, no structure, no ability to influence others Use task orientation
Tesla brand
Brand equity: pioneers, better technology, safety, luxurious Brand meaning: trustworthy, quality safe Brand Personality; wealthy smart unique Brand Extension: tesla convertible... drop top and add status symbol to already high status brand
nike brand
Brand equity=College/professional sports team where Brand meaning=High quality, excellence, worth of the best Brand personality=Hardworking adaptive athletic strong fast Brand extension=Nike golf clubs,... tracking device in club to track swing speed and trajectory???
Perceptual product map:
Brand perceived to be against your competitors by your consumer Look at market and at your competitors (Look at other pain relievers ) Challenge: a; identify all players in market (no more than 10)... key is determining four different segments identify in (price? Expensive vs inexpensive)(fast acting vs slow acting)
brand equity
Brand spend a lot of time in money in marketing their product Brand equity= perceived value over the generic competitors Ex; tylenol vs store brand tylenol 5.00 bottle of tylenol vs store brand Used tylenol before and it works Thinks tylenol works better so will pay the extra 2.50 Tylenol has built brand equity Ex; corr water bc generic water bottle Water tastes better... brand equity
From 2009-2018 beer consumption in US was down Beer sales were down... So
Budlight released beer seltzers a few years ago Was it cannibalization? No bc beer sales were down and they wanted more ways people to get ppl in the store
Lots of ways people can be discriminated against
Can also be attractivness, weight (hidden discrimination) Ex; receptionist usually attractive
4. Collect data
Compile it and translate it so you can use jt
Store design/ product placement effects consumer ourchase
Consumers look at bottom bc least expensive or too bc @eye level .... most shelf space is move valuable @ top; value drops as move further down, store places higher premium brands on higher shelves because naturally look there Wawa usually flow to right, go around, exit right side of building
need for achievement
Desire to do something better /more efficiently than before
need for affiliation
Desire to maintain close friendly personal relationships
1.Define problem
Done research... what's the real problem with Motrin? Define in one sentence Research objectives? Population of Interests? Theme 1 vs theme 2? Strategy a vs b? Celebrity endorsement?
Parameters to how to create and select a brand***
Easy to say (if cant say then customer wont remember) Easy to spell Easy to read Easy to remember Easy to recognize (all about recognition) Not in text
Brand is much more than it looks like and represents
Emotional, loyalty, connection Ex: apple = loves brand bc of customer service Ex: yeti= reliability of products , convenient
How does everyone get an A in Ben's class?
Lots of anxious people Every student got an a and had to write a letter the following may "I got may a bc ...." Revealed the students true characteristics A possibility to live into not a standard to live up to Paradigm of possibility Open yourself up, give effort Earning an a Goal setting Possibility to live into Internal motivation
Conditions for rewards to motivate performance
Important rewards can be given Rewards can be widely varied depending on the individuals current performance Performance can be objectively measured Information can be made public about how the rewards are given Trust is Hugh Superiors are willing to explain and support the reward system
More platforms to reach consumers everyday=makes marketing harder
In past social media wasn't important More platforms and outlets in which consumers can research our company and our competitors
6. Prepare final and conclusive report
Includes executive summary, description of the methods used, limitations of research (need to let client/ managers know that were limited in an area bc ——-(ex store wasn't able to restock )) Develop and create conclusion recommendations What can I conclude? "I am positive therefore I recommend abc"
If controlled motrins marketing budget ; on april 1st president of division called for a recommendation; increase maintain or decrease budget and why?
Increase.... Need to be put in forefront of mind Trying to gain market share... LOOK AT COMPETITORS BUDGET FOR PAST 6 MONTHS? WHAT ARE THEY PLANNING FOR 9-18 MONTHS? PAIN RELIEF? ALLERGY RELIEF?
Aldefer's ERG Theory
Individuals are motivated by three primary needs: existence (basic physical needs), relatedness (connection with others), and growth (personal development)
Marketing communications do four things
Inform consumers ab new goods or services Remind consumers to continue using certain brands Persuade consumers to choose one brand over another Build relationships with customers
Peloton wsj article
Innovation, marketing, leadership Most important concepts taken away: Found a need, gave consumers a way to satisfy their need** Identify need, dont hesitate (gyms going to open and ppl will eventually feel comfortable) Priced peloton high, but then cost savings aspect Better than gym memberships, quality product, safer than going to gym Demand got so high that they stopped advertising Fear the growth: if demand is too high and cant keep up, then ppl said product was poor quality Must exceed customer satisfaction Leader in at home industry Already have cardio equipment, developing new strength inspired products Ceo want to balance growth and profitability Give more emphasis to growth than profitability Company is young, but experiencing rapid growth, good leadership
Need
Internal state that makes certain outcomes look attractive Need drives motivation
Samsung; every 6 months roll out newest version of phone Would this be considered cannibalization:
Iphone buyer switching to samsung: not cannibalization Samsung 5s and buying 7s... cannibalizing S6
Traits of leaders
Jay wright: authentic, well spoken (able to communicate well), pragmatic Ex of leaders; obama, lebron, jeter, mlk, merkle, dean russel, churchill Not all equal in terms of traits Traits of good leaders are not universal Approachable Hilter is a good leader who isnt nice Some corporate leaders thrived on being called an s.o.b Dont know if leader had the traits before the job or they developed the skills during the job Father peter: debra on committee to help pick out new president (need to be augustinian priest with a phd) Peter was chair of administration for theatre ... he knew nothing about sports/ had no interest He went to president school (harvard) to learn technical skills Lots of skills such as charsima/ability to speak... but had to learn on the job more technical skills
Growth:developing brand loyalty
Job as a market... we see superior, first to market, set industry tone/trend Our industry/we created it... tell this story Important bc more of our competitors are coming into market so want to secure customers before can lose them Can do this through incentive programs , advancements that appease current customers (new similar products).... blocking out competitors
Things that personally "take the wind out of my sails"
Lack of rewards Initial failure Other people's work ethics
Where does power come from? Where does a leaders power come from?
Lead by empowering others Ability to connect with others from conversations Conductor doesn't make a sound Bc if him all people become more powerful Best leaders develop leaders to come behind them Conductor = full of possibilities, relentless argutate Doesn't make a sound Only musician doesn't make sound Depends on power on his ability to make other people powerful I think you can do the job... help you make you believe that you can do the job
Houses path goal theory
Leader becomes what the follow need him/her to be Leader will do everything they can for follower to be successful in situation Some ppl want to be told what to do Directive leader Some ppl have specific goals Achievement oriented Directive, achievement oriented or supportive and participative are 4 ways Based on expectancy theory (not on test) Leader clears path so followers can achieve goals
An understanding of Adams Equity Theory
Looks at an individuals perceived fairness of an employment situation and finds that perceived inequalities can lead to changes in behavior
Class activity:D and I for organization, then look for esg rating
Loreal D & I score= 78, ESG score=20 Through a range of employee "Think Tanks" like Women of Color and Out@L'Oréal, the company has created a welcoming environment. L'Oréal is known for its diverse team members, who come from all types of backgrounds and drive company culture. In fact, their commitment to diversity and inclusion landed them a top 20 spot on the Thomson Reuters Diversity & Inclusion Index. They also earned a perfect score in the Human Rights Campaign's Corporate Equality rankings. Pwc:Women consulting experience... becoming more equal... partners were male, everyone else was women Marriott : 10 on fortune's list.. 66% miniroites, 55% women, 25% boomers, 6% lbqtq %, 5 % disability.... Esg score 25 (38th percentile) Excenture; 51% of employees are minorities, 37.8 are women... esg score 11 Netflix; esg 21.55 (19th percentile for companies in same sector), highest paid maternity leave, transparents about demographics, 50/50 gender, support groups on netflix Want to know how employees are treating, how welcoming people are, culture at firms Our generation is more welcoming and inclusive than previous generations
Tesla model 3 perceptual map
Luxury vs economy Sustainable vs low sustainability Competitors: Prius (mid sustainability, economy) Bmw x5 (mid sustainability, higher luxury)
Introduction
New to market Likely only game in town; No competition If product clicks, then competition will jump into market (NFL is copycat league.. If works Trendsetter.. creates/revoluzione industry) TWO strategies: Price:likely high Recoup price ... lots of investment... had to pay to create this product... now have to make up for it Had to pay all out of pocket Now need to make it up Hopefully demand is greater than supply Demand is there Price; can price low Encourage people to buy and try product Competitive strategy to get them in the door Ex: amazon prime Free returns, faster delivery Tim loves Give something free then charge them If owned magazine, would say get for free for first 3 months and then charge Most ppl forget about it Profits prob low bc recouping costs Peleton uber/lyft, vrbo
What is a downward spiral?
No possibility Doesn't lead you anywhere Winner and loser mentality= downward spiral Negative think that doesn't lead you anywhere To get our have to think about the possibility and think forward Bad grade on a deliverable could put our ce in a funk Look ahead, what are the opportunities/possibilities
Milo supervises high tasked job. Team that supervises him loves him. Milos boss is a micromanager who limits the power that milo has in his position.
Not autocratic or supportive (not into consideration) Good relationship, High structure, limited job Task leader is best suited to this situation If was unstructured and limited job then you do relationship If team didnt like milo... go straight to relationship If all negatives... back to task
Where's Motrin?
Not phasing our Want to get back to growth stage? Or create something for introduction stage w/o cannibalization ?
Wheres motrin in product life cycle?
Not phasing out Want to get back to growth stage? Or create something for introduction stage w/o cannibalzaition?
What is rule #6?
Not taking your rules and desires so seriously bc get in your own way Don't take yourself so damn seriously *** No other rules Take work seriously but not self Less selfish bc working as a team Be flexible !!!!!!
Decline
Overall interest /demand for *** product or category*** is creasing Market shrinks, demand declines, profit declines Lots of competition, all offer the same product just slight different Not a commodity but moving there (benefits are kind of the same) About produce not buying in value/feature/benefits ***** Two options: drop the product completely or phase it out
Decline
Overall interest/demand for product or category is decreasing Ex; 4 years ago every third or four stores were cupcakes... peaked then went away fast (hopes and insomnia sold) and trend died Market shrinks, demand declines, profit declines Lots of comp, all offer the same product just slightly diff Not a commodity but moving there Benefits all kind of same Ex; beats Very expensive... Airpods came out Ex; flip phones phased out One part was decline bc of competitors but then killed by tech Ex; fit bit Apple watch destroyed About price... not buying on value/feature/benefits Two options: Drop product completely Phase it out
15-4 what type of leadership is most closely associated with bechek?
Path goal: supportive and participative behavior Employee centered Using informal authority in his job Very successful
Work for rita's water ice How to management product development, specifically october 2020 during covid What would you develop? How? Why? Marketing strategy (locally coupons,... library? Bookmarks? , coupons, etc)
Pumpkin spice flavored custard Because fall, people like pumpkin flavors Marketing strategy: halloween decorations, spooky, cobwebs (make sure looks like its open) Come in costume for month of halloween and get ½% off Clever mask has to be incorporated I SCREAM for ice cream Go to fall festivals (apple cider flavored ice... apple cider donuts... partner with local farmers markets) Set up stands at the festivals Sampling should be done (cost would only be like a cent) May not want bc its cold ... so pair with free hot chocolate or apple cider' Sampling tent should be heated
Introduction : Price high
Recoup price... lots of investment.... had to pay to create this product.... now have to make up for it Hopefully demand is greater than supply
Worksheet.... Maslow's motivation: assessing your preferences
Related to maslows hierarchy If have two of the same, categories are usually next to each other(multiple needs competing simultaneously) Maslow often misinterpreted about meeting all needs before fulfilling the other. Said physiological needs have to be met first. But in reality multiple needs compete simultaneously.
Esg score: environmental social governance
Replaced simple corporate responsibility Environmental;sustainability Social; company labor practices, talent management, data security Gov: company pay, shareholder rights...What does the board of directors look like?
Growth
Sales increasing as new and repeat customers are making purchase Good stage to be in Sales increase gap decreases between sales and cost Hopefully profitability is reached or almost there (Uber never profitable) Develop brand loyalty (goal)*** Advertising ramps up More money to spend bc generating sales (competitors in intro stage less likely to be spending as much) Price of product decreases when competitors come in (or keep from incrementally increasing price) .... supply is increasing
Growth
Sales increasing as new and repeat customers are making purchase Good stage to be in Sales increase, gap decreases between sales and cost Hopefully profitability is reached or almost there Develop brand loyalty: goal of this stage******** Job as market We are superior, first to market, set industry tone/ trend Our industry/ we created it... tell this story Important bc more competitors are coming into market so want to secure before lose to them Can do this through Incentive programs One of advancements that still appease current customer (new similar products) Peletred Smaller bike/tread coming in jan By doing this, blocking/boxing out competitor Advertising ramps up More money to spend bc generating sales Competitor more likely to be less bc less more to spend (they're in introductory stage) Price of our product decreases when competitors come in (not always however) Or keep from incrementally increasing price Not only option Supply is increasing
Managerial strategies for using expectancy theory
Select people who can do (or can be trained) the job Attempt to enhance the employees perceptions of self esteem and internal control though participation in decision making when feasible and through giving feedback on both strengths and weaknesses Establish clear linkages between performance and outcomes by giving rewards after successful performances as quickly as possible To the degree feasible, base reward systems on individually meaningful rewards
Need for power has two flavors
Socialized : manifests in search for leadership positions Unsocialized: manifested in crime (criminals use power in illegitimate ways)
SWOT ANALYSIS
Strength weakness opportunities threats theme:Internal tool to help create,visualize, and analyze the position of your product strength/weakness=internal opportunity/threats; external Tesla; model 3 Strengths : Brand equity/ brand recognition One of first fully electric cars 5 star rating safety rating Innovative company Weakness: Price A lot of debt Cannot take gas, battery installations (lot more money) Shortage of batteries Risk of self driving cars Opportunity: Sustainability movement Trying to diversify ...making more affordable Market confidence Asian market (market expansion) Threat: Fear of change of adaptability Lots of car industries are trying to enter electric car company Ford w electric mustang Current international trade situation Getting parts for batteries difficultl
WSJ presentation: battling pandemic; how managers can rally the troops
Summary: teams are deflated... hard to be motivated online... managers having issue of identifying declining morale Managers need to be transparent, give them projects, acknowledge realties of the situation etc Many managers have to change the way they usually manage to accommodate: Listening t vocal tone and cadence Increased oppo to express thoughts Avoid micromanaging Virtual events Way s to recharge team: Rethink meetings; make sure all meeting have purpose Analyze what happened: gather feedback from meeting Give ppl challenge: learning helps pl grow and learn... keeps engaged Keep tabs n employees: keep in contact Offer perspective; offer perspective for future Supportive communication connection: Ability to build strong rel w/ supportive comm attributes W shared workload, only schedule imp meetings for topics Allow everyone to speak Allowing people to talk Validation, understood Supportive listening:making speaker feel understood and comfortable Provide specific feedback Motivating employees: Motivation; intrinsic desire to behave in way Need to understand motivation process of their employees Create work environment to motivate Porter lawler: establishes rel between motivation and reward Effort Performance Satisfaction Leading doesn't always = managers Leader must communicate and give ppl opp to be heard Leading and managing are Intertwined Situational theory of leadership: Covid changed work environment Leading from afar Successful leaders are those who can change their leadership styles as they encounter different situations Function of a leader, follower and situation that are appropriate for one another Jnj connection: Emphasis on personal health Modified policies to support employees for parents with child care Medically trained professionals to aid community
How does Ben relate leadership to a symphony?
Symphony sounding together all voices sounding together All voices coming together to sound together About relationships and conversations All have to come together to produce final project All have diff talents and being together talents to create cohesive project
5. Analyze and interpret data
Tabulate, make it conveyable to team members Our strategy is abc, exec tute like this, here are the results that are expected, and our market research supports bc
Cannibalization
The loss of sales of an existing brand when a new item in a product line or family is introduced Dangerous as a marketer.... have to be careful If we have existing product such as Motrin and decide to roll out Motrin sport relief, 100 mil in Motrin sales for 2020 goes down to 80 mil See that Motrin sport did 20 mil Motrin sport (new product ) took away from Motrin (existing product) Not gaining any new sales / customers
motivation
The willingness to exert high levels of effort to reach organizational goals, conditioned by the efforts ability to satisfy a need If an individualist this then leadership isn't hard... I want to vs i have to Motivation from inside is the strongest.... motivation from outside isn't going to accomplish anything
Maturity
Third and longest stage Sales peak and begin to decline a little Lots of competitors now Profitability peaks/ flattens, may decline (bc of competitors in market) Customers begin buying in diff circumstances (work tired product, need a new one.... new product development with no products ) Expand distribution channels .... more outlets will do better to position against competition .... look to be sold in different distributions (Walmart models lulus for peleton)
Maturity
Third and usually longest stage Sales peak and prob begin to decline a little Lots of competitors now Profitability peaks, prob flattens, may decline (bc of comp in market) Profits come down bc More competitors in market -Price wither capped or come down a bit (supply and demand.. More comp, then more comp on price) -Customers begin buying in diff circumstances.... Worn tired product, need a new one New product development with no products May be with a diff competitors who took away your customer Expand distribution channels Ex; can only buy peloton through peloton right now... once hit mature stage and there's multiple competitors and becomes commodity, need another way to get to market Look to be sold in diff distributions (walmart, models, lulu) More outlets, will do better to position against competition Ex; flatscreens...Pretty much same...Lot cheaper Just diff benefits...Looking at the best picture, or best price... not looking necessarily looking @ brand
15-5 if bechek uses transformational leadership style, what should he do to utilize this approach?
Transformational:change situations... things will be modified Need this type of leadership in covid...lots of pivoting and adjustment in leadership and management styles Keep up employee relationships... feedback oriented Have to make vision clear, unprecedented situations ppl wont know what to do********** Then show them how to do this; create vision and then show how to do this Be role model!!!!!
Co Branding
Two companies form agreement to work together to promote a new product Tacobell... cool ranch doritots locos tacos Taco bell and doritos coming together Each have product that they combined together to create extension For motrin if do this... who's going to sell? Whos going to market it? Tricky!! Whos going to pay for the ad? Perception of the ad?
