MKT 320 Exam 1

Objective Criteria

price, warrantee, etc.

Public Relations

"goodwill"

Corporate Image

1. Accurate reflection of firm 2. Reinforcing 3. Rejuvenating an image 4. Changing an image 5. Negative or bad press

Promotion

1. Advertising 2. Sales Promotions 3. Database Marketing 4. Direct Marketing 5. Sponsorship Marketing 6. Internet Marketing 7. Public Relations 8. Personal Selling

Trends in the Consumer Buying Environment

1. Age Complexity 2. Gender Complexity 3. Individualism 4. Active, busy lifestyles 5. Time pressures 6. Cocooning 7. Pleasure binges 8. Emphasis on health

Benefits of Logo Recognizability

1. Aids in recall of specific brands 2. Aids in recall of advertisements 3. Reduces shopping effort 4. Reduces search time and evaluation of alternatives

Principles Concerning Processing of information and Cognitive Mapping

1. Cognitive mapping enhances movement of messages from short-term memory to long-term memory 2. Most persuasive messages reinforce current linkages 3. Repetition is necessary to establish new linkages 4. Difficult to modify or create new linkages

Creating the right image

1. Conveys a clear message about the organization 2. Should portray the nature of the firm 3. Fit with products being sold

Intangible Elements of Corporate Image

1. Corporate, personnel, and environmental policies 2. Ideals and beliefs of corporate personnel 3. Culture of country and location of the company 4. Media reports

Rejuvenating an image

1. Easier than changing a well-established image 2. Add new elements but continue current image

Role of Corporate Image-Company Perspective

1. Extension of feelings to new products 2. Ability to charge more 3. Consumer loyalty -More frequent purchases by customers 4. Positive word-of-mouth 5. Attracts higher quality employees 6. More favorable ratings

Changing an image

1. Extremely difficult 2. Necessary when: -Target market has shrunk or disappeared -Current image not consistent with industry trends

Types of Brands

1. Family brands 2. Brand extension 3. Flanker brand 4. Co-branding 5. Ingredient branding 6. Cooperative branding 7. Complementary branding 8. Private brands

Reasons for IMC Growth

1. Fragmentation of Media 2. Database Technology 3. Consumer Empowerment 4. Advertising Clutter

Tangible Elements of Corporate Image

1. Goods and Services sold 2. Retail outlets where product is sold 3. Factories where product is produced 4. Advertising, promotions, and other forms of communications 5. Corporate name and logo 6. Packages and labels 7. Employees

Benefits of Brand Equity

1. Higher prices 2. Higher gross margins 3. Channel power 4. Additional retail shelf space 5.Reduces customer switching behavior 6. Prevents erosion of market share

Positioning Approaches

1. Is relative to competition 2. Exists in the mind of the consumer

New trends in Packaging

1. Meet consumer needs for speed, convenience, and portability 2. Must be contemporary and striking 3. Must be designed for ease of use

Labels

1. Must meet legal requirements 2. Provide another marketing opportunity

Role of Corporate Image-Consumer Perspective

1. Positive assurance -Unfamiliar settings -Little or no previous experience 2. Reduces search time 3. Provides psychological reinforcement 4. Social acceptance

Traditional Elements of Packaging

1. Protect the product inside 2. Provide for ease of shipping, moving, and handling 3. Provide for easy placement on store shelves 4. Prevent or educe the possibility of theft 5. Prevent tampering

Branding

1. Provides quality assurance 2. Reduces search time 3. Allows a company to charge more 4. Reduces brand parity 5. Consumers choose a brand because it is: Salient, memorable, noteworthy

Changes in Private Brands

1. Quality improvement 2. Lower prices 3.Higher store loyalty 4. Lower loyalty for manufacturer brands 5. Increase in advertising of private brands 6. Increase in quality of private brand in-store displays

Processing of New Information

1. Reinforce a current linkage 2. Modify a current linkage 3. Create a new linkage

Building Brand Equity

1. Research and analyze what it would take to make the brand distinctive 2. Engage in continuous innovation 3. Move fast 4. Minimize reliance on any one customer 5. Integrate old and new media 6. Focus on domination

Test for Effective Logos

1. Should be easily recognizable 2. Should be familiar 3. Should elicit a consensual meaning among firm's target market (Stimulus code ability) 4. Should evoke positive feelings

The Marketing Plan

1. Situation Analysis 2. Marketing Objectives 3. Marketing Budget 4. Marketing Strategy 5. Marketing Tactics 6. Evaluation of Performance

Consumer Attitude

Affective (Emotions) Cognitive (Thoughts/knowledge) Behavior (Reactions)

Low Involvement Attitude Sequence

Affective=>Behavior=>Cognitive

Multiattribute Approach

Analyze important attributes and give categories a weight

Developing a Strong Brand Name

Begins with understanding why consumers buy a brand

Impulse purchases Attitude Sequence

Behavior=>Cognitive=>Affective

Inept Set

Brands you won't consider

Domain or Cyber Squatting

Buying domain names that are valuable to specific people or businesses in the hopes of making a profit by reselling the name

Conceptual Names

Capture the essence of what a company offers (Google)

High Involvement Attitude Sequence

Cognitive=>Affective=>Behavior

Implied Names

Contain recognizable words or word parts that convey what a company does (Flovent, Mr. Clean)

Iconoclastic Names

Do not reflect the company's goods or services but are iconic. (Mcdonalds, Coke)

Inert Set

Don't have strong feelings one way or another

External Search

Don't know enough about a brand so you do outside research

Personal Selling

High Involvement products

Cooperative Branding

Joint venture between two brands to create a NEW product (Southwest and VISA making a credit card)

Affect Referral

Just pick what you like, brand doesn't matter

Database Marketing

Knowing your trends and preferences

Internet Marketing

Marketing over the internet

Complementary Branding

One product that fits with your product to increase both products. (Oreo's and Milk)

Consumer Decision-Making Process

Problem Recognition=> Information Search=> Evaluation of Alternatives=> Purchase Decision=> Postpurchase Evaluation

Sponsorship Marketing

Putting a brand name on a stadium

Ingredient Branding

Putting one brand within another brand (Nike+ with apple)

Overt Names

Reveal what a company does (United Postal Service)

Internal Search

Scanning your own brain for what you already know

Direct Marketing

Sending you a coupon based on your database marketing trends

Cognitive Map

Simulations of the knowledge structure embedded in your brain

Communication Process

Source=> Encoding=> Transmission Device=> Decoding=> Receiver

Personal Values

Strongly held beliefs that guide your personal behaviors

Subjective Criteria

Style, appearance, image, etc.

Product

The bundle of benefits

Integrated Marketing Communications

The coordination and integration of all marketing communication tools, avenues, and sources within a company into a seamless program which maximizes the impact on consumers and other end-users at a minimal cost

Price

What you charge for the bundle of benefits

Evoked Set

a group of brands, resulting from an information search, from which a buyer can choose

Brand Infringement

occurs when a company creates a brand name that closely resembles a popular or successful brand